Cummins sees challenging first half as net jumps
(chinatrucks.com, Feb.11, 2010)Cummins Inc., a maker of engines and other products, said Tuesday that its fourth-quarter profit jumped to $270 million, or $1.36 a share, from $43 million, or 22 cents a share, a year earlier. Sales rose to $3.4 billion from $3.29 billion.
Results included $4 million in pre-tax restructuring costs. The company said results were driven by demand in China, India and Brazil, along with a significant increase for on-highway truck engines and components in North America ahead of new emissions standards that took effect at the beginning of 2010. Cummins expects the first half to be extremely challenging, especially in the U.S. and Europe.
Based on current orders and forecasts for the first part of this year, North American truck and bus engine shipments could fall by as much as 80% in the first half of 2010, compared to the second half of 2009. It sees 2010 sales and profit to be similar to its 2009 performance with sales projected to be $11 billion.
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