Cummins Engine reports first-quarter earnings per share of $1.21.COLUMBUS, Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. .--(BUSINESS WIRE)--April 16, 1996-- -0-
CUMMINS ENGINE COMPANY, INC.
(Millions, Except Share Amounts)
FOR THE FIRST QUARTER ENDED Mar. 31, 1996 Apr. 2, 1995 Net sales $1,316 $1,334 Earnings before income taxes 71 87 Net earnings 49 67 Earnings per share $1.21 $1.63 Weighted-average number of shares 40.3 41.3 COLUMBUS, Ind...Cummins Engine Co. Inc. (NYSE NYSE See: New York Stock Exchange :CUM) today reported first-quarter 1996 sales of $1.32 billion, approximately level with first-quarter 1995 sales of $1.33 billion. Sales reflected lower demand for Cummins heavy-duty engines, which was offset by stronger demand for midrange midrange Epidemiology The halfway point or midpoint in a set of observations; for most data, MR is calculated as the sum of the smallest observation and the largest observation, divided by 2; for age data, one is added to the numerator; a midrange is usually products. Net earnings were $49 million, or $1.21 per share, consistent with expectations announced by the company at its annual meeting last week that earnings per share would be approximately 14 percent higher than the fourth quarter of 1995. Net earnings in the first quarter of 1995 were $67 million, or $1.63 per share. First-quarter 1996 sales of $346 million to the heavy-duty truck market were 13 percent lower than the first quarter of 1995, due to the reduced market size. "A further softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. in this market is expected in the second half of the year," Cummins Chairman and Chief Executive Officer Jim Henderson
Midrange truck engine sales of $163 million were 13 percent higher than the first quarter of 1995 due to strong demand in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Power generation sales of $260 million were 6 percent lower than the first quarter of 1995. Recreational vehicle and alternator alternator: see generator. alternator Source of direct electric current in modern vehicles for ignition, lights, fans, and other uses. The electric power is generated by an alternator mechanically coupled to the engine, with a rotor field coil markets were strong in the first quarter of 1996, while sales of generator sets to industrial and power generation markets declined. In the bus and light commercial vehicles market, sales of $202 million were 10 percent higher than the first quarter of 1995. The increase in sales was due to higher shipments to Chrysler, which this year are expected to exceed the 1995 record level. Bus shipments were essentially level with the first quarter of 1995. Sales of $174 million to industrial markets were 3 percent higher than the first quarter of 1995, reflecting strong sales for construction equipment in North America. Sales of filtration filtration: see sewerage; water supply. Filtration The separation of solid particles from a fluidsolids suspension of which they are a part by passage of most of the fluid through a septum or membrane that retains most of the solids products and turbochargers were $139 million, 3 percent lower than the first quarter of 1995. Cummins, headquartered in Columbus, Ind., is a leading worldwide designer and manufacturer of diesel engines and related products. These engines provide power for its key markets: automotive, power generation, industrial and filtration. Cummins reported record sales of $5.2 billion in 1995. CONTACT: Cummins Engine Co. Inc., Columbus Ann ANN, Scotch law. Half a year's stipend over and above what is owing for the incumbency due to a minister's relict, or child, or next of kin, after his decease. Wishaw. Also, an abbreviation of annus, year; also of annates. In the old law French writers, ann or rather an, signifies a year. C. Smith, 812/377-3524 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion