February 6, 2013, diesel engines and power generation equipment maker Cummins Inc. (CMI) on Wednesday reported earnings in fiscal year 2012 fourth quarter net profit fell 31% due to the recession in Europe and other parts of decelerating growth led to its engine The demand declined, but adjusted performance was better than market expectations. TomLinebarger, the company’s chairman and chief executive officer, said: “Despite the weak demand, our gross profit margin in the fourth quarter has improved and the annual gross margin has hit a record high.†For the quarter ended December 31, the company’s net profit fell from US$548 million, or US$2.86 per share, to US$381 million, or US$2.02 per share, in the same period last year. Excluding one-time items, the company adjusted earnings per share of $2 in the quarter, higher than the average forecast of $1.74 by analysts surveyed by FactSet. Revenue decreased from 4.92 billion U.S. dollars in the same period of the previous year to 4.29 billion U.S. dollars, which is higher than the average analyst estimate of 4.05 billion U.S. dollars. The company’s sales, general and administrative expenses increased from US$1.84 billion in the same period last year to US$1.9 billion; R&D and engineering expenses increased from US$629 million in the same period last year to US$728 million. For the full year of 2012, Cummins’ net profit fell by 10%, from 1.85 billion US dollars in the previous year, or 9.55 US dollars per share, to 1.66 billion US dollars, or 8.74 US dollars per share. Adjusted earnings per share was $8.61. Revenue decreased by 4%, from $ 18.05 billion in the previous year to $ 17.33 billion, mainly due to the decline in international revenue, especially Brazil, China and Europe. Looking ahead, Cummins expects 2013 revenue to remain flat from the same period last year to a drop of 5%. Carbon Steel Welding Electrodes Carbon Steel Welding Electrodes,Stainless To Mild Steel Welding Rod,Carbon To Stainless Welding Rod,Ss To Cs Welding Rod JIANGSU FUERMU WELDING CORPORATION , https://www.fuermuwelding.com