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Cummins scored a record high in 2006, maintaining double-digit growth for three consecutive years, and international business accounted for “half of the countryâ€.
On January 29, Cummins announced the company’s financial report for the year 2006. The report shows that the company’s sales and profits have reached new highs and maintained high growth for three consecutive years.
In 2006, Cummins’ annual sales reached a record high of US$ 11.36 billion, an increase of 15% from US$9.92 billion in 2005, and EBIT increased 30 percentage points from US$ 907 million in 2005 to US$ 1.18 billion ( 10.4% of sales. The net income in 2006 was US$715 million, an increase of 30% from the US$550 million in the same period of last year.
In 2006, Cummins's international business outside the United States accounted for 50% of the company's total sales for the second consecutive year. Emerging markets represented by China, India and Russia performed the most.
Cummins China's sales exceeded US$1 billion for the third consecutive year, and good progress was made in a number of major projects, including the establishment of the East Asia Research and Development Center in cooperation with Dongfeng Corporation. The East Asia Research and Development Center was officially launched in August last year and is the first of the foreign diesel engine companies. Home in China R&D Center; Beijing Foton Cummins Engine Co., Ltd., a joint venture with Beiqi Foton, produces Cummins' new-generation 2.8-liter and 3.8-liter inline four-cylinder high-pressure direct-injection light-duty diesel engines in Beijing. The products will be widely used in light trucks, pickups, SUVs, and MPVs. In areas such as multi-purpose vehicles and small off-highway equipment, the company has officially entered the Chinese light diesel engine market with huge potential.
In recent years, India’s infrastructure construction and road transportation have developed very strongly. Cummins India’s business has also maintained rapid growth and reached US$1 billion in 2006.
In 2006, Kangming's sales in Russia and the CIS region surged by 26%. One of the key highlights of Cummins’s Russian business development is the formation of a B-Series HP engine joint venture plant with Russia’s largest heavy-duty truck manufacturer, Kamaz, which will further consolidate and expand Cummins’s flourishing development in the Commonwealth of Independent States and Russia. The dominant position of the automotive market has an important strategic role.
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