Cummins Sales Hit a New Record High in 2017
2018-02-09 Source：www.chinabuses.org
Summarize：Thanks to the growing demand for trucks, engineering machinery and mining equipment, Cummins (New York Stock Exchange code: CMI) registered a sales income of 5 5 billion USD in the fourth quarter of 2017 In the meantime, its sales in North America and in global market grew by 22% year on year
Thanks to the growing demand for trucks, engineering machinery and mining equipment, Cummins (New York Stock Exchange code: CMI) registered a sales income of 5.5 billion USD in the fourth quarter of 2017. In the meantime, its sales in North America and in global market grew by 22% year on year.
For the whole year of 2017, Cummins sales income stood at 20.4 billion USD, up by 17% year on year. Its sales in North America and in global market went up by 15% and 19% respectively.
Also in 2017, Cummins earnings before interest and tax (EBIT) reached 2.4 billion USD with the pretax rate of return reaching 12%. After deducting all other costs caused by the tax reform, its pretax rate of return stood at 12.2%. In comparison, Cummins EBIT registered at 2 billion USD and its pretax rate of return stood at 11.4% in 2016.
In 2017, Cummins net income reached 999 million USD and its diluted earning per share stood at 5.97 USD. In 2016, its net income reached 1.4 billion USD and its diluted earning per share stood at 8.23 USD. Considering 777 million USD spent for taxes, Cummins net income in 2017 should have stood at 1.8 billion USD and its diluted earning per share should have reached 10.62 USD. And its tax rate for the whole year should have reached 24.5%.
“In 2017, Cummins maintained a robust growing momentum with impressive profit margin and record high cash flow,” said Tom Linebarger, President & CEO of Cummins. “In 2018, our business in the major market will continue to grow rapidly. In the meantime, we will make great efforts to increase our sales and cut our costs,” according to Tom.
According to some estimates, Cummins sales in 2018 will grow by 4%-8%. Its earnings before interest, tax, depreciation and amortization (EBITDA) will account for 15.8%-16.2% of its annual sales income. Considering the tax reform in America, Cummins EBITDA stood at 15% in 2017.
Five Major Events in Cummins in 2017
1) Cummins and Eaton (EYN in New York Stock Exchange) jointly set up Eaton Cummins Automatic Transmission Gearbox Co., Ltd., which is specialized in providing highly automated transmission gearboxes for commercial vehicle market.
2) Cummins launched cooperation programs with GILLIG LLC in developing electric vehicles. Soon, Cummins new generation electric driving system will be put on zero-emission buses made by GILLIG.
3) In 2017, Cummins again made on the list of Most Morally Responsible Enterprises in the World, which was compiled by Ethisphere. So far, it has made its way to the list for ten consecutive years.
4) Cummins was elected as the Top 50 Enterprises with Diverse Corporate Cultures in the World. It is the eleventh year for the company to enter the List. Among the 1,000 candidates, Cummins ranked the 21st place in 2017.
5) Cummins entered Dow Jones North American Sustainable Development Index List, showing its strong sustainability.(www.chinabuses.org)
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