Cummins 4Q revenue up 7 percent
Cummins Inc. reported fourth quarter revenue of $4.6 billion increased 7 percent from the same quarter in 2012.
The increase was driven by higher revenues in North America, China and Brazil partially offset by weaker sales in Mexico, India and Australia.
Net income was $432 million ($2.32 per diluted share), compared to $404 million ($2.14 per diluted share) in the fourth quarter of 2012.
Revenues for the full year were $17.3 billion, flat with 2012. Revenues in North America increased 3 percent but were offset by international sales which declined by 4 percent. Within international markets declines in Mexico, India, Australia and Europe offset growth in China and Brazil.
Net income for the full year was $1.48 billion ($7.91 per diluted share), down from $1.68 billion ($8.83 per diluted share) in 2012, excluding special items.
"We faced weak demand in important regions and end markets in 2013," said Tom Linebarger, chairman and CEO. "Revenues for the year ended flat with 2012 as strong growth in the Components business, market share gains in the North American medium-duty truck market and distributor acquisitions offset weakness in global mining markets, international power generation and the North American heavy-duty truck market."
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