Cummins' net profit in the fourth quarter increased by 34% from the same period last year to $360 million
On February 1, 2011, Cummins Engine Inc (CMI) released the financial report for the fourth quarter of fiscal year 2010. The report shows that Cummins’ fourth-quarter net profit was 362 million U.S. dollars, an increase of 34% over the same period in 2009.
The report shows that Cummins’ fourth-quarter net profit was 362 million US dollars, and earnings per share was 1.84 US dollars. This performance was better than the same period of 2009, and exceeded analysts' previous expectations. In the fourth quarter of fiscal 2009, Cummins net profit was $270 million, and earnings per share was $1.36. Cummins’ fourth-quarter sales were US$4.14 billion, an increase of 22% over the same period in 2009. Market research firm FactSet Research survey showed that analysts expect Cummins average earnings per share of $1.69 in the fourth quarter, with revenue of $3.9 billion.
Tim Solso, CEO and Chairman of Cummins, said: “We expect 2011, given our strong balance sheet, the expected recovery in the North American market, and the global growth opportunities we have. And in the coming years, further significant growth will be achieved."
In the regular trading on the New York Stock Exchange (NYSE) Monday, Cummins shares closed at $105.88, an increase of less than 1%.
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