Cummins Up 5% After Reporting Positive Earnings
Cummins (NYSE: CMI) shares are up more than 5% today after reporting positive earnings.
Fourth quarter revenue of $4.9 billion increased 19 percent from the same quarter in 2010 and set a new quarterly record for the Company. The increase year-over-year was driven by higher demand in truck, construction, power generation and oil and gas markets in North America. The Company also experienced strong growth in global mining markets. Growth in these markets offset weaker demand in the construction market in China and power generation in India.
Net income attributable to Cummins in the fourth quarter was $548 million ($2.86 per diluted share). Excluding the gain from the disposition of the light duty filtration business ($0.17 per diluted share) and the previously announced insurance settlement related to the 2008 flood in Indiana ($0.13 per diluted share), the Company reported net income of $491 million ($2.56 per diluted share) with a tax rate of 22.8 percent for the quarter.
