Columbus-based engine maker Cummins Inc. on Tuesday reported record quarterly earnings and revenue in the fourth quarter, exceeding analyst estimates.
Sales for the fourth quarter ended Dec. 31 were $4.1 billion, up 22 percent from $3.4 billion during the same period in 2009.
Quarterly profit was $362 million, or $1.84 per share, compared to $270 million, or $1.36 per share, in the fourth quarter of 2009.
Analysts surveyed by Thomson Reuters had predicted a profit of $1.72 per share on revenue of $3.92 billion.
Cummins officials credited the positive results to "significant growth in key international markets and improved productivity in its global manufacturing operations."
Cummins said it saw record sales in its Engine, Components and Distribution business segments. The Power Generation segment also reported higher sales than during the same period in 2009.
For the full fiscal year, Cummins' sales were $13.23 billion, up 22 percent from $10.8 billion in 2009. Profit was a record $1.04 billion, or $5.28 per share, up from $428 million or $2.16 per share, in 2009.
Cummins said it experienced a significant decline in its North American truck engine markets. Engine shipments fell 61 percent to the North American heavy-duty truck market and 44 percent to the North American medium-duty truck and bus markets.
However, those decreases were more than offset by growth in international markets, particularly China, India and Brazil, it said. Annual sales in China and Brazil increased by more than 70 percent, while sales in India rose 37 percent. Cummins’ total international sales increased by 48 percent and accounted for 64 percent of total sales in 2010.
“2010 was the best year in the company’s history,” said CEO Tim Solso in a prepared statement. “The fact that we were able to achieve record profitability in the face of a sharp decline in large North American on-highway markets speaks to the global strength of our business and the work we did to keep the company strong during the recession."
Cummins said it expects sales to grow to $16 billion in 2011.