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Cummins Corp. recently released its third-quarter financial communique, with sales and profits hitting new highs. The favorable situation in the third quarter was mainly attributed to the strong growth of international business, which effectively offset the negative impact of the continuous decline of the North American consumer goods market and the weakness of the European market.
Cummins was US$3.69 billion in the third quarter, an increase of 10% over the same period of last year. Net income increased by 24% to US$229 million, equivalent to US$1.17 per share (previous year was US$0.92). Earnings before interest and tax rose by 24%. 380 million US dollars.
Overseas operations outside the United States accounted for 61% of Cummins’ global sales this quarter, an increase of 9 percentage points compared to 52% in the same period of last year. Among them, the sales growth of power and distribution markets outside the United States was particularly strong, up by more than the same period of last year29 And 28 percentage points.
Tim Solso, Cummins Chairman and Chief Executive Officer, said: “Despite the great economic challenges faced by the United States, Europe has shown signs of weakness. Cummins’s global operating performance in the third quarter is still performing well. The business for the full year is expected to record another record in the fifth consecutive year. The new high shows that Cummins has a long-standing strategy of diversifying its product line and regional market.â€
Su Zhiqiang said that the overall pressure in the fourth quarter will be relatively large, especially in the United States and Europe, but Cummins is fully prepared to deal with the challenges and challenges of the economic crisis. Cummins currently has a total debt ratio of less than 15%, and the cash situation is also very good. Well, there is also a $1.1 billion credit line that can provide additional liquidity support.
Despite the pressure of continued weakness in the local market, Cummins expects that sales will continue to increase by 12% in 2008, and it is expected to reach US$14.6 billion. The pre-EBIT margin will remain at 10% of sales.
Talking about the impact of the global economic crisis, Cummins Chief Financial Officer Pat Ward said that Cummins has accumulated rich experience in dealing with cyclical fluctuations in the economy. While increasing control expenses, the company will continue to invest in new growth opportunities. Cummins's balance sheet is very solid, with good cash flow and available credit lines. We have sufficient confidence to survive the difficulties, provide customers with first-rate products, and create a stable return on investment for shareholders.
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Cummins sales hit a new high in the third quarter