Cummins Corp. recently announced its third-quarter financial results, which showed record-breaking sales and profits. The strong performance was largely driven by robust international operations, helping to counterbalance the ongoing challenges in the North American consumer goods sector and the sluggish European market.
In the third quarter, the company reported revenue of $3.69 billion, a 10% increase compared to the same period last year. Net income surged by 24%, reaching $229 million, or $1.17 per share—up from $0.92 in the previous year. Earnings before interest and taxes (EBIT) also rose by 24%, totaling $380 million.
International operations accounted for 61% of Cummins' total sales during the quarter, up from 52% in the same period last year. This growth was especially notable in the power and distribution markets outside the U.S., where sales increased by more than 29% and 28%, respectively.
Tim Solso, Chairman and CEO of Cummins, remarked, “Despite economic headwinds in the U.S. and signs of weakness in Europe, our global performance remained strong. We expect another record year for the fifth consecutive year, highlighting the effectiveness of our long-term strategy focused on product diversification and geographic expansion.â€
Su Zhiqiang, the CFO, noted that while the fourth quarter is expected to bring more pressure, particularly in the U.S. and Europe, Cummins is well-prepared to navigate these challenges. The company currently maintains a debt ratio below 15%, with strong cash reserves and a $1.1 billion credit facility to support liquidity.
Looking ahead, despite continued weakness in certain local markets, Cummins anticipates a 12% increase in sales for 2008, aiming to reach $14.6 billion. The pre-EBIT margin is expected to remain stable at 10% of sales.
Pat Ward, the Chief Financial Officer, emphasized that Cummins has experience managing economic cycles. While cost control remains a priority, the company will continue to invest in new growth opportunities. With a solid balance sheet, strong cash flow, and ample credit lines, Cummins is confident in its ability to weather the current economic climate, deliver high-quality products, and provide consistent returns to shareholders.
For more information: Cummins - A Leading Global Engine Manufacturer
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