On July 30, 2009, Cummins announced financial data for the second quarter of 2009. Despite the declining sales of Cummins due to the adverse impact of the global sustained economic downturn, the company still achieved a solid profit return during the quarter and maintained strong cash flow.
Cummins achieved sales revenue of US$2.43 billion for the quarter, a decrease of 37% from the same period last year. EBIT was $109 million, compared with $469 million in the second quarter of 2009. Cummins achieved a net income of $56 million compared to $293 million in the same period last year.
The decline in sales was mainly due to the continued weakness in the demand for engine and component products in the global market, and the significant decline in power system product sales. However, in spite of the challenge of weak demand in all terminal markets, Cummins’s profitability improved from the previous quarter, coupled with drastic inventory reductions, and the company achieved cash flow of US$181 million during the quarter.
Tim Solso, chairman and chief executive officer of Cummins Inc., said that although the macroeconomic situation is very severe, Cummins’ efforts to reduce costs and optimize production capacity ensure that Cummins continues to perform well in the midst of difficulties and become more powerful for the future. The appearance has laid a solid foundation out of the crisis.
Cummins continues to focus on investing in key projects and new products and technologies in the future. The company continues to intensify the development of engine products that meet the world's most stringent emission regulations – US EPA 2010 emissions standards, to ensure that the engine achieves lower emissions while creating better fuel economy.
The Chinese market is still the focus and highlight of Cummins business development. Despite the external impact of the economic crisis, Cummins has always insisted on its development strategy in China and will continue to create outstanding results:
On June 9, Beijing Futian Cummins Engine Co., Ltd., the largest light engine joint venture between Cummins and Beiqi Foton, was officially established. The ISF 3.8 liters of a new generation of low-emission, high-performance, light-weight engine products was officially put into mass production.
The first batch of Shaanqi Heavy Trucks equipped with ISM IV engines was officially delivered to Guangdong Zhuhai Pengtong Logistics. This is also the first batch of China IV heavy truck products put into use in China.
US Secretary of Commerce Gary Locke visited the Cummins Emissions Processing System in Beijing in July. He highly praised Cummins's efforts to create a clean environment with Chinese customers.
Cummins's new product platform in China is progressing well: the development of Dongfeng Cummins ISD and ISL IV products, and the introduction of Chongqing Cummins QSK19 and QSK38 high-horsepower electronically controlled engine platforms have been steadily progressing in accordance with established schedules.
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