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Cummins Inc., the US diesel engine manufacturer, announced on July 15 that due to its excellent performance over the past few quarters, the company has increased its quarterly cash dividend by 50% and its dividend per share has increased to 26.25 cents.
The bonus distribution period is September 1, 2010 and the shareholder registration period starts on August 23, 2010.
Cummins increased its dividend by 40% in July 2008 and its dividend per share increased to 17.5 cents. However, due to the economic crisis, the company had shelved the dividend cash in 2009. In the first quarter of this year, Cummins’s shipments of cards, passenger cars and heavy truck engines dropped by 80% in the North American market. However, due to continued growth in market demand in China, India, and Brazil, the company still achieved impressive results.
Currently, Cummins has raised its 2010 sales forecast from US$11 billion to US$12 billion and raised its expected EBIT margin from 7% to 10% this year.