Cummins Inc. Reports Full-Year Earnings of $1.89 Diluted Earnings Per Share.Business Editors COLUMBUS Columbus. 1 City (1990 pop. 178,681), seat of Muscogee co., W Ga., at the head of navigation on the Chattahoochee River; settled and inc. 1828 on the site of a Creek village. , 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)--Jan. 29, 2003 Cummins This article is about the diesel engine manufacturer. For other uses, see Cummins (disambiguation). Cummins Inc. (NYSE: CMI) is a maker of diesel and natural gas engines whose corporate headquarters is located in Columbus, Indiana. Inc. (NYSE NYSE See: New York Stock Exchange :CUM)
--Cash Flow of $122 Million Exceeds Company's Projections--
--Engine Business Dramatically Improves Results--
--Filtration Business Delivers Q4 EBIT Margins of 11.5 Percent--
--International Distributor Business Unit Delivers Q4 EBIT Margins of
7.8 Percent in First Year--
--Earnings Reflect One-Time Positive Income Tax Adjustment of
$57 Million --
-- Company Identifies $30 Million to $40 Million Non-Cash Accounts
Payable Adjustment --
Cummins Inc. (NYSE:CUM) today reported earnings for the year ended December December: see month. 31, 2002, of $73 million or $1.89 diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of on sales of $5.85 billion, compared to a loss of $102 million or ($2.66) diluted earnings per share on sales of $5.68 billion for the prior year. These earnings are before the impact, if any, of the non-cash accounts payable adjustment discussed below. Cummins delivered a profit for the full year, with three of Cummins four business units performing at or above expectations. The fourth business unit, Power Generation, did not meet the Company's expectations due to a significant slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in most of its markets. Net earnings in the fourth quarter of 2002 were $47 million, or $1.12 diluted earnings per share, compared to $3 million, or $.08 per share, in the fourth quarter of 2001. Again, these earnings are before the impact, if any, of the non-cash accounts payable adjustment discussed below. For the full year, Cummins recorded sales of $5.85 billion, compared to sales of $5.68 billion in 2001, an increase of 3 percent. For the fourth quarter, Cummins recorded sales of $1.41 billion, reflecting decreased sales in most North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. automotive markets and the Power Generation Business, partially offset by higher sales in the 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 business. Included in the full-year and fourth-quarter earnings is a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. positive income tax adjustment of $57 million or $1.47 diluted earnings per share for the year. Free cash flow for the year totaled $122 million, far exceeding the Company's projections. This was accomplished as the Company significantly reduced its capital expenditures in 2002, and continued to make progress in further reducing working capital. "We have delivered solid and improving results, and because of our ongoing cost reduction efforts, we are positioned for the upturn in our markets when it happens," said Tim Solso, Cummins Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Engine Business The Engine Business Unit dramatically improved its results during 2002, going from a $91 million loss before interest and taxes in 2001 to a profit of $28 million before interest and taxes on a sales increase of $314 million. The Engine Business recorded a loss for the quarter due to the significant drop in demand in many markets following the October October: see month. 