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Cummins Inc. (NYSE: CMI) announced its fourth quarter and full year 2017 results on February 6th, local time.
Thanks to strong demand in the truck, construction machinery and mining markets, sales in the fourth quarter reached $5.5 billion, and both North America and the international market achieved a 22% year-on-year growth.
2017 Cummins annual sales revenue was 20.4 billion US dollars, an increase of 17%. North American market and international market sales revenue increased by 15% and 19% respectively.
In 2017, Cummins realized a pre-tax income of 2.4 billion US dollars, and the EBIT rate was 12%. If the expenses of the tax reform were deducted, the EBIT rate was 12.2%. Compared with 2016 (pre-tax profit of 2 billion US dollars, EBIT margin of 11.4%), the growth was obvious.
Cummins' 2017 full year net income was $999 million (diluted earnings per share of $5.97). Net income for the full year 2016 was $1.4 billion, and diluted earnings per share were $8.23. Excluding the $777 million in tax reforms, the annual net income was $1.8 billion (diluted earnings per share of $10.62) and the annual tax rate was 24.5%.
“In 2017, Cummins’ business grew strongly and its profitability was solid, achieving a record high in cash flow,†said Cummins Chairman and CEO Tom Linebarger. “In 2018, we expect several core markets to remain strong. Demand. At the same time, under the continuous effect of the company's sales increase and cost control, it will ensure profitability and achieve better performance."
Based on current expectations, Cummins' sales revenue will increase by 4%-8% in 2018, and profit before tax, depreciation and amortization will remain between 15.8% and 16.2% of sales revenue. Excluding the impact of US tax reforms, the full-year profit before interest, depreciation and amortization for 2017 was 15%.
Highlights of 2017
• Cummins and Eaton (NYSE: EYN) have teamed up to form Eaton Cummins Automatic Transmission Technology, Inc. to provide a more automated transmission for the commercial vehicle market.
• Cummins and Jill Rigg collaborate in the field of electrification. After integrating and optimizing Cummins' new electrification technology, it was applied to the Gillig zero-emission passenger car platform.
• In 2017, Cummins ranked the “World's Most Ethical Business†by Ethisphere for the tenth consecutive year.
• Cummins has been selected as one of the “Top 50 Global Diversified Companies†for 11 consecutive years. In 2017, Cummins ranked 21st among the 1,000 finalists.
• Cummins was selected for the Dow Jones North American Sustainability Index, which independently assesses corporate sustainability across the globe.