Cummins’ Profit Rises for 4Q, Year
Diesel engine maker Cummins Inc. on Thursday said its fourth-quarter profit rose from a year ago as sales climbed to a quarterly record.
Cummins earned $548 million, or $2.86 a share, up from $362 million, or $1.84, a year earlier. Sales rose to $4.92 billion from $4.14 billion.
Its engine, components and distribution segments all reported higher sales than a year ago.
For the full year, Cummins earned $1.85 billion, or $9.55 per share, up from $1.04 billion, or $5.28 per share, in 2010. Sales rose to $18.05 billion, from $13.23 billion a year ago. Engine sales rose 23% to $3.1 billion.
"Cummins had its best year ever in 2011, despite economic uncertainty in a number of regions," CEO Tom Linebarger said in a statement.
Cummins projected its total revenue will increase 10% in 2012.