1 emission standards Emission standards are requirements that set specific limits to the amount of pollutants that can be released into the environment. Many emission standards focus on regulating pollutants released by automobiles (motor cars) and other powered vehicles but they can also regulate change in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . However, sales to DaimlerChrysler for the award-winning Adj. 1. award-winning - having received awards; "this award-winning bridge spans a distance of five miles" 2003 model Dodge Ram pick-up pick-up Noun 1. a small truck with an open body used for light deliveries 2. Informal a casual acquaintance made for a sexual purpose 3. Informal a. truck were very strong during the period. In addition, the Engine Business delivered on its commitment to meet the Environmental Protection Agency's (EPA EPA eicosapentaenoic acid. EPA abbr. eicosapentaenoic acid EPA, n.pr See acid, eicosapentaenoic. EPA, n. ) October 1 deadline for new diesel emission standards. Cummins was the first diesel manufacturer to have an engine certified See certification. to the new standards. Three engines - the 6-liter ISB, 11-liter ISM See ISM band. and 15-liter ISX ISX InstallShield Express (Setup software) ISX Internet Service Exchange (Abovenet) ISX Insoluble Starch Xanthate ISX Information Superiority Experiments ISX Infrastructure ISX Incisive Software Extensions - were certified before the EPA deadline. "Our ISX engines have been receiving high marks for reliability, performance and power," said Joe Loughrey, Engine Business President. "We see these good customer reviews, coupled with the number of aging fleets on the highways and shrinking used-truck inventories, as positive signs for increased future orders." 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 and Other The Filtration and Other Business Unit delivered a profit of $88 million before interest and taxes for the year and experienced solid sales gains and increased profitability in a difficult global economy. During the past year, the Filtration Business aggressively pursued cost-cutting initiatives to enhance its competitive position and launched a new business, Emission EMISSION, med. jur. The act by which any matter whatever is thrown from the body; thus it is usual to say, emission of urine, emission of semen, &c. 2. Solutions. Sales for the quarter were $244 million and profits before interest and taxes were $28 million. Compared to the previous year, sales increased 3 percent and profits were up an impressive 22 percent. Sales improvement came from market share gains 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. , Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and
the Middle East in both original equipment manufacturers and aftermarket AftermarketSee: Secondary market. aftermarket See secondary market. segments, as well as key international markets in Asia and the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. . International Distributor For the full year, the International Distributor Business delivered a profit of $33 million before interest and taxes on slightly higher sales and despite a significant foreign exchange loss in the first quarter due to the economic instability instability /in·sta·bil·i·ty/ (-stah-bil´i-te) lack of steadiness or stability. detrusor instability in Argentina Argentina (ärjəntē`nə, Span. ärhāntē`nä), officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America. . Fourth quarter sales were $153 million and profits before interest and taxes were $12 million. Compared to the fourth quarter of 2001, sales were up 2 percent and profits were up 50 percent. The International Distributor Business saw strong financial performance from distributors located in all regions of the world, including those in China, Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). , India India, officially Republic of India, republic (2005 est pop. 1,080,264,000), 1,261,810 sq mi (3,268,090 sq km), S Asia. The second most populous country in the world, it is also sometimes called Bharat, its ancient name. India's land frontier (c. , Dubai Dubai (d  bī`), sheikhdom (1995 pop. 674,101), c.1,500 sq mi (3,890 sq km), part of the federation of seven United Arab Emirates, SE Arabia, on the Persian Gulf. , South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. , Belgium Belgium (bĕl`jəm), Du. België, Fr. La Belgique, officially Kingdom of Belgium, constitutional kingdom (2005 est. pop. 10,364,000), 11,781 sq mi (30,513 sq km), NW Europe. , Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. and Chile Chile (chĭl`ē, Span. chē`lā), officially Republic of Chile, republic (2005 est. pop. 15,981,000), 292,256 sq mi (756,945 sq km), S South America, west of the continental divide of the Andes Mts. .
