In the fourth quarter, Cummins achieved sales of $46,543.8+0.4 billion, an increase of 22% compared with $3.4 billion in the same period of 2009. Earnings before interest and tax were $54 1 10,000, accounting for 13. 1% of sales, an increase of 4 1% compared with last year. Net income in the fourth quarter also increased from $270 million (equivalent to $65,438 +0.36 per share) in 2009 to $362 million (equivalent to $65,438 +0.84 per share).
Cummins achieved sales revenue of $654.38+0.323 billion in 2065.438+00, an increase of 22% over 2009. Earnings before interest and tax reached $65.438+66 billion, a substantial increase of 654.38+065.438+04% compared with 2009, and a profit margin before tax of 654.38+02.5% was achieved. The company's net income in 20 10 was10.4 billion US dollars (equivalent to 5.28 US dollars per share), while its net income in 2009 was 428 million US dollars (equivalent to 2 2. 16 US dollars per share).
Cummins' annual sales in 20 10 was the second highest in history, second only to the peak year of 2008, but its earnings before interest and tax and net income both set new records. The company's three departments-engines, spare parts and distribution departments-have achieved record profits, and the sales and profits of the power sector have also increased significantly compared with 2009.
The globalization of Cummins business and the diversification of the market are the keys to promote the outstanding performance of 20 10. Affected by the US economic downturn and new emission regulations, the heavy truck market in North America continues to be weak. The annual engine installed capacity of heavy trucks in North America decreased by 665,438+0%, and the engine installed capacity of medium trucks and buses also decreased by 44%. However, the strong growth in international markets such as China, India and Brazil effectively offset the decline in these markets. This is due to the company's efforts to improve the operational efficiency of global factories in the past two years.
Sales in China and Brazil increased by more than 70%, and India also achieved a high growth rate of 37%. Cummins' sales in the international market further expanded, accounting for 64% of the company's total sales in 20 10.
Cummins' performance in China market is eye-catching, with consolidated and unconsolidated sales revenue exceeding $3 billion. Among them, joint ventures including Dongfeng Cummins, Chongqing Cummins, and Wuxi Cummins Turbocharging Technology System have achieved outstanding results, with sales and shipments reaching record highs. In addition, in order to further improve the service level of Cummins in China aftermarket, 26 new customer support platforms built by 20 10 Cummins nationwide were successfully launched, which were closer to the target market and users, and injected new vitality into the distribution service network.
"20 10 is the best year in the history of Cummins," said Tim Sorso, chairman and CEO of Cummins. Although the automobile market in North America continues to be in a downturn, we can still achieve such good results, which just confirms our international strength and shows that our efforts in the economic recession have paid off. "
"Based on the good performance foundation we have laid, plus the expectation of the recovery of the North American market and the grasp of global market opportunities, we believe that the performance of 20 1 1 and the future will continue to grow."
Cummins predicts that the annual sales of 201/kloc-0 will increase to16 billion USD, and EBIT will reach 13.5%. In addition, Cummins will continue to invest in the future. In addition to planning to increase the global investment of 600-650 million dollars for the sole proprietorship business, the joint venture company also expects to invest an additional 300 million dollars to expand its business.
"We face a lot of growth opportunities in the global market and are fully prepared to seize these opportunities." Tom Linebarger, President and Chief Operating Officer, said, "We are particularly looking forward to the substantial recovery of the heavy truck market in North America. After all, our new engine has performed very well in this market. "
"In 20 10, we provided 62,000 engines equipped with selective catalytic reduction system (SCR) for the heavy truck market in North America. The SCR system not only makes the engine comply with stricter US EPA emission regulations, but also improves fuel economy for customers. "