Cummins Inc. has released results for 2007, completing a year of record sales and earnings. Cummins` sales rose 15 percent to $13.05 billion, from $11.36 billion in 2006. Net income rose to $739 million compared to $715 million.
The record results came despite the expected significant drop in the North American heavy-duty truck market as a result of emissions changes. Industrywide sales in that market declined nearly 50 percent in 2007, but Cummins` increased share in that market as well as strong growth across most of the rest of the company`s businesses more than offset the decrease. Cummins` fourth quarter sales of $3.5 billion also were a quarterly best for the company, and were 16 percent higher than the same period in 2006. Net earnings for the quarter increased 5 percent to $198 million, from $189 million during the same period in 2006. EBIT increased 7 percent to $324 million, compared to $303 million, or 10 percent of sales.
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