Sign in Subscribe
Information technology services industry

Cummins Inc. Reports 21% Increase in Worldwide Revenues for 2021

Strategic Insights

— 1 min read

Global power leader Cummins Inc. experienced a significant surge in demand across all operating segments and geographic regions in 2021, contributing to a 21% increase in worldwide revenues compared to the previous year. The improved economic environment and reduced effects from the COVID-19 pandemic played a substantial role in this growth. International demand saw a notable 27% improvement, driven by increased sales in various product lines, including emission solutions, industrial equipment, and off-highway markets.

Key Takeaways:

  • Cummins Inc. recorded a 21% increase in worldwide revenues for 2021, reaching $24,021 million, up from $19,811 million in 2020.
  • International demand showed a 27% improvement, with higher sales in all geographic regions, primarily driven by increased demand in components businesses, industrial equipment, and off-highway markets.
  • Favorable foreign currency fluctuations positively impacted international sales by 3%, mainly due to the strengthening of the Chinese renminbi, Euro, and Australian dollar.
  • Net sales in the U.S. and Canada improved by 17% due to increased demand in North American on-highway markets, positively impacting all components businesses.
  • The Company's Board of Directors continues to monitor and evaluate the ongoing supply chain constraints and related impacts on the business and operations.
  • The COVID-19 pandemic still has a significant impact on the supply chain, and further disruptions could have a material adverse effect on the Company's results of operations, financial condition, and cash flows.

Statistics:

  • 2021 worldwide revenues: $24,021 million
  • 2020 worldwide revenues: $19,811 million
  • Increase in worldwide revenues (2021 vs. 2020): 21%
  • Increase in international demand (excludes the U.S. and Canada): 27%
  • Expressed as a percentage of international sales, favorable foreign currency fluctuations positively impacted international sales by 3%

Sources:

  • Cummins Inc., Form 10-K for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission (SEC) on February 10, 2021.
  • Cummins Inc., Press Release, dated February 8, 2022 ( COMTEX_401994700/2041/2022-02-08T10:26:42 )

Read more