Cummins announces record revenue and profits for 2011
2012-02-10 Source：www.chinabuses.org
Summarize：Cummins on Feb.2nd 2012 release of 2011 full-year sales financial report, Cummins reported all of 2011 sales, net income and the Cash flow together with strong results for the fourth quarter sales. Cummins the whole year of 2011 sales reaches $18 billion which is the highest sales volume in history.
www.chinabuses.org: Cummins on Feb.2nd 2012 release of 2011 full-year sales financial report, Cummins reported all of 2011 sales, net income and the Cash flow together with strong results for the fourth quarter sales. Cummins the whole year of 2011 sales reaches $18 billion which is the highest sales volume in history.
The third-quarter sales of Cummins were $ 4.9 billion, up 19% over last year, which set a new quarterly record for the Company. The increase year-over-year was driven by higher demand in truck, construction, power generation and oil and gas markets in North America. The Company also experienced strong growth in global mining markets. Growth in these markets offset weaker demand in the construction market in China and power generation in India.
Cummins revenue for 2011 full-year sales was $ 18 billion, up 36% over last year, the company's various businesses in geographic regions showed strong growth.
EBIT（earnings before interest and taxes） for the year, excluding special items, was $2.56 billion or 14.2% of sales, compared to $1.66 billion or 12.5% of sales in 2010.
“Cummins had its best year ever in 2011, despite economic uncertainty in a number of regions. We continue to benefit from our leading position in a number of end markets and geographies,” said Tom Linebarger, Chairman and Chief Executive Officer. “Revenue in the United States grew 53 percent and international revenue grew 27 percent year-over-year. In fact, we experienced record full year revenues in North America, Brazil, China, India and a number of other important markets.”
Based on the current forecast, Cummins anticipates that total Company revenues will increase 10 percent in 2012, with EBIT in the range of 14.5 to 15 percent of sales. “Our 2011 results and our forecast for 2012 reaffirms our confidence in reaching our goal of achieving $30 billion in sales and 18 percent EBIT in 2015,” Linebarger said.
Other highlights from 2011:
•Cash flow from operations more than doubled to $2.1 billion.
•Cummins unveiled a new high horsepower engine, the QSK95, in Seymour, Ind., that will be the world’s most powerful high-speed diesel engine.
•The Company increased its dividend by 52 percent and repurchased 6.4 million shares.
•Cummins’ performance was recognized by the three major credit rating agencies, all of which upgraded the Company’s ratings.
•Fourth quarter detail (all comparisons to same period in 2010)
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