Cummins is reporting a major financial rebound compared to 2020’s pandemic-affected slump.
The company this morning reported first quarter revenues of $6.1 billion, a 22 percent increase from the first quarter of 2020. International revenues are up 45 percent, with the company attributing that to strong demand across all of its markets, but also new product sales in China and India.
Earnings grew, with $980 million before interest, taxes, depreciation and amortization, compared to $846 million in the first quarter last year.
Chairman and CEO Tom Linebarger said the strength of the rebound has surpassed the company’s original expectations showing strong sales and solid profitability. Based on that, Cummins is raising its full year 2021 revenue guidance to 20 to 24 percent.
Linebarger said Cummins continues to take necessary precautions at all of its facilities to mitigate the spread of COVID-19. He said the company’s focus remains on the health and safety of its employees.