Finance Overview


Tom Linebarger, Cummins chairman and CEO, is pictured.Photo courtesy of Last year, at the height of the COVID-19 pandemic, Cummins Inc. found itself looking at a 38% decrease in second quarter revenue as the pandemic caused Cummins’ customers to shut down and brought economic activity to a screeching halt. On Tuesday, Tom Linebarger, Cummins chairman and CEO, painted a much different picture of the company’s finances. Cummins, which owns and operates the Jamestown Engine Plant in Busti which employs XXXX, reported second quarter revenvues of $6.1 billion, a 59% increase from the same quarter in 2020. Sales in North America increased 74% while international revenues increased 42 percent driven by strong demand across all global markets compared to the same quarter in 2020, which was impacted significantly by the pandemic. Some of the news Linebarger shared Tuesday is particularly good for the Jamestown Engine Plant. “Demand remained strong in the second quarter as the global economy continued to improve,” Linebarger said Tuesday. “Driving strong sales growth across most businesses and regions and resulting in solid profitability. We are encouraged by economic trends across a number of our key end markets which point to strong demand for the remainder of this year and extending into 2022. In North America freight activity continues to grow, leading to elevated spot and contract rates and driving fleet profitability and a rising backlog of truck orders. Leading indicators for non-residential construction continue to improve and fiscal support for investment in capital projects is robust, led by North America and Europe.” Based on the current forecast, Cummins officials continue to project 2021 revenues to increase between 20% and 24% from 2020 levels. Engine segment sales increased 75% in the second quarter of 2021 to $2.5 billion, with on-highway revenues increasing 104% driven by strong demand in the North American truck and pickup markets. Off-highway revenues increased 10% driven by strong demand in international construction markets. Sales increased 104% in North America and 26% in international markets. Demand currently exceeds supply in a number of important markets pointing to strong demand for our products into 2022,” said Mark Smith, Cummins CFO. “Iwant to thank our global employees for their ongoing commitment to meet the needs of our customers while delivering solid financial performance. We continue to extend our leadership position through advancing the technologies, the power the profitability of our customers today.

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try these out src="!/image/image.PNG_gen/derivatives/landscape_620/image.PNG" width='250px' align='left' /> The hospitality guidelines are to be reviewed in the wake of the confusion. The hotel said it remained within the guidelines at all times. It comes as an additional 1,491 cases were reported by the Department of Health on Thursday, with 193 hospitalised of which 28 are in ICU. Chief medical officer Dr Tony Holohan said vaccination was the way out of the pandemic and take-up was extremely high. “It’s understandable that after the period of time that Covid-19 has been with us, that some people become tired of it. But the virus does not become tired. It doesn’t care if we are fed up, it only sees the opportunity to spread from person to person when we let our guard down. He urged people to “risk assess” their plans this weekend and to err on the side of caution of they have any symptoms. The Health Service Executive (HSE) earlier said nine out of 10 people aged 16 and above had either received a Covid-19 vaccine, or had registered for a vaccine appointment to receive the shot. The HSE announced it is to operate 30 walk-in vaccination centres across the country again over the coming weekend. More than 30,000 people attended walk-in clinics over the bank holiday weekend, which had been hailed as a “momentous weekend” for the vaccine programme by health officials. Mr Reid said the walk-in centres would run again offering first doses of Covid-19 vaccines over Friday, Saturday and Sunday. Speaking at a media briefing on Thursday, Mr Reid said there was “still further potential” for walk-in centres to reach younger cohorts. Large number of those who attended the previous walk-in clinics had not been registered for vaccine appointments on the HSE’s online portal. Health officials were “genuinely taken aback” by the large numbers of younger people who turned up at the walk-in centres last weekend, he said. “The reason given as to why they came forward, the one that stood out for us was firstly to protect themselves, second to protect their family and thirdly to get their lives back,” he said. The vaccination programme administered the sixth million dose on Thursday morning, as registration will open for 12- to 15-year-olds next week. In a tweet on Thursday afternoon, Minister for Health Stephen Donnelly said: “The registration for a Covid-19 vaccine for children and young people, age 12-15 will open next week. “I’m encouraging parents and these young people to seek information from reliable sources such as the HSE website.” The next phase of the inoculation campaign aims to see a large number of 12-15 year-olds offered a first vaccine before the start of the next school year. Some 30,000 people attended Covid-19 testing centres last weekend, which Mr Reid said was a “keen reminder that the virus is still out there”. Just under 80 per cent of intensive care Covid-19 admissions between April and the end of July were among the unvaccinated, according to HSE figures.