Cummins Inc. announced that the company’s second-quarter sales reached US$4.6 billion, a year-on-year increase of 45%; EBIT was US$775 million, including US$68 million in profit from the sale of Nelson’s exhaust products business by the Components Division. . If this item is deducted, the company's EBITDA is US$707 million, accounting for 15.2% of sales. The quarterly profit and profit rate both set the best history.
Cummins' net income for the second quarter was $505 million, and diluted earnings per share reached $2.60. If Cuscoe subtracts US$68 million from the sale of its exhaust business, Cummins’ earnings per share are US$2.41 (US$1.25 in the same period of last year).
“The brilliant performance of Cummins in the second quarter proved once again that our long-term strategy for diversification and profitable growth in the international market and end-use markets has been a success,†said Tim Solso, Cummins Chairman and Chief Executive Officer. Cummins is now facing the best global growth opportunities. This is the result of our efforts over the past decade."
Due to the rapid growth of the global truck market and non-road markets including mines and oil and gas fields, the engine division's sales for the quarter increased by 53% year-on-year to US$2.9 billion. Earnings before interest and taxes reached 377 million U.S. dollars, yielding 13%.
Based on the company's outstanding performance in the second quarter and the outlook for the second half of the year, Cummins raised its 2011 full-year sales and EBIT forecast. The company expects global sales revenue to be US$18 billion and EBIT margin of 14.5%. This expected value does not include any revenue from the sale of the business.
It is reported that Cummins has invested more than 140 million U.S. dollars in China. As the largest foreign investor in China's engine industry, Cummins has eight joint ventures and wholly-owned manufacturing companies in China, of which Dongfeng Cummins produces B, C and L series diesel engines. Cummins produces M, N and K series diesel engines. Products comply with ISO 3046, ISO 4001, ISO 8525, IEC 34-1, GB1105, GB/T 2820, CSH 22-2, VDE 0530, and YD/T 502-2000 "Technical Requirements for Diesel Generator Sets for Communications" and other standards.
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