Power Generation The Power Generation Business Unit's financial results for 2002 suffered from the effects of a severe drop in its principal markets. As a result, Power Generation's profits fell from $81 million in 2001 to a loss of $27 million in 2002. The Power Generation Business is undergoing a wide-ranging wide-rang·ing adj. Covering a wide area; including much: a pianist's wide-ranging repertoire; a wide-ranging interview. and aggressive cost-reduction effort to drive improvement in its results, even in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of a downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in its markets. Liquidity As noted above, the Company generated significant free cash flow in 2002 and expects to generate significant positive cash flow in 2003. During the fourth quarter of 2002, the Company completed two major financings. The Company finalized See finalization. a new three-year revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility for $385 million with its bank groups. The Company also issued $250 million in senior notes. With these financing arrangements in place, the Company has substantial liquidity to fund its operating needs, including a reasonable cushion Cushion In the context of project financing, the extra amount of net cash flow remaining after expected debt service. cushion See call protection. for unforeseen circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Guidance Due to the continued weakness in Power Generation markets, the Company is setting its guidance for 2003 at $1.80 to $2.00 per share. The Company still expects revenue growth of 5 to 10 percent above 2002 levels, assuming modest economic recovery in the second half of the year. Free cash flow for the year is expected to be in the range of $70 million to $80 million, after capital expenditures of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $130 million. As reported previously, Cummins has adopted a strategy to provide additional funding into our pension plans over a several-year period, including approximately $30 million in incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. funding in 2003. Cummins has also taken a more conservative view of asset performance going forward by reducing return assumptions in the U.S. from 10 percent to 8.5 percent. These changes, which have been factored into our guidance for 2003, were reported in the third quarter of 2002 and have not been revised. Non-Cash Accounts Payable Adjustment The Company also announced that it believes that it will need to make a non-cash adjustment concerning an understatement of accounts payable from 1998 through 2002 of $30 million to $40 million. This was primarily related to the implementation of a new enterprise resource planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. system in one of its plants. This adjustment does not affect the Company's operations going forward. The Company has advised the Securities and Exchange Commission (SEC) of this matter, and will work closely with the SEC and the Company's auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together , PricewaterhouseCoopers LLP LLP - Lower Layer Protocol , to determine the appropriate accounting treatment and any potential impact on the Company's historical financial statements for the affected years. PricewaterhouseCoopers replaced Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing as Cummins auditors in April 2002. Cummins Inc., a global power leader, is a corporation of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana Columbus (IPA: [kəˈlʌm.bəs]) is the county seat of Bartholomew County, Indiana. The population was 39,059 at the 2000 census. The current mayor is Fred Armstrong. , (USA) Cummins serves its customers through more than 500 company-owned and independent distributor locations in 131 countries and territories. With 24,900 employees worldwide, Cummins reported sales of $5.9 billion in 2002. Press releases by fax can be requested by calling News On Demand (toll free) at 888-329-2305. The Cummins home page can be found at www.cummins.com. Information provided and statements on the webcast and in this release that are not purely historical are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, including statements regarding the company's expectations, hopes beliefs and intentions on strategies regarding the future. It is important to note that the company's actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to, general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the and other risks detailed from time to time in Cummins Securities and Exchange Commission filings.
CUMMINS INC.
(Millions, except per share amounts)
Unaudited
FOR THE FOURTH QUARTER ENDED December 31, December 31,
2002 2001
Net sales $1,414 $1,463
Before special charges(a)
Earnings before interest and taxes $14 -
Net loss (13) -
Basic loss per share $(.34) -
Diluted loss per share (.34) -
As reported
Earnings before interest and taxes $19 $28
Net earnings 47 3
Basic earnings per share $1.21 $.08
Diluted earnings per share 1.12 .08
Weighted-average number of shares
outstanding for EPS:
Basic 38.9 38.4
Diluted 45.2 38.5
FOR THE YEAR ENDED December 31, December 31,
2002 2001
Net Sales $5,853 $5,681
Before special charges and cumulative effect(a)
Earnings before interest and taxes $122 $83
Net earnings (loss) 9 (18)
Basic earnings (loss) per share $.24 $(.47)
Diluted earnings (loss) per share .24 (.47)
As reported
Earnings (loss) before interest and taxes $128 $(42)
Net earnings (loss) before cumulative
effect 70 (102)
Net earnings (loss) 73 (102)
Basic earnings (loss) per share before
cumulative effect $1.82 $(2.66)
Basic earnings (loss) per share 1.90 (2.66)
Diluted earnings (loss) per share before
cumulative effect $1.82 (2.66)
Diluted earnings (loss) per share 1.89 (2.66)
Weighted-average number of shares
outstanding for EPS:
Basic 38.6 38.3
Diluted 38.8 38.3
(a) Special charges includes restructuring, loss on early
extinguishment of debt and $57 million of favorable one-time tax
adjustments
Cummins Inc.
