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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 driven by growth across most of its end markets and product lines. The company reported sales of $2.68 billion, a 21% increase compared to the same period last year. Earnings also rose significantly, climbing by 39 percentage points.
Tim Solso, Chairman and CEO of Cummins, remarked, “In 2005, Cummins achieved record-setting operating metrics, and we are confident that 2006 will be even better. The solid performance in the first quarter demonstrates that we are making meaningful progress toward our long-term goals. This quarter’s success reinforces our strong position across our full product portfolio and in global markets.â€
Su Zhiqiang added, “Cummins has expanded its product offerings and business reach, enhancing its ability to weather market fluctuations. The steady improvement in business performance and financial results shows that the company is well-prepared to maintain its leadership in future competition.â€
All four major business segments performed well during the first quarter. The Engine Division stood out with particularly strong results. Sales in the Power Division and Distribution Division also saw significant growth, while the Components Division continued to boost revenue.
**First Quarter Operating Highlights**
**Engine Division**
The Engine Division generated $1.82 billion in sales, a 23% increase from the previous year. Globally, heavy truck engine shipments rose by 22%, passenger car engines by 35%, construction machinery engines by 29%, and light vehicle engines by 36%.
**Power Division**
Sales for the Power Division reached $536 million, up 26% year-over-year. Commercial generators, which make up more than half of the division’s business, saw a 32% rise in sales, while consumer generators increased by 14%. Sales of power electronics products surged by 53%.
**Distribution Division**
The Distribution Division posted sales of $317 million, a 25% increase compared to the same period in 2005. This was the second-highest quarterly sales figure in the division's history, just behind the fourth quarter of 2005. Sales of generator sets grew by 27%, and parts sales rose by 20%.
**Components Division**
The Components Division, which includes filtration, turbocharging, fuel, and emissions systems, recorded $555 million in sales, a 17% increase from the prior year. The division continues to invest heavily in R&D to develop new technologies that meet upcoming U.S. EPA emission standards, including those set for 2007 and beyond.
From: China Construction Machinery Information Network
Related Topics: Cummins – A World-Class Engine Manufacturer