Cummins Announces Second Quarter 2015 Results

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cummins logo-largeColumbus, IND., April 28, 2015 – Cummins Inc. (NYSE: CMI) today reported results for the second quarter of 2015.

Second quarter revenue of $5.0 billion increased 4 percent from the same quarter in 2014. The increase year-over-year was driven by stronger demand in on-highway markets and distributor acquisitions in North America. Currency negatively impacted revenues by 4 percent compared to last year, primarily due to a stronger US dollar.

Revenues in North America increased 12 percent while international sales declined by 6 percent. Within international markets, sales in Brazil fell the most due to the weak economy.

Earnings before interest and taxes (EBIT) increased to $721 million for the second quarter or 14.4 percent of sales, up from$657 million or 13.6 percent of sales a year ago.

Other recent highlights:

  • For the ninth consecutive year, Cummins was named one of the Top 50 Companies for Diversity by Diversity Inc.
  • The Company announced new environmental sustainability goals and pledged to reach an annual reduction of 3.5 million metric tons of carbon dioxide (CO2) by 2020, which equates to 350 million gallons of fuel.
  • John Wall, Cummins’ Vice President – Chief Technical Officer, was honored by the California Air Resources Board with the Haagen-Smit Clean Air Award, which recognizes outstanding lifetime achievement in air-quality research, science and technology.
  • For the fourth consecutive year, Cummins was recognized as a Top 25 Supply Chain company by Gartner.
  • Cummins announced that John Wall, Vice President – Chief Technical Officer, will be retiring after nearly 30 years with the Company and that Jennifer Rumsey, Vice President of Engineering for Cummins’ Engine Business, will take Wall’s place.
  • Cummins announced a 25 percent increase in its quarterly dividend.

“We delivered strong results in the second quarter, despite challenging economic conditions in a number of international markets, and we increased cash returned to shareholders,” said Cummins Chairman and CEO Tom Linebarger. “Earnings improved as a result of good performance by our manufacturing and supply chain organizations and solid execution on material cost reduction initiatives. We returned $517 million to shareholders in the form of dividends and share repurchases in the second quarter and we recently announced a 25 percent increase in our quarterly dividend.”

Read the full press release – including second quarter 2015 detail for all Cummins business units – by clicking on the link below.

Press Release – Cummins Announces First Quarter 2015 Results

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