On February 8, 2018, Cummins announced the performance of its fourth quarter of 2017 and its annual performance in Beijing. In 2017, Cummins gained a lot from revenue data, market layout and business development.

Performance innovation high annual revenue increased by 17% year-on-year

“In 2017, Cummins' business grew strongly, its profitability was robust, and it achieved a record high in cash flow,” said Tom Linebarger, Cummins Chairman and CEO. “In 2018, we expect several core markets to remain strong. At the same time, under the continuous effect of company sales volume increase and cost control, we will ensure profitability and achieve better performance.”

Thanks to strong demand from the truck, construction machinery and mining markets, Cummins’ sales revenue reached US$5.5 billion in the fourth quarter of 2017, and both North American and international markets achieved a 22% year-on-year growth. The 2017 Cummins sales revenue for the full year was US$20.4 billion, an increase of 17% year-on-year. Sales revenue from the North American market and the international market increased by 15% and 19% respectively.

Liu Xiaoxing, Cummins’s global vice president, stated at the media conference in 2018: “In 2017, Cummins realized a pre-tax EBITDA of US$2.4 billion, and the EBITDA was 12%. If the deduction of the expenditure factor under tax reform, EBITDA The yield was 12.2%, which is a significant increase from 2016 (EBIT before interest and tax of $2 billion, and EBIT of 11.4%)."

Cummins Global Vice President Liu Xiaoxing Cummins Global Vice President Liu Xiaoxing

“Cummins’ net income for the year 2017 was US$999 million (dilutive EPS of US$5.97).” Liu Xiaoxing, Cummins Global Vice President, told reporters, “The net income for 2016 was US$1.4 billion, and the diluted earnings per share was US$8.23. Under the tax reform, US$7.77 billion in expenditures, net income for the entire year was US$1.8 billion (dilutive earnings per share of US$10.62), and the annual tax rate was 24.5%.”

Cummins Power Products Cummins Power Products

The China Truck Network reporter learned from the scene that, based on current expectations, Cummins' sales revenue will increase by 4%-8% in 2018, and the profit before taxation, depreciation and amortization will remain between 15.8%-16.2% of sales revenue. Excluding the impact of the US tax reform, the annual profit before tax, depreciation and amortization was 15% in 2017.

In-depth cooperation for 11 consecutive years in the "Global Top 50 Diversified Companies"

In cooperation with the world's top companies, Cummins not only consolidated its position in the industry, but also gained greater development capacity and space.

In 2017, Cummins and Eaton teamed up to form Eaton Cummins Automatic Transmission Technology, providing a more automated transmission for the commercial vehicle market. At the same time, Cummins collaborated with Gillinger in the field of electrification. After integrating and optimizing Cummins's new electrification technology, it is applied to the Gillinger Zero Emission Commercial Vehicle platform.

In 2017, Cummins ranked the Ethisphere Institute as "the world's most commercially virtuous company" for the tenth consecutive year. In addition, Cummins has been listed in the “Top 50 Globally Diversified Companies” for 11 consecutive years, and Cummins ranked 21st among the 1000 short-listed companies.

Not only that, but Cummins has also been included in the Dow Jones North American Sustainability Index, which independently assesses the company's sustainability capabilities globally.

The joint venture is fully focused on the future and the R&D investment will be increased

Cummins has been developing in China for more than 40 years. In 2017, in the cooperation of Chinese companies, Cummins's product production and sales, technical advantages, and loading fields are all in the leading position in the industry.

Cummins has more than 40 years of development history in China Cummins has more than 40 years of development history in China

In the year of 10th when Foton Cummins Engine Co., Ltd. was established in 2017, Foton Cummins ushered in 1 million engines off the assembly line, which fully proved the popularity of Cummins products in China. In terms of technology, the Dongfeng Cummins Engine Company's 13L Sixth Platform product successfully ignited in 2017, adding a heavy technology array to the Sixth National Market. At the same time, due to the trend of trucks, the quantity of Shaanqi Cummins heavy truck products that Xi'an Cummins Engine Co., Ltd. and Shaanxi Automobile Co., Ltd. has cooperated with has also set a new historical high. In terms of construction machinery, Guangxi Cummins Engine Co., Ltd., a construction machinery engine company jointly invested by Cummins and Liugong, exceeded 18,000 units in 2017 and achieved market breakthroughs with leading engineering OEMs such as Liugong and XCMG.

Focusing on the future, Cummins will focus on creating new products and increasing R&D investment. According to the China Truck Network reporter, the Cummins Power business will increase production and technology investment in China. The Cummins Wuhan plant will successfully undertake some of the production lines of the original Kent factory in the UK and will add a new power product line of 15 liters or less.

Liu Xiaoxing stated at the conference that in 2017, with the rapid growth of China's commercial vehicles and construction machinery industries, Cummins’ key spare parts business and the industry have grown together. As the world's leading emission treatment technology provider, Cummins Emissions Processing System works closely with engines and OEMs in the implementation of increasingly stringent national emission regulations to launch environmentally friendly products that meet market and customer needs. With a shipment volume of 430,000 units, Cummins Filtration continues to escort its customers in the front-loading and after-market markets. It produces and sells 32.33 million sets of filter products throughout the year. At the same time, Cummins turbocharged technology systems also have 1.32 million product delivery users.

Cummins post-processing system

Cummins will also continue to increase investment in the post-market service sector, focusing on improving service quality and reducing service costs, and creating high quality and efficient service capabilities for customers. Through collaboration with joint ventures, partners, and Cummins post-market resources, pilot projects were conducted in Shandong and Henan, and C-Link and other remote intelligent service technologies were promoted to further improve the service response speed and solve problems for customers.

It is the mission of Cummins to drive the world forward and achieve a beautiful life. At the same time, it is Cummins's brand promise to help users succeed with the spirit of continuous innovation and the quality of life-long trust. Cummins has always created value for all stakeholders, both mission and promise, and it is also true in 2018.

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