Consolidated Statement Of Earnings
Unaudited
Third
Fourth Quarter Year Ended Quarter
Millions, except per share
amounts 2002 2001 2002 2001 2002
Net sales $1,414 $1,463 $5,853 $5,681 $1,648
Cost of goods sold 1,195 1,198 4,824 4,660 1,338
Gross profit 219 265 1,029 1,021 310
Selling and administrative
expenses 169 185 733 728 192
Research and engineering
expenses 38 56 202 220 53
Net income from joint ventures
and alliances (6) (3) (22) (10) (9)
Interest expense 17 15 63 76 15
Other (income) expense, net 4 (1) (6) - (4)
Loss on early extinguishment
of debt 8 - 8 - -
Restructuring, asset
impairment
and other charges (13) - (14) 125 -
Earnings (loss) before income
taxes and cumulative effect
of change in accounting
principle 2 13 65 (118) 63
Provision (benefit) for income
taxes (55) 2 (43) (42) 15
Minority interest 5 3 17 15 4
Dividends on preferred
securities
of subsidiary trust 5 5 21 11 5
Net earnings (loss) before
cumulative effect of
change in accounting
principle 47 3 70 (102) 39
Cumulative effect of change in
accounting principle,
net of tax - - 3 - -
Net earnings (loss) $47 $3 $73 $(102) $39
Earnings Per Share
Basic
Net earnings (loss)
before cumulative
effect of change in
accounting principle $ 1.21 $ .08 $ 1.82 $(2.66) $ 1.03
Cumulative effect of
change in accounting
principle, net of tax - - .08 - -
Net earnings (loss) 1.21 .08 1.90 (2.66) 1.03
Diluted
Net earnings (loss)
before cumulative effect
of change in accounting
principle 1.12 .08 1.82 (2.66) .96
Cumulative effect of
change in accounting
principle, net of tax - - .07 - -
Net earnings (loss) 1.12 .08 1.89 (2.66) .96
Average number of shares
outstanding:
Basic EPS 38.9 38.4 38.6 38.3 38.6
Diluted EPS 45.2 38.5 38.8 38.3 45.0
Cash dividends declared per
share $.30 $.30 $1.20 $1.20 $.30
Cummins Inc.
Consolidated Statement Of Financial Position
Unaudited
Millions, except per share amounts Dec. 31, Dec. 31,
2002 2001
Assets
Current assets:
Cash and cash equivalents $311 $92
Receivables, net of allowance of $13 and $9 812 656
Inventories 642 688
Other current assets 223 199
1,988 1,635
Investments and other assets 265 216
Property, plant and equipment less accumulated
depreciation of $1,643 and $1,603 1,305 1,405
Goodwill, net of amortization of $51 and $51 344 343
Other intangibles, deferred taxes and
deferred charges 933 736
Total assets $4,835 $4,335
Liabilities and Shareholders' investment
Current liabilities:
Loans payable $19 $21
Current maturities of long-term debt 119 9
Accounts payable 420 366
Other current liabilities 708 574
1,266 970
Long-term debt 999 915
Other liabilities 1,325 1,051
Minority interest 91 83
Cummins obligated mandatorily redeemable
convertible preferred securities of
subsidiary trust holding solely
convertible subordinated debentures
of Cummins 291 291
Shareholders' investment:
Common stock, $2.50 par value,
48.6 shares issued 121 121
Additional contributed capital 1,115 1,131
Retained earnings 592 567
Accumulated other comprehensive income (528) (326)
Common stock in treasury, at cost,
7.0 and 7.2 shares (280) (289)
Common stock held in trust for employee
benefit plans, 2.6 and 2.9 shares (128) (140)
Unearned compensation (ESOP) (29) (39)
863 1,025
Total liabilities and shareholders'
investment $4,835 $4,335
Cummins Inc.
