Cummins Engine Company (Cummins Engine Inc) today announced its 2011 first quarter earnings. The financial report showed that due to the strong growth momentum of the company in its major international markets, and driven by the increase in North American truck market and truck capacity, the company’s operating income and net profit in the first quarter of 2011 both increased significantly compared to 2010.
According to data released by Cummins recently, the company’s first-quarter operating income was US$3.86 billion, up 55.8% from the US$2.48 billion in the same period of 2010. The company said that current major international markets outside the United States continue to maintain strong growth in revenue, accounting for 61% of the company's revenue. Among them, the Chinese market's comprehensive income rose 66%, India rose 31%, Brazil rose 39%, Africa and the Middle East rose 40%.
Cummins said that during the current period, the company’s EBIT was US$ 532 million (13.8% profit margin), which was double that of the same period of last year. The company’s first-quarter net profit increased from 149 million U.S. dollars in the same period last year to 343 million U.S. dollars.
In addition, the company also increased its full-year EBIT and revenue expectations for 2011. The company said that it expects its 2011 full-year revenue to reach 17 billion U.S. dollars, and EBIT's pre-tax profits will account for 14% of revenue. Previously, the company had expected full-year revenues of US$16 billion, and EBIT's profits accounted for 13.5% of revenue.
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