IBJNews

Cummins posts record results for quarter, 2011

Back to TopCommentsE-mailPrintBookmark and Share

Cummins Inc. reported record results for 2011, earning $1.85 billion on revenue of $18 billion.

The Columbus-based diesel engine maker released its fourth-quarter and full-year earnings before markets opened Thursday.

Annual revenue rose 36 percent from the previous year and earnings rose 85 percent.

"Cummins had its best year ever in 2011, despite economic uncertainty in a number of regions," CEO Tom Linebarger said in a prepared statement. He noted that U.S. revenue was up 53 percent, while international revenue grew 27 percent. He said the company saw record revenue for the year in North America, Brazil, China and India.

Linebarger predicted that revenue will grow another 10 percent this year. He said he expects the company to reach $30 billion in sales by 2015.

Fourth-quarter revenue of $4.9 billion was up 19 percent from the prior year. It marked a new quarterly record for the company.

Earnings for the quarter were $548 million, or $2.86 per share. Excluding the sale of a light-duty filtration business and a flood-insurance settlement payment, income was $491 million, or $2.56 per share.

Fourth-quarter results were driven by higher demand in North American truck, construction, power generation, and oil and gas markets. Cummins said it also saw strong growth in global mining markets. Those markets offset weaker demand in China's construction industry and for power generation in India.

Cummins shares were up more than 6.6 percent, to $112.86 each, in early trading Thursday.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
thisissue1-092914.jpg 092914

Subscribe to IBJ
ADVERTISEMENT