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Cummins Inc. fiscal Q3 profit climbs 62.6% YOY

Cummins Inc. said its normalized net income for the fiscal third quarter ended Oct. 1 was $2.25 per share, compared with the S&P Capital IQ consensus estimate of $2.46 per share.

EPS climbed 63.8% year over year from $1.37.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $375.4 million, an increase of 62.6% from $230.9 million in the prior-year period.

The normalized profit margin rose to 7.1% from 5.5% in the year-earlier period.

Total revenue climbed 26.2% on an annual basis to $5.29 billion from $4.19 billion, and total operating expenses increased 26.3% on an annual basis to $4.77 billion from $3.77 billion.

Reported net income increased 56.4% from the prior-year period to $452.6 million, or $2.71 per share, from $289.3 million, or $1.72 per share.