Cummins Reports Fourth Quarter and Full-Year 2003 Earnings; Momentum Gained in Second Half of the Year.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. 27, 2004 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 :CMI (Computer-Managed Instruction) Using computers to organize and manage an instructional program for students. It helps create test materials, tracks the results and monitors student progress. ) today reported fourth-quarter 2003 sales of $1.74 billion and earnings before interest, income taxes, minority interest and preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) (EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). ) of $84 million, compared with sales of $1.41 billion and EBIT of $20 million a year ago. Net earnings for the quarter before the cumulative effect of an accounting change were $47 million, or $1.07 per share, compared with net earnings of $46 million, or $1.10 per share, in the year ago quarter. Total sales for 2003 were $6.30 billion with EBIT of $181 million, compared to sales of $5.85 billion and EBIT of $139 million in 2002. Net earnings before the cumulative effect of accounting changes were $54 million, or $1.36 per share, in 2003 compared with $79 million, or $2.06 per share, in 2002. The fourth quarter and full-year 2003 net earnings, as reported, were $43 million, or $1.00 per share, and $50 million, or $1.27 per share, respectively, which include a $4 million charge for the cumulative effect of an accounting change resulting from the consolidation of a financing variable interest entity as of December December: see month. 31, 2003. Full year 2002 earnings, as reported, were $82 million, or $2.13 per share, which included a $3 million benefit from the cumulative effect of an accounting change. The fourth-quarter and full-year 2002 earnings included 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 for the year. "2003 was a good year for Cummins, characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by marked improvement with each successive quarter," said Tim Solso, Chairman and Chief Executive Officer, Cummins. "After a slow start, our markets finally showed signs of improvement following a very tough three-year recession. For the second half of the year, all of our businesses were generating a profit, which was largely due to increased sales in most markets and our ongoing cost-reduction efforts." "Our ability to win new business based on our quality products and strong brand image, combined with our effective partnerships and global presence, gives me optimism Optimism See also Hope. Bontemps, Roger personification of cheery contentment. [Fr. Lit.: “Roger Bontemps” in Walsh Modern, 66] Candide beset by inconceivable misfortunes, hero indifferently shrugs them off. [Fr. about 2004," Solso added. Solso cited several recent business developments that provide momentum for 2004. -- Cummins has recently received significant orders from industry-leading truckload carriers Merrian-Webster online dictionary defines truckload as " a load or amount that fills or could fill a truck". A truckload carrier is a trucking company that generally contracts an entire trailer-load to a single customer. and leasing companies, including Swift Transportation Swift Transportation was founded by Jerry Moyes originally as Common Market. The operations began in 1966 transporting imported steel from the ports of Los Angeles to Arizona, and then returning with Arizona cotton to be delivered to Southern California. , Wal-Mart  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. , Penske Truck
Leasing, FFE FFE Fédération Française d'Equitation (French governing body for equestrian sport) FFE Fédération Française des Échecs FFE Food for Education FFE Flat File Extractor FFE Frontier: First Encounters Transportation and Ryder Ry·der , Albert Pinkham 1847-1917. American painter known for his rhythmic allegorical works, landscapes, and marine scenes, such as Toilers of the Sea (c. 1884). . The selection of Cummins signals the willingness of truck fleets to fairly evaluate the quality and performance of various engine alternatives and award business accordingly. -- Ward's Communications named the Cummins diesel engine for 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 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 one of "10 best engines for 2004." At 5.9 liters and 325-horsepower, the Cummins product is the most powerful diesel engine available in this segment of the automotive market. -- Cummins will launch its medium-duty ISB engine in the school bus market this month in the Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs Built Saf-T-Liner school bus. Thomas Bus selected the ISB engine because of its low emissions emissions npl → émissions fpl emissions npl → Emissionen pl , improved fuel economy and reduced operating and maintenance costs. -- Power Generation expects to increase consumer business revenues through its expanded product offering for the towable recreational vehicle and recreational marine markets. The strong brand and quality of these consumer generator generator, in electricity, machine used to change mechanical energy into electrical energy. It operates on the principle of electromagnetic induction, discovered (1831) by Michael Faraday. sets continue to position Cummins as the dominant supplier for recreational vehicles and provide opportunity to penetrate other consumer markets. -- The Company's 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 Business continues to pursue additional long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. supply arrangements with major original equipment manufacturers (OEMs). In 2003, it signed customer agreements extending through 2007 valued at more than $1.4 billion. These agreements expand current business and lay the foundation to achieve future growth targets. -- In 2003, the International Distributor Business invested in new service facilities in China, United Kingdom, 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. , Italy Italy (ĭt`əlē), Ital. Italia, officially Italian Republic, republic (2005 est. pop. 58,103,000), 116,303 sq mi (301,225 sq km), S Europe. , 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. and Russia Russia, officially the Russian Federation, Rus. Rossiya, republic (2005 est. pop. 143,420,000), 6,591,100 sq mi (17,070,949 sq km). . The business expects to drive profitability improvement through these expanded operations and its focus on growing parts and service revenue. Corporate Overview The 2003 fourth quarter produced record sales for the Filtration Business and record sales and profitability for International Distributors Business. Automotive and industrial markets improved in both quarter-over-quarter and year-over-year comparisons, particularly in the heavy-duty heav·y-dut·y adj. Made to withstand hard use or wear. heavy-duty Adjective made to withstand hard wear, bad weather, etc. Adj. 1. and medium-duty trucks, bus and construction equipment markets. 