Columbus, Ind.-based engine builder Cummins Inc. (CMI) reported first quarter revenues of $6 billion, representing an 8% increase from the same quarter in 2018. Increased truck production in North America and stronger demand in global construction and North American power generation markets drove the majority of the revenue increase.
First-quarter sales in North America improved by 13% while international revenues increased by 1%.
“The company shipped a record number of truck engines in North America during the first quarter,” said Chairman and CEO Tom Linebarger. “Our market-leading position in this region reflects our close partnerships with our customers who rely on us to provide a broad range of power solutions for their needs.”
Earnings before interest, taxes, depreciation and amortization (EBITDA) in the first quarter were a record $1 billion, or 17.2% of sales, compared to $700 million, or 12.6% of sales a year ago. First-quarter results include a nonsegment and nontaxable gain of $37 million ($0.23 per diluted share) related to the mark to market impact on assets related to our non-qualified benefit plans.
Net income attributable to Cummins in the first quarter was $663 million, 02 $4.20 per diluted share, compared to net income of $325 million, or $1.96 per diluted share in the first quarter of 2018.
“We achieved record EBITDA in the first quarter while also celebrating our 100th anniversary,” Linebarger said. “We are on track to deliver record results for the year and return significant capital to investors, and will continue to invest across our broad portfolio to power a strong future for our stakeholders.”
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