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Cummins posts 7 percent increase in revenue

COLUMBUS, Ind. — Cummins, Inc., today reported results for the fourth quarter and full year 2013 that showed revenue of $4.6 billion increased 7 percent compared to the same quarter in 2012. The increase year-over-year was driven by higher revenues in North America, China and Brazil, and was partially offset by weaker sales in Mexico, India and Australia. Earnings before interest and taxes (EBIT) were $566 million for the fourth quarter or 12.3 percent of sales. This compares to $532 million or 12.4 percent of sales a year ago, excluding restructuring costs. Net income attributable to Cummins in the fourth quarter was $432 million ($2.32 per diluted share), compared to $404 million ($2.14 per diluted share) in the fourth quarter of 2012 excluding restructuring charges. The effective tax rate in the fourth quarter of 2013 was 15.7 percent and reflects one-time benefits of $0.18 per diluted share, and a lower than expected operating rate in the fourth quarter that contributed $0.20 per diluted share. Revenues for the full year were $17.3 billion, flat with 2012. Revenues in North America increased 3 percent but were offset by international sales which declined by 4 percent. Within international markets declines in Mexico, India, Australia and Europe offset growth in China and Brazil. EBIT for the year was $2.16 billion or 12.5 percent of sales, compared to $2.35 billion or 13.6 percent of sales in 2012, excluding special items. Net income attributable to Cummins for the full year was $1.48 billion ($7.91 per diluted share), down from $1.68 billion ($8.83 per diluted share) in 2012, excluding special items. “We faced weak demand in important regions and end markets in 2013,” said Tom Linebarger, chairman and CEO. “Revenues for the year ended flat with 2012 as strong growth in the components business, market share gains in the North American medium-duty truck market and distributor acquisitions offset weakness in global mining markets, international power generation and the North American heavy-duty truck market. I am pleased that in this environment of weak global growth, we were able to generate record cash flow from operations that allowed us to continue to invest in the business and increase the cash returned to shareholders by 34 percent in 2013. We expect revenues to grow between 4 percent and 8 percent in 2014, with earnings projected to grow faster than revenues and we expect to return to shareholders an amount of …

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Cummins helps Tenn. city achieve Gold Community status

(Nov. 26, 2013) -- Cookeville recently made the gold seal in the Tennessee Valley Authority-sponsored Valley Sustainable Communities Program. Melinda Keifer, city economic development coordinator, credited the Cookeville Unplugged program for pushing the city to become one of the communities invited to take part in the program, reports the Cookeville Herald Citizen.

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Wis. city partners with Cummins for urban forestry program

(Nov. 25, 2013) -- One of the newest park benches in Stoughton commemorates former mayor Helen Johnson, who helped start the city’s growing urban forestry program. The program is run by the city with help from grants and funds from local businesses, such as Cummins, Inc., reports Connectstoughton.

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Cummins introduces new family of gas generators

(Nov. 20, 2013) -- Cummins Power Generation has introduced a new family of gas generator sets with output ratings from 20 kW to 60 kW. These new generator sets operate on either natural gas or LP and are sized to provide reliable backup power for businesses -- even those needing three-phase power.

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Cummins employees pitch in for 12 Months of Caring

(Nov. 15, 2013) -- Employees from Cummins spent a day painting rooms in preparation for the Chautauqua Adult Day Care Center's grand reopening on Monday as part of the United Way of Southern Chautauqua County's 12 Months of Caring initiative, reports the Jamestown Post Journal.

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Winnebago, Iowa city agree on plant lease

(Nov. 14, 2013) -- The Mason City Globe Gazette reports that the city of Lake Mills and Winnebago Industries have agreed to a five-year lease of the former Cummins plant in the city, Winnebago spokeswoman Sheila Davis said.

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