Cummins announced the company’s first quarter 2015 financial report. Benefiting from the North American market last quarter, Cummins’ company’s operating income and EBIT were both growing, and its four major business segments all increased.
In the first quarter of 2015, Cummins’ operating income reached US$ 4.709 billion, an increase of 7% from US$ 4.406 billion in the same period of last year. EBIT margin also increased by 6% year-on-year to US$ 562 million, compared with US$ 528 million in the same period of last year.
Cummins pointed out that compared with the same period in 2014, revenue growth in the first quarter of 2015 was mainly driven by the North American market and the acquired distribution business.
In the previous quarter, Cummins’ net profit was 387 million U.S. dollars. In the same period of 2014, it was 338 million U.S. dollars, a year-on-year increase of 14.5%. The profit margin was 25.4%, an increase of 0.5% from 24.9% in the first quarter of 2014. Its financial report points out that the increase in profitability is mainly due to the increase in sales and the decrease in material costs, which can partially offset the impact of higher guarantee period costs and exchange rate fluctuations.
Among all business units, the Engine Division’s quarterly sales increased by 1% year-on-year to US$2.596 billion; Distribution Division’s sales were US$1.476 billion, a year-on-year increase of 55%. Cummins said that the growth of the Distribution Division was mainly due to the 57% increase in business acquisitions it conducted.
Sales of Components' parts increased by 6% year-on-year to US$1.299 billion, compared to US$1.23 billion in the same period of last year, which was mainly driven by growth in the North American and Chinese markets. Power Generation sales also increased 6% year-on-year, from US$639 million in the same period last year to US$680 million. This sector was mainly driven by the Asian and non-Indian markets outside of India. The growth in these regions was offset by growth. The decline in U.S. demand.
Regarding the financial outlook for the full year of 2015, Cummins believes that operating revenue will increase by 2% to 4%. In each business segment, the engine and power division will be mediocre, and the parts division may achieve growth of 4% to 8%. The division can increase by 23% to 27%.
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