Cummins reports strong results for the second quarter of 2013

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Revenue increased 2 percent in 2Q 2013 to $4.5 billion, Cummins reports, with net income of $414 million, down 11 percent from the same quarter last year.

Revenue increased 2 percent in 2Q 2013 to $4.5 billion, Cummins reports, with net income of $414 million, down 11 percent from the same quarter last year.

North American sales increased 7 percent, and international revenue dropped 4 percent. Within international markets, growth in Brazil and China was offset by weaker demand in Europe, India and Mexico.

Earnings before interest and taxes (EBIT) were $621 million or 13.7 percent of sales, compared to $663 million or 14.9 percent of sales a year ago, excluding special items.

“Revenues increased primarily due to higher demand in North America, helped by market share gains in the medium-duty truck market,” said chairman/CEO Tom Linebarger.

Based on the current forecast, Cummins expects full year revenues to be flat compared to 2012.

Engine Segment
Sales: $2.7 billion, down 7 percent. Lower demand in stationary power, global mining and the heavy-duty truck market in North America were the most significant drivers of the lower revenues. Demand increased for medium-duty truck engines in North America and Brazil.

Components
Sales: $1.1 billion, up 8 percent. Higher revenues primarily related to higher on-highway demand in Brazil, China and North America.

Power Generation
Sales: $814 million, down 10 percent. Weaker demand in most international markets offsetting stronger revenues in North America.

Distribution
Sales: $954 million, up 1 percent excluding acquisitions. Higher power generation and parts sales in North America offset by lower power generation sales in Europe and the Middle East.

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