Cummins forecasts ’similar’ sales, profit in 2010 compared with previous year

Cummins sees ’similar’ 2010 sales, profit

COLUMBUS, Ind. — Engine manufacturer Cummins Inc. on Tuesday said it expects a slight increase in sales for 2010 and “similar” earnings, but that the first half of the year will be choppy.

Cummins said it expects 2010 sales of $11 billion, an increase of 1.9 percent from 2009.

Analysts surveyed by Thomson Reuters expect full-year sales of $10.23 billion, on average, and company shares jumped 7 percent to $50.40.

The outlook came on the same day that the company reported fourth-quarter profit soared more than six-fold, helped by demand in developing markets like China.

The company did not offer a specific forecast for 2010 earnings, though the figure will be “similar” to the $2.16 per share it reported for 2009.

Analysts expect $1.98 per share.