Cummins Engine reports third-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)--Oct. 15, 1996-- -0-
CUMMINS ENGINE COMPANY, INC.
(Millions, Except Share Amounts
FOR THE THIRD QUARTER ENDED September 29, 1996 October 1, 1995
Net Sales $1,264 $1,219
Earnings before income taxes 31 55
Net earnings 26 46
Earnings per share $.67 $1.14
Weighted-average number of shares 39.6 40.4
FOR THE FIRST NINE MONTHS ENDED September 29, 1996 October 1, 1995
Net sales $3,896 $3,914
Earnings before income taxes 164 232
Net earnings 119 182
Earnings per share $2.99 $4.47
Weighted-average number of shares 40.0 40.8
COLUMBUS, Ind...Cummins Engine Co. Inc. (NYSE NYSE See: New York Stock Exchange :CUM) today reported third-quarter 1996 net earnings of $26 million, or 67 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , on sales of $1.3 billion. This compares with third-quarter 1995 net earnings of $46 million, or $1.14 per share, on sales of $1.2 billion. For the first nine months of 1996, Cummins reported net earnings of $119 million, or $2.99 per share, on sales of $3.9 billion. For the same period of 1995, the company's net earnings were $182 million, or $4.47 per share, on sales of $3.9 billion. Third-quarter results reflected the continuing 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. This decline, which was anticipated, was offset by increased sales to power generation and industrial markets. Sales of $274 million to the heavy-duty truck market were 24 percent lower than the third quarter of 1995 and 11 percent lower than the second quarter of 1996. Midrange truck engine sales were 8 percent lower than third-quarter 1995 and 13 percent lower than the second quarter of 1996. Sales of $166 million for the bus and light commercial vehicle market were 19 percent higher than the third quarter of 1995 and 14 percent lower than the second quarter of 1996. Power generation sales of $348 million were 29 percent higher than the third quarter of 1995 and 12 percent higher than the second quarter of 1996. All of the increase was experienced in international markets, due primarily to strong demand in China, India and Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. . Sales to industrial markets were level with the second quarter of 1996 and were 23 percent above the third quarter of 1995, due to strong sales of engines for construction equipment in international markets. 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 $133 million, essentially level with the prior year. Power generation sales of $348 million were 29 percent higher than the third quarter of 1995 and 12 percent higher than the second quarter of 1996. All of the increase was experienced in international markets, due primarily to strong demand in China, India and Southeast Asia. Sales to industrial markets were level with the second quarter of 1996 and were 23 percent above the third quarter of 1995, due to strong sales of engines for construction equipment in international markets. Sales of filtration products and turbochargers were $133 million, essentially level with the prior year. During the quarter, Cummins announced formation of a joint venture with Dongfeng Motor Corporation Dongfeng Motor Corporation (Simplified Chinese: 东风汽车公司; Traditional Chinese: 東風汽車公司 , China's largest manufacturer of trucks, to produce Cummins C Series engines The Cummins ISC is a straight-6 diesel engine, design by a Cummins production line, which is 8.3 liters in displacement. This went into production in March 1998 by Cummins. The engine was built off its predecessor, the Cummins C 8. in China. Together with a 1995 joint venture with China National Heavy Duty Truck Corporation, China's largest heavy-duty truck manufacturer, Cummins will now be able to offer Chinese customers locally produced engines from 70 to 2,000 horsepower horsepower, unit of power in the English system of units. It is equal to 33,000 foot-pounds per minute or 550 foot-pounds per second or approximately 746 watts. . 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. The company 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. 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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