Consolidated Statement Of Cash Flows
Unaudited
Year Ended
Millions Dec. 31, Dec. 31,
2002 2001
Cash flows from operating activities:
Net earnings (loss) $73 $(102)
Adjustments to reconcile net earnings to
net cash from operating activities:
Cumulative effect of change in
accounting principle (3) -
Loss on early extinguishment of debt 8 -
Depreciation and amortization 220 231
Restructuring, asset impairment and
other charges (30) 49
Equity in (earnings) losses of joint
ventures and alliances (9) 8
Minority interest 17 14
Translation and hedging activities 2 9
Changes in assets and liabilities:
Receivables (74) 202
Repayments from sale of receivables (55) (164)
Inventories 51 67
Accounts payable 43 (10)
Accrued expenses (15) (92)
Income taxes payable (55) (68)
Deferred income taxes - 2
Other 17 (2)
Total adjustments 117 246
Net cash provided by operating activities 190 144
Cash flows from investing activities:
Property, plant and equipment:
Additions (90) (206)
Disposals 22 20
Proceeds from sale-leasebacks - 143
Investments in and advances to joint ventures
and alliances (55) (46)
Acquisition and Disposition of businesses, net 32 1
Other - 2
Net cash used in investing activities (91) (86)
Net cash provided by operating and
investing activities 99 58
Cash flows from financing activities:
Proceeds from borrowings 258 -
Payments on borrowings (87) (9)
Net borrowings under credit agreements (4) (248)
Dividend payments on common stock (50) (50)
Proceeds from issuance of preferred securities
of subsidiary trust - 291
Other 1 (11)
Net cash provided by (used in) financing
activities 118 (27)
Effect of exchange rate changes on cash and
cash equivalents 2 (1)
Net change in cash and cash equivalents 219 30
Cash and cash equivalents at the beginning
of the year 92 62
Cash and cash equivalents at the end of the year $311 $92
Cash payments for interest $52 $80
Cummins Inc.
Segment Information
Unaudited
Operating segment information is as follows:
Power Filtration
Millions Engine Generation And Other
Fourth Quarter Ended December 31, 2002
Net sales $776 $324 $244
Earnings (loss) before interest,
income taxes and special charges (17) (9) 28
Special charges (6) - 1
Earnings (loss) before interest
and income taxes (11) (9) 27
Net assets 583 317 587
Fourth Quarter Ended December 31, 2001
Net sales $800 $358 $238
Earnings (loss) before interest
and income taxes (15) 12 23
Net assets 740 314 638
Year Ended December 31, 2002
Net sales $3,435 $1,226 $951
Earnings (loss) before interest,
income taxes and special charges 28 (27) 88
Special charges (12) 1 1
Earnings (loss) before interest
and income taxes 40 (28) 87
Year Ended December 31, 2001
Net sales $3,121 $1,422 $889
Earnings (loss) before interest,
income taxes and special charges (91) 81 66
Special charges 118 5 1
Earnings (loss) before interest
and income taxes (209) 76 65
International
Millions Distributor Eliminations Total
Fourth Quarter Ended December 31, 2002
Net sales $153 $(83) $1,414
Earnings (loss) before interest,
income taxes and special charges 12 - 14
Special charges - - (5)
Earnings (loss) before interest
and income taxes 12 - 19
Net assets 166 - 1,653
Fourth Quarter Ended December 31, 2001
Net sales $150 $(83) $1,463
Earnings (loss) before interest
and income taxes 8 - 28
Net assets 168 - 1,860
Year Ended December 31, 2002
Net sales $574 $(333) $5,853
Earnings (loss) before interest,
income taxes and special charges 33 - 122
Special charges 4 - (6)
Earnings (loss) before interest
and income taxes 29 - 128
Year Ended December 31, 2001
Net sales $562 $(313) $5,681
Earnings (loss) before interest,
income taxes and special charges 27 - 83
Special charges 1 - 125
Earnings (loss) before interest
and income taxes 26 - (42)
Product Revenues as Percent of Total Sales
------------------------------------------
----------------------------------------------------------------------
% of Consolidated Sales Q1 Q2 Q3 Q4 YTD
----------------------------------------------------------------------
2002:
----------------------------------------------------------------------
Engines 44 46 51 41 46
----------------------------------------------------------------------
Non-Engine Products 56 54 49 59 54
----------------------------------------------------------------------
2001:
