Cummins has announced financial data for the second quarter of 2009. Despite the negative impact of the global sustained economic downturn, Cummins’ sales have declined, and the company has achieved stable profitability 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 of last year; a net income of US$56 million was US$293 million in the same period of last year; the yield rate improved compared to the previous quarter, and due to drastic inventory reduction measures, The company achieved a cash flow of 181 million U.S. dollars.
The decrease in sales was mainly due to the continued weakness in the global market for engine and component products and the significant decline in power system product sales. Tim Solso, chairman and chief executive officer of Cummins Inc., said that despite the severe macroeconomic situation, Cummins’ efforts to reduce costs and optimize production capacity ensure that Cummins continues to perform well in distress and emerge from the crisis for the future. Laid a solid foundation.
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