COLUMBUS, Ind. -- Cummins Inc. recently reported sharply higher sales and earnings compared to the first quarter of 2010 on continued strength in key international markets, a recovering North American truck market and productivity improvements.
First quarter sales of $3.9 billion were up 56 percent from $2.5 billion in the same period in 2010. Earnings before interest and taxes (EBIT) were $532 million or 13.8 percent of sales, double the company's earnings from the same period a year ago. EBIT as a percentage of sales in the first quarter was at its highest level in at least 25 years.Net income attributable to Cummins Inc. was $343 million ($1.75 per share) compared to $149 million (75 cents per share) in the first quarter of 2010.
"Our outstanding first quarter results demonstrate that we are well positioned to take advantage of our significant growth opportunities as markets around the world continue to recover," said Tim Solso, Chairman and Chief Executive Officer. "The work we have done over the past two years to keep the Company strong during the global economic recession is paying off today."