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C ummins Inc expects significant sales and profit growth in 2011 and beyond as key US markets recover.
Speaking to shareholders at the company's annual meeting, Cummins chairman and CEO Tim Solso said: "The actions we have taken over the past two years have kept Cummins strong during the recession and have set the stage for a period of sustained profitable growth."
Cummins expects 2011 sales to grow by nearly 30% from US$13.2 billion in 2010 to US$17 billion and earnings before interest and taxes (EBIT) to be 14% of sales this year. These are both company records.
"We have more growth opportunities ahead of us today than at any time in our history," said Solso. "Our challenge is to pursue those opportunities with the same discipline we displayed during the recent global recession. I am confident that we have the people and strategies in place to lead us to accelerated growth over the next several years."
Cummins plans to significantly increase its investment in the business this year, spending up to US$650 million on capital projects to increase capacity and invest in new technologies and products. The company's joint ventures are expected to make US$300 million in capital investments this year to expand their businesses.
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