COLUMBUS, IN -- Cummins Inc. recently reported record profits for all of 2010, as well as record quarterly sales and profits for the fourth quarter, on the strength of significant growth in key international markets and improved productivity in its global manufacturing operations.
Fourth quarter sales were $4.14 billion, up 22 percent from $3.40 billion during the same period in 2009. Earnings Before Interest and taxes (EBIT) were $541 million, or 13.1 percent of sales, a 41 percent increase from $383 million, or 11.3 percent of sales. The fourth quarter 2009 results include a pre-tax charge of $4 million to cover the costs associated with restructuring.
Net income attributable to Cummins Inc. was $362 million ($1.84 per share) compared to $270 million ($1.36 per share) in the fourth quarter 2009.For the fourth quarter, the Engine, Components and Distribution segments all reported record sales and segment EBIT. The Power Generation segment, which was affected by the recession later than the Company's other business segments, continued to rebound and reported strongly higher sales and segment EBIT than during the same period in 2009.
For the full year, sales were $13.23 billion, up 22 percent from $10.80 billion in 2009. EBIT of $1.66 billion, or 12.5 percent of sales, increased 114 percent from $774 million, or 7.2 percent of sales excluding restructuring and other charges, in 2009.
