Cummins Corporation announced recently that thanks to the strong growth in most of the world's markets, the company's sales and revenues in the second quarter of 2011 reached new highs. The engine, parts and distribution divisions have each refreshed their sales and revenue records.
Cummins 's second-quarter sales reached US$4.6 billion, an increase of 45% year-on-year. EBIT was US$775 million, including US$68 million in profit from the sale of Nelson’s exhaust products business by the Components Division. If this item is deducted, the company's EBITDA is US$707 million, accounting for 15.2% of sales. The quarterly profit and profit rate both set the best history.
Cummins' net income for the second quarter was $505 million, and diluted earnings per share reached $2.60. If Cuscoe subtracts US$68 million from the sale of its exhaust business, Cummins’ earnings per share are US$2.41 (US$1.25 in the same period of last year).
“The brilliant performance of Cummins in the second quarter proved once again that our long-term strategies for diversification and profitable growth in the international market and end-use markets have been successful,†said Tim Solso, Cummins' chairman and chief executive officer. "Cummins is now facing the best global growth opportunities. This is the result of our efforts in the past decade."
Based on the company's performance in the second quarter and the outlook for the second half of the year, Cummins raised its 2011 full-year sales and EBIT forecast. The company expects global sales revenue to be US$18 billion and EBIT margin of 14.5%. This expected value does not include any revenue from the sale of the business.
Due to the rapid growth of the global truck market and non-road markets including mines and oil and gas fields, the engine division's sales for the quarter increased by 53% year-on-year to US$2.9 billion. Earnings before interest and taxes reached 377 million U.S. dollars, yielding 13%.
Cummins' engine products that meet the US EPA 2010 EPA emission standards continue to perform well in terms of reliability and fuel economy. In the North American market, Cummins has delivered 126,000 medium-to-heavy engines equipped with selective catalytic reduction aftertreatment devices to truck and bus users.
Thanks to the recovery of the road market in North America, the quarterly sales volume of the Components Division exceeded US$1 billion for the first time, a year-on-year increase of 42%. EBIT's pre-tax profit reached a record high of US$120 million, and its profit margin was 11.6%. The gains from the sale of the exhaust business are not included in the performance statistics of the division.
Huge demand for oil and gas fields, mines, and the electricity market generated $785 million in sales for the Distribution Division, a year-on-year increase of 36%. The EBIT was US$106 million, achieving a 13.5% profit margin and creating a new quarterly record.
Cummins Power's sales in the second quarter were US$909 million, a year-on-year increase of 28%, of which sales in the United States, Europe and China were the most attractive. The quarterly profit before interest and tax amounted to US$105 million, and the profit rate was 11.6%.
The Cummins International Market continued its strong growth momentum, setting new sales records in the Brazilian, Indian and Chinese markets.
"I have great confidence in Cummins's future," said Tom Linebarger, president and chief operating officer of Cummins. "In most markets, customers around the world have a very strong demand for Cummins products. Our products With outstanding performance and leading position in the market, the most valuable thing is: All our business departments have created gratifying benefits."
Cummins in China
The history of Cummings and China dates back more than half a century to the 1940s. On March 11, 1941, the President of the United States, Franklin Roosevelt, signed the Lease Act and provided wartime assistance to 38 countries, including China. The "Lending Act" includes military defense patrol boats equipped with Cummins engines and military trucks.
At the end of 1944, a Chongqing company sent a letter to Cummins Corp. seeking to establish commercial ties and conduct localized production of Cummins engines in China. Erwin Miller, general manager of Cummins Engine Co., expressed great interest in this letter. It is hoped that Cummins will build a factory in China after the Sino-Japanese War. For reasons known to all, Mr. Miller's idea can only wait until the 1970s 30 years later. With the gradual relaxation of Sino-U.S. relations, it is expected to become a reality.
Cummins and its affiliates have invested more than US$1 billion in China. As the largest foreign investor in China’s diesel industry, Cummins’ business relationship with China began in 1975 when Cummins’ chairman, Irvine Miller, visited the company for the first time. Beijing became one of the earliest US entrepreneurs who came to China to seek commercial cooperation. When China and the United States established diplomatic relations in 1979, China’s opening to the outside world began. The first Cummins China office was established in Beijing.
Cummins was one of the earliest western diesel engine companies to produce engines in China. In 1981, Cummins started to produce engines in the Chongqing engine plant. In 1995, Cummins' first Chinese joint venture engine factory was established. So far, Cummins has a total of 26 institutions in China, including 15 wholly-owned and joint ventures, with more than 9,000 employees, producing engines, generator sets, alternators, filtration systems, turbocharging systems, aftertreatment and fuel oil Systems and other products have a service network consisting of 12 regional service centers, more than 30 customer support platforms, and more than 300 authorized distributors.
Cummins has long established a strategic alliance with large Chinese companies to achieve common development. As the earliest foreign-invested diesel engine company to come to China for local production, Cummins has established four engine joint venture plants with leading companies of commercial vehicles in China including Dongfeng Motor, Shaanxi Automobile Group and Beiqi Foton for more than 30 years. Cummins 18 Of the 11 engine series, 11 have been produced locally in China.
Cummins was the first foreign-owned diesel engine company to establish an R&D center in China. In August 2006, the engine technology R&D center set up by Cummins in cooperation with Dongfeng Corporation was officially opened in Wuhan, Hubei Province.
In 2010 Cummins sold more than US$3.1 billion in China, and China has become Cummins’ largest and fastest growing overseas market.
About Cummins
Founded in 1919, Cummins Inc. is headquartered in Columbus, Indiana, USA. It is a Fortune 500 company in the United States and was elected as the "World's Most Admired Enterprise" in Fortune 2011, the only diesel company on the list.
Cummins is the world's largest independent engine manufacturer. Its product line includes diesel and alternative fuel engines, engine critical components (fuel systems, control systems, air handling, filtration systems, and exhaust gas treatment systems) and power generation systems. Cummins provides services to its customers through its network of more than 600 distribution agencies and more than 6,000 distributors in more than 190 countries and regions.
Cummins had sales of $13.23 billion in 2010 and realized a net income of $1.04 billion.
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