Cummins Inc., Columbus, Ind., reported record sales and earnings for 2004, fueled by strength across all business units and in most market segments, including recreational vehicle.
For the year, Cummins posted sales of $8.4 billion, a 34% increase from $6.3 billion in 2003. Cummins reported net income of $350 million compared with $50 million in 2003.
Cummins generated record revenues for the company’s fourth quarter of $2.35 billion, a 35% increase over $1.7 billion during the same period in 2003. Net income for the three-month period was $119 million compared with $43 million the previous year.
“The company ended its best year ever with a strong fourth quarter that saw all our business units report record sales,” said Cummins Chairman and CEO Tim Solso.
The company said fourth-quarter gains were led by continued robust performance in the North American heavy-duty truck engine segment and strong worldwide increases in the Power Generation segment, which includes RV generator supplier Onan Corp., Minneapolis, Minn.
Fourth quarter sales jumped 37% to $538 million in the Power Generation segment, which in addition to Onan includes the Cummins Power Generation brand name, along with the Stamford, Markon and AVK brands. Combined sales of light-duty engines for the automobile and RV sectors were $299 million for the fourth quarter and $1.2 billion for the year.