Cummins Inc (Ex. Cummins Engine Inc) (CMI) Q4 2019 Earnings Call Transcript

Cummins Inc (Ex. Cummins Engine Inc) (CMI) Q4 2019 Earnings Call Transcript

I would now like to hand the call over to Executive Director of Investor Relations, James Hopkins.. Participating with me today are our Chairman and Chief Executive Officer, Tom Linebarger; our Chief Financial Officer, Mark Smith; and our President and Chief Operating Officer, Tony Satterthwaite.. Now let me summarize our fourth quarter and full year results and comment on key drivers within each business.. Our EBITDA margins were 15.8% compared to 14.6% in 2018 due to lower warranty costs, improved pricing and material cost reduction activities, and partially offset by lower volumes, the impact of higher tariffs and increased investment in research and development.. Lower demand in the Chinese light commercial vehicle market, North American and European construction markets and the global bus market were partially offset by higher demand for pickup trucks in North America.. EBITDA was 14.6% compared to 13.7% in 2018, with the negative impact of lower volumes more than offset by lower warranty, improved pricing and material cost reduction activities.. Increased demand in North America and China, driven by higher sales of gensets to data center customers, was partially offset by lower demand for engines in construction and oil and gas markets.. Full year revenues for