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Cummins enjoyed its fifth straight year of record sales and earnings in fiscal 2008, although the global economic challenges saw a sharp decline in fourth quarter performance.
For the full year, sales were up 10% on the year earlier at US$14.3 billion, while net income was 8% stronger at US$801 million. In the fourth quarter, meanwhile, sales fell 6% to US$3.3 billion and net income down 55% at US$89 million.
Cummins' Components segment, home to its filtration, turbocharger, exhaust after-treatment and fuel systems businesses, saw full-year sales increase 8% on 2007 to reach US$3152 million while its EBIT rose 16% to US$177 million. It was a bleaker picture for the segment in the fourth quarter, however, with sales down 13% on a year earlier at US$676 million and EBIT plunging 96% to US$2 million. Filtration sales decreased 11% as the segment felt the effects of the demand drop in truck and construction equipment markets around much of the world.
"Given our record-setting performance during the first nine months of the year, the rapid drop in demand in the fourth quarter as a result of the global recession was a major disappointment," Cummins chair and CEO, Tim Solso, said. โ www.cummins.com
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