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Feb. 2 (Bloomberg) -- Cummins Inc. rose the most in more than two months after the maker of diesel engines reported a sales forecast that topped analysts’ estimates, boosted by growth in the construction, power generation and oil and gas markets.
Cummins gained 7.1 percent to $113.31 at the close in New York, the biggest climb since Nov. 30. The shares have risen 29 percent this year after sliding 20 percent in 2011.
Sales this year will rise 10 percent, the company said in a statement. Based on 2011 revenue of slightly more than $18 billion, 2012 sales would total $19.9 billion. The average estimate of 13 analysts surveyed by Bloomberg was for $19.6 billion.
Fourth-quarter net income jumped to $548 million, or $2.86 a share, from $362 million, or $1.84 a share, a year earlier. Excluding some items, profit was $2.56 a share, compared with $2.24, the average estimate of 15 analysts.
Sales rose 19 percent to $4.92 billion, as the Columbus, Indiana-based company increased engine sales in North America. Analysts estimated sales of $4.74 billion in the quarter, the average of 11 estimates in a Bloomberg survey.
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