----------------------------------------------------------------------
Engines 47 44 45 43 45
----------------------------------------------------------------------
Non-Engine Products 53 56 55 57 55
----------------------------------------------------------------------
Sales
-----
----------------------------------------------------------------------
$Millions Q1 Q2 Q3 Q4 YTD
----------------------------------------------------------------------
2002:
----------------------------------------------------------------------
Engine Business
----------------------------------------------------------------------
Heavy-Duty Truck 219 265 378 207 1,069
----------------------------------------------------------------------
Medium Duty Truck+Bus 138 157 191 113 599
----------------------------------------------------------------------
Light Duty Auto+RV 157 179 236 209 781
----------------------------------------------------------------------
Industrial 262 249 228 247 986
----------------------------------------------------------------------
TOTAL ENGINE BUSINESS 776 850 1,033 776 3,435
----------------------------------------------------------------------
Power Generation 283 304 315 324 1,226
----------------------------------------------------------------------
Int'l. Distributors 124 145 152 153 574
----------------------------------------------------------------------
Filtration / Other 228 243 236 244 951
----------------------------------------------------------------------
Eliminations (78) (84) (88) (83) (333)
----------------------------------------------------------------------
TOTAL 1,333 1,458 1,648 1,414 5,853
----------------------------------------------------------------------
2001:
----------------------------------------------------------------------
Engine Business
----------------------------------------------------------------------
Heavy-Duty Truck 236 235 222 247 940
----------------------------------------------------------------------
Medium Duty Truck+Bus 144 147 135 151 577
----------------------------------------------------------------------
Light Duty Auto+RV 121 151 165 139 576
----------------------------------------------------------------------
Industrial 267 253 245 263 1,028
----------------------------------------------------------------------
TOTAL ENGINE BUSINESS 768 786 767 800 3,121
----------------------------------------------------------------------
Power Generation 309 384 371 358 1,422
----------------------------------------------------------------------
Int'l. Distributors 133 143 136 150 562
----------------------------------------------------------------------
Filtration / Other 215 225 211 238 889
----------------------------------------------------------------------
Eliminations (76) (77) (77) (83) (313)
----------------------------------------------------------------------
TOTAL 1,349 1,461 1,408 1,463 5,681
----------------------------------------------------------------------
Engine Shipments
----------------
----------------------------------------------------------------------
Units Q1 Q2 Q3 Q4 YTD
----- -- -- -- -- ---
----------------------------------------------------------------------
2002:
----------------------------------------------------------------------
Midrange 60,500 67,000 71,800 65,800 265,100
----------------------------------------------------------------------
Heavy-duty 11,200 14,700 22,700 9,300 57,900
----------------------------------------------------------------------
High Horsepower 2,100 2,100 2,200 2,500 8,900
----------------------------------------------------------------------
TOTAL 73,800 83,800 96,700 77,600 331,900
----------------------------------------------------------------------
2001:
----------------------------------------------------------------------
Midrange 58,300 66,500 61,500 57,200 243,500
----------------------------------------------------------------------
Heavy-duty 14,600 14,400 14,000 14,400 57,400
----------------------------------------------------------------------
High Horsepower 2,800 2,800 2,800 2,600 11,000
----------------------------------------------------------------------
TOTAL 75,700 83,700 78,300 74,200 311,900
----------------------------------------------------------------------
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