Cummins Engine reports second-quarter results.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)--July 16, 1996-- -0-
CUMMINS ENGINE COMPANY, INC.
(Millions, Except Share Amounts)
FOR THE SECOND QUARTER ENDED June 30, 1996 July 2, 1995 Net sales $1,316 $1,361 Earnings before income taxes 62 90 Net earnings 44 69 Earnings per share $1.10 $1.69 Weighted-average number of shares 40.1 40.8 FOR THE FIRST HALF ENDED June 30, 1996 July 2, 1995 Net sales $2,632 $2,695 Earnings before income taxes 133 177 Net earnings 93 136 Earnings per share $2.31 $3.32 Weighted-average number of shares 40.2 41.0 Cummins Engine Co. Inc. (NYSE NYSE See: New York Stock Exchange :CUM) today reported second-quarter 1996 net earnings of $44 million, or $1.10 per share, on sales of $1.3 billion. This compares with second-quarter 1995 net earnings of $69 million, or $1.69 per share, on sales of $1.4 billion. For the first half of 1996, Cummins reported net earnings of $93 million, or $2.31 per share, on sales of $2.6 billion. For the same period of 1995, the company's net earnings were $136 million, or $3.32 per share, on sales of $2.7 billion. Second-quarter results reflected a continuation of the decline in sales of heavy-duty and 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 truck engines, Cummins said, which was offset partially by increased sales of power generation equipment and engines for Dodge Ram
The Ram is a full-size pickup truck from Chrysler LLC's Dodge brand. The name was first used in 1981 on the redesigned Ram and Power Ram, though it came from the hood ornament used on pickup Pickup A gain in yield made by selling one bond and buying another. Also referred to as "yield pickup." Notes: When the present yield is relatively low compared to the longer-term yields, pickups will be done by investors trying to increase the yield and duration of their trucks. Sales of heavy-duty truck engines declined 22 percent from second-quarter 1995 levels and 11 percent from first-quarter 1996 levels. Midrange truck engine sales were 5 percent lower than second-quarter 1995 levels and 7 percent lower than first-quarter 1996 levels. The company said it expects sales of heavy-duty and midrange truck engines to drop further in the second half of 1996. It also expects some instability instability /in·sta·bil·i·ty/ (-stah-bil´i-te) lack of steadiness or stability. detrusor instability in the third quarter as truck manufacturers adjust build rates due to the decline in the heavy-duty truck order backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. . In addition, sales of light-duty truck engines are expected to be lower in the third quarter of 1996, due to seasonal plant shutdowns. Results for the quarter were affected favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. by capital gains totaling $14 million associated with various asset disposals and unfavorably by additional product coverage expenses of $6 million. Sales of $309 million to the heavy-duty truck market were 22 percent lower than the second quarter of 1995. Midrange truck engine sales of $151 million were 5 percent lower than the year-ago quarter. Sales of $194 million to the bus and light commercial vehicles market were up 8 percent from second-quarter 1995 levels because of strong sales of the Dodge Ram pickup truck. Power generation sales of $310 million were 12 percent higher than the year-ago quarter due to international sales. Industrial sales of $183 million were approximately level with those of the second quarter of 1995. 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, essentially the same as those of the year-ago quarter. 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. Cummins' home page on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the can be found at http://www.cummins.com. Certain information included in this press release is forward-looking and involves risks and uncertainties, including general economic and competitive conditions that could significantly affect expected results. CONTACT: Cummins Engine Co. Inc. 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 |
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