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Cummins gains momentum in the first quarter of 2006
Cummins Inc. (NYSE: CMI) recently released its first-quarter results, which showed strong performance across most of its business segments and end markets. The company reported sales of $2.68 billion, a 21% increase compared to the same period last year. Earnings also rose significantly, with a 39 percentage point growth.
Tim Solso, Chairman and CEO of Cummins, expressed confidence in the company's future, stating, “In 2005, Cummins achieved record-breaking operating metrics, and we are confident that 2006 will bring even greater success. The strong performance in the first quarter proves that we are making meaningful progress toward our goals. This result reinforces our leadership position across the entire product portfolio and in global markets.â€
Su Zhiqiang added, “Cummins has expanded its product lines and business scope, enhancing its ability to weather market fluctuations. Continued improvements in business performance and financial strength demonstrate that the company is well-prepared to maintain its competitive edge in the years ahead.â€
All four major divisions of Cummins performed well during the first quarter. The Engine Division stood out with impressive results, while the Power and Distribution Divisions also saw significant growth. The Components Division continued to expand its revenue and invest in R&D to meet upcoming emission standards.
**First Quarter Performance Highlights**
**Engine Division**
Sales for the Engine Division reached $1.82 billion, up 23% from the same period last year. Global heavy truck engine shipments increased by 22%, passenger car engines by 35%, construction machinery engines by 29%, and light vehicle engines by 36%.
**Power Division**
The Power Division recorded $536 million in sales, a 26% increase year-over-year. Commercial generator sales, which make up more than half of the division’s business, rose by 32%. Consumer generators grew by 14%, and power electronics sales surged by 53%.
**Distribution Division**
Sales for the Distribution Division totaled $317 million, a 25% increase from the same period in 2005. This marked the second-highest quarterly sales in the division’s history, behind only the fourth quarter of 2005. Sales of generator sets increased by 27%, and parts sales rose by 20%.
**Components Division**
The Components Division, which includes filtration, turbocharging, fuel, and emissions systems, reported sales of $555 million, up 17% from the previous year. The division continues to invest heavily in R&D to develop products that meet U.S. EPA 2007 and future emission regulations.
Cummins remains a leader in the global power solutions industry, with consistent growth across all its operations. Its diversified portfolio and strong financial foundation position it well for long-term success.