Engine maker Cummins Inc. (CMI) said that its fourth-quarter profit rose by more than 5 times in 2009, mainly due to demand from emerging markets such as China, India, and Brazil, plus North American highways before the new emissions standards went into effect in early 2010. Demand for truck engines and components has increased significantly.
However, analysts said that Cummins will be challenging in the first half of fiscal 2010, especially in the United States and Europe.
Based on the existing orders and the forecast for the first half of 2010, Cummins expects that the shipments of truck and bus engines in North America in the first half of 2010 will be up to 80% lower than the corresponding period in 2009.
In fiscal 2009, Cummins’ net profit fell from US$755 million in 2008 to US$428 million. Annual revenue declined 25% to $10.8 billion.
Analysts expect that Cummins’ revenue and earnings for fiscal 2010 will be approximately the same as for fiscal 2009.
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