Cummins Inc. reported record sales, profits and cash flow from operations for all of 2011 as well as strong results for the fourth quarter.
“Revenue in the United States grew 53 percent and international revenue grew 27 percent year-over-year,” the company said. “In fact, we experienced record full-year revenues in North America, Brazil, China, India and a number of other important markets.”
Fourth-quarter revenue of $4.9 billion increased 19 percent from the same quarter in 2010 and set a new quarterly record for the company. Net income attributable to Cummins in the fourth quarter was $548 million ($2.86 a diluted share). Earnings before interest and taxes were $768 million for the fourth quarter.
Revenue for the full year was $18 billion, up 36 percent from 2010, with strong growth in most geographic regions, Cummins said.
Net income attributable to Cummins for the full year was $1.85 billion ($9.55 a diluted share), up from $1.04 billion ($5.28 a diluted share) in 2010. Earnings before interest and taxes for the year, excluding special items, were $2.56 billion, or 14.2 percent of sales, compared with $1.66 billion, or 12.5 percent 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,” chairman and CEO Tom Linebarger said in a statement. “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 earnings before interest and taxes in the range of 14.5 to 15 percent of sales.