Cummins Q1 revenue up over last year

Cummins Inc. on Tuesday reported results for the first quarter of 2018.

A filing with the Securities and Exchange Commission revealed first quarter revenues of $5.6 billion. That’s up 21 percent from the same quarter last year. Company officials say that strong demand for trucks, construction and mining equipment drove the majority of the revenue increase, as did a weaker US dollar.

Sales in North America improved by 22 percent while international revenues increased by 20 percent. That was attributed to strong growth in Europe, Latin America, China and India.

“Improving demand in a number of the Company’s core markets, combined with our strong global market share and the success of new products aimed at lowering emissions, resulted in sales growth of 21 percent in the first quarter,” said Chairman and CEO Tom Linebarger.

Earnings before interest, taxes, depreciation and amortization in the first quarter were $700 million, down from $705 million one year ago. Net income attributable to Cummins in the first quarter was $325 million.

“Cummins delivered solid operating performance in the first quarter led by strong incremental margins in the Power Systems segment,” continued Linebarger. “As a result of rising demand and continued benefits from cost reduction initiatives, we have raised our full year outlook for sales and EBITDA.”

Based on the current forecast, Cummins officials say they expect full year 2018 revenues to be up 10 to 14 percent, compared to a previous forecast of four to eight percent.