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Tag Archives: Cummins

Cummins CEO sells $1,616,215 in stock

(May 2, 2014) -- Cummins CEO, Norman Thomas Linebarger, sold 10,647 shares of Cummins stock in a transaction today. The stock was sold at an average price of $151.80, for a total transaction of $1,616,214.60. Read More »

Cummins announces results for the first quarter

(April 29, 2014) -- Cummins announced today first quarter revenue of $4.4 billion increased 12 percent from the same quarter in 2013. The increase was driven by stronger demand in on-highway markets and distributor acquisitions in North America. Read More »

Cummins promotes Executive Director to VP

(April 28, 2014) -- Columbus-based Cummins Inc. (NYSE: CMI) has named Dana Vogt vice president of Manufacturing - Heavy Duty, Mid-Range, and Light Duty Diesel. It is part of a series of vice president appointments announced by the company this month. Read More »

Cummins touts water initiative

(April 2, 2014) -- Columbus-based Cummins Inc. says an initiative focused on water use has allowed the company to cut costs and reduce its global water consumption by about 24 percent since 2008. Read More »

Cummins posts 7 percent increase in revenue

COLUMBUS, Ind. — Cummins, Inc., today reported results for the fourth quarter and full year 2013 that showed revenue of $4.6 billion increased 7 percent compared to the same quarter in 2012. The increase year-over-year was driven by higher revenues in North America, China and Brazil, and was partially offset by weaker sales in Mexico, India and Australia. Earnings before interest and taxes (EBIT) were $566 million for the fourth quarter or 12.3 percent of sales. This compares to $532 million or 12.4 percent of sales a year ago, excluding restructuring costs. Net income attributable to Cummins in the fourth quarter was $432 million ($2.32 per diluted share), compared to $404 million ($2.14 per diluted share) in the fourth quarter of 2012 excluding restructuring charges. The effective tax rate in the fourth quarter of 2013 was 15.7 percent and reflects one-time benefits of $0.18 per diluted share, and a lower than expected operating rate in the fourth quarter that contributed $0.20 per diluted share. Revenues for the full year were $17.3 billion, flat with 2012. Revenues in North America increased 3 percent but were offset by international sales which declined by 4 percent. Within international markets declines in Mexico, India, Australia and Europe offset growth in China and Brazil. EBIT for the year was $2.16 billion or 12.5 percent of sales, compared to $2.35 billion or 13.6 percent of sales in 2012, excluding special items. Net income attributable to Cummins for the full year was $1.48 billion ($7.91 per diluted share), down from $1.68 billion ($8.83 per diluted share) in 2012, excluding special items. “We faced weak demand in important regions and end markets in 2013,” said Tom Linebarger, chairman and CEO. “Revenues for the year ended flat with 2012 as strong growth in the components business, market share gains in the North American medium-duty truck market and distributor acquisitions offset weakness in global mining markets, international power generation and the North American heavy-duty truck market. I am pleased that in this environment of weak global growth, we were able to generate record cash flow from operations that allowed us to continue to invest in the business and increase the cash returned to shareholders by 34 percent in 2013. We expect revenues to grow between 4 percent and 8 percent in 2014, with earnings projected to grow faster than revenues and we expect to return to shareholders an amount of ... Read More »