Cummins Chairman and CEO Tim Solso told shareholders to expect sales of $12 billion in 2010, an 11 percent boost over 2009.
Earnings before interest and taxes should reach 10 percent of sales this year, he said, during the company's annual meeting.
During the meeting, Solso said Cummins is positioned for a period of sustained profitable growth once the recovery takes hold worldwide.
"Over the past year, our employees around the world have continued to execute our strategy for remaining strong during the downturn extremely well," Solso said. "As a result, the company expects higher sales and profits this year and already is focused on taking advantage of some significant future growth opportunities."
Cummins expects to invest $400 million in capital projects in 2010, mostly to support initiatives related to new products and capacity expansion.
Over the long-term, Solso told shareholders to expect $20 billion in revenue, with an EBIT margin of 12.5 percent in 2014. He said the company should earn an average annual EBIT margin of 10 percent of sales from 2009-2014.
Cummins shareholders also voted to elect the nine Cummins directors standing for election to the Board for another year.
The Board members elected are:
* Tim Solso, chairman and CEO, Cummins
* Tom Linebarger, president and chief operating officer, Cummins
* Robert Bernhard, vice president for research, University of Notre Dame
* Dr. Franklin Chang-Diaz, chairman and CEO, Ad Astra Rocket Co.
* Robert Herdman, managing director, Kalorama Partners
* Alexis M. Herman, chairman and CEO, New Ventures
* William I. Miller, chairman and CEO, Irwin Management Corp.
* Georgia R. Nelson, president and CEO, PTI Resources
* Carl Ware, retired executive vice president, Coca-Cola Co.
Earnings before interest and taxes should reach 10 percent of sales this year, he said, during the company's annual meeting.
During the meeting, Solso said Cummins is positioned for a period of sustained profitable growth once the recovery takes hold worldwide.
"Over the past year, our employees around the world have continued to execute our strategy for remaining strong during the downturn extremely well," Solso said. "As a result, the company expects higher sales and profits this year and already is focused on taking advantage of some significant future growth opportunities."
Cummins expects to invest $400 million in capital projects in 2010, mostly to support initiatives related to new products and capacity expansion.
Over the long-term, Solso told shareholders to expect $20 billion in revenue, with an EBIT margin of 12.5 percent in 2014. He said the company should earn an average annual EBIT margin of 10 percent of sales from 2009-2014.
Cummins shareholders also voted to elect the nine Cummins directors standing for election to the Board for another year.
The Board members elected are:
* Tim Solso, chairman and CEO, Cummins
* Tom Linebarger, president and chief operating officer, Cummins
* Robert Bernhard, vice president for research, University of Notre Dame
* Dr. Franklin Chang-Diaz, chairman and CEO, Ad Astra Rocket Co.
* Robert Herdman, managing director, Kalorama Partners
* Alexis M. Herman, chairman and CEO, New Ventures
* William I. Miller, chairman and CEO, Irwin Management Corp.
* Georgia R. Nelson, president and CEO, PTI Resources
* Carl Ware, retired executive vice president, Coca-Cola Co.
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