COLUMBUS, Ind. — Cummins Inc. today announced revenues of $6 billion in the first quarter of this year, an increase of 8 percent from the same January through March period 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 percent while international revenues increased by 1 percent, Cummins said in a news release.
“The company shipped a record number of truck engines in North America during the first quarter,” said Cummins 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 $1.0 billion, or 17.2 percent of sales, compared to $700 million or 12.6 percent of sales a year ago, the company said.
Net income attributable to Cummins in the first quarter was $663 million ($4.20 per diluted share), compared to net income of $325 million ($1.96 per diluted share), or $403 million ($2.43 per diluted share) excluding the impact of tax legislation in the first quarter of 2018.
“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,” Linebarger said.
Based on the current forecast, Cummins said it is maintaining its 2019 revenue guidance of flat to up 4 percent, driven primarily by increased demand in North America on-highway markets.
Cummins added that it’s forecast does not include any potential impact of the company’s review of its emission certification process and compliance with emissions standards, which it announced Monday night. Following conversations with the U.S. Environmental Protection Agency and California Air Resources Board (CARB) regarding certification for the engines in the 2019 RAM 2500 and 3500 trucks, Cummins made the decision to review its certification process and compliance with emissions standards, the company said.
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