Cummins announced its fourth quarter and full year 2014 results. Cummins achieved a sales income of 19.2 billion U.S. dollars for the whole year, an increase of 11 percentage points from 2013 and a record high. Thanks to the strong performance of the North American market, Cummins’ sales in North America surged by 20%, while the international market as a whole also achieved a 2% increase. Among them, the increase in sales in China offset the negative impact of weak markets in Brazil and India.
Cummins had a pre-tax interest income of US$2.5 billion for the full year and a pre-tax yield of 13%. The figures for 2013 are US$2.16 billion and 12.5% ​​respectively. In 2014 Cummins achieved a global net profit of US$1.65 billion (dilutive earnings per share of US$9.02), exceeding the level of US$1.48 billion in 2013 (diluted earnings per share of US$7.91).
"Despite the economic downturn in several of Cummins' most important markets, we still created new track records in 2014." Tom Linebarger, Cummins Chairman and Chief Executive Officer, said, "The North American market needs The increase is an important reason for our 11% growth rate.In addition, our implementation of the acquisition strategy of distributors and the successful listing of new products have contributed to the growth of the Chinese market.We will continue our commitment to technological innovation and product leadership to continue Invest in future growth projects and take effective measures to further increase EBITDA."
Cummins’ progress in profitability was mainly due to the record performance of the parts and distribution business and the success of the engine business. It is expected that the road market in North America will continue to grow steadily in 2015, but the strengthening of the US dollar in the international exchange rate market may have an adverse impact on Cummins' business. The overall performance of the international market is expected to remain weak.
Lan Bowen stressed: "In 2015, we are committed to continuously improving the quality of our products and services and effectively controlling costs to further enhance our financial performance."
Based on the current forecast, the growth of Cummins' sales revenue in 2015 is expected to be between 2-4%, and the EBIT margin will be around 13.5-14%.
Cummins had a pre-tax interest income of US$2.5 billion for the full year and a pre-tax yield of 13%. The figures for 2013 are US$2.16 billion and 12.5% ​​respectively. In 2014 Cummins achieved a global net profit of US$1.65 billion (dilutive earnings per share of US$9.02), exceeding the level of US$1.48 billion in 2013 (diluted earnings per share of US$7.91).
"Despite the economic downturn in several of Cummins' most important markets, we still created new track records in 2014." Tom Linebarger, Cummins Chairman and Chief Executive Officer, said, "The North American market needs The increase is an important reason for our 11% growth rate.In addition, our implementation of the acquisition strategy of distributors and the successful listing of new products have contributed to the growth of the Chinese market.We will continue our commitment to technological innovation and product leadership to continue Invest in future growth projects and take effective measures to further increase EBITDA."
Cummins’ progress in profitability was mainly due to the record performance of the parts and distribution business and the success of the engine business. It is expected that the road market in North America will continue to grow steadily in 2015, but the strengthening of the US dollar in the international exchange rate market may have an adverse impact on Cummins' business. The overall performance of the international market is expected to remain weak.
Lan Bowen stressed: "In 2015, we are committed to continuously improving the quality of our products and services and effectively controlling costs to further enhance our financial performance."
Based on the current forecast, the growth of Cummins' sales revenue in 2015 is expected to be between 2-4%, and the EBIT margin will be around 13.5-14%.
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