David Rolfe Comments on Cummins
Cummins contributed to performance during the quarter as the Company's profitability marched higher in the absence of any direct, global competitors. While Cummins' top-line growth is typically "lumpy", particularly due to the capital intensity of their products, margins have been maintained through pricing power and cost efficiencies. We continue to like Cummins as its long-term profitability profile is much more robust than what the market gives it credit for.
From David Rolfe's Wedgewood Partners third quarter 2013 commentary.