2003 was a record sales year for the Dodge Ram pickup, with Cummins shipping 128,200 engines - a 28 percent increase over 2002. The Power Generation Business reported earnings of $14 million in the quarter, returning to profitability on the strength of higher volume and cost-reduction improvements. Strong sales in China helped boost income from joint ventures and alliances to a record $70 million for 2003, more than three times the income earned in the previous year. Cummins received cash of $22 million from joint ventures in 2003 and expects to receive nearly twice that amount in 2004 as a result of established dividend distribution policies. Free cash flow for the quarter was $94 million. Business Unit Results Engine Total sales for the Engine Business in the fourth quarter were $984 million, a 27 percent increase from sales of $776 million a year ago. Engine Business segment EBIT was $32 million for the quarter versus a loss of $1 million in the fourth quarter a year ago. Automotive market sales were up 32 percent, compared with the fourth quarter of 2002. The North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. heavy-duty truck markets and global medium-duty truck markets were particularly strong. Broad-based broad-based Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased growth in Cummins industrial markets drove a 16 percent year-over-year revenue increase, driven by a 19 percent increase in sales for construction equipment and an 18 percent increase in sales for mining equipment. Power Generation The Power Generation Business reported fourth-quarter sales of $392 million, up 21 percent from a year ago. Profitability improved substantially with quarterly segment EBIT of $14 million compared with a loss of $11 million in the fourth quarter last year. Sales of commercial gensets and engines sold to other genset For the corporation, see Genset Corporation. A genset (short for "generator setup") is the term used for a self-contained and dedicated electrical generation system, usually portable or mounted on a vehicle such as a boat. manufacturers were responsible for nearly half of the sales increase from the year-ago quarter. The consumer segment of Power Generation also performed extremely well, with record sales and profits that reflected continuing strength in the recreational vehicle market. The higher volume combined with continued focus on cost reduction initiatives provided the strong improvement in segment performance. Filtration and Other The Filtration and Other segment had record sales of $282 million for the quarter, a 16 percent increase compared with the fourth quarter of 2002. North American Emissions Solutions first-fit automotive sales and aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. sales in the Middle East, Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. and Africa contributed to the year-over-year revenue increase, as did an overall favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. currency impact. The Filtration Business reported segment EBIT of $25 million, compared with $28 million a year ago, as this business continues to fund growth initiatives, including its long-term sales agreements, distribution and logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. improvements and the Emissions Solutions business. International Distributors The 2003 fourth quarter set records for both sales and profitability for the International Distributor Business, with demand improvement across nearly all territories. Sales were $190 million in the fourth quarter - an increase of 24 percent compared with sales of $153 million in last year's quarter. Segment EBIT for the quarter was $13 million, compared with $12 million a year ago. 2004 Guidance The Company expects annual earnings per share in 2004 to be in the range of $3.20 to $3.40, with a first quarter 2004 earnings expectation of $.40 to $.50 per share. Capital expenditures for 2004 are forecasted to be in the range of $125 to $135 million. The Company's earnings projections are based on expectations of a substantial recovery in the North American heavy-duty and global medium-duty truck markets and solid increases in most industrial markets; double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. revenue growth in International Distributors, with growth in nearly all regions; double-digit revenue growth in the Filtration and Other segment coming from 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 and OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and growth through the Company's long-term sales agreements; and, double-digit sales growth in its Power Generation Business through both organic growth and increased penetration The successful unauthorized breach of a security perimeter. See penetration test. due to new products for multiple markets. Presentation of Non-GAAP Financial Information Non-GAAP financial measures used in this release include EBIT and Free Cash Flow. These measures are defined and reconciliations to what management believes to be the most comparable GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). measures are included in a schedule attached to this release. Cummins presents this information as it believes the data is useful to understanding the Company's operating performance and they are measures used internally to assess the performance of the operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon . About Cummins 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 680 company-owned and independent distributor locations in 137 countries and territories. Cummins also provides service through a vast dealer network of more than 5,000 facilities in 197 countries. With over 23,000 employees worldwide, Cummins reported sales of $6.3 billion in 2003. Press releases can be found by accessing the Cummins home page at www.cummins.com. Forward Looking Statement Disclosure Information provided in this release that is not purely historical is considered to be 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.
Consolidated Statements of Earnings
(Unaudited)
Fourth Quarter Twelve Months Third Quarter
Millions, except per 2003 2002 2003 2002 2003
share amounts
Net sales $1,736 $1,414 $6,296 $5,853 $1,634
Cost of goods sold 1,400 1,192 5,173 4,808 1,341
Gross margin 336 222 1,123 1,045 293
Selling and
administrative expenses 227 172 830 736 208
Research and engineering
expenses 52 37 200 201 51
Equity, royalty and other
income from investees (26) (6) (70) (22) (20)
Restructuring, asset
impairment and other - (10) - (8) -
Interest expense 25 17 90 61 25
Loss on early retirement
of debt - 8 - 8 -
Other (income) expense,
net (1) 1 (18) (9) (7)
Earnings before income
taxes, minority
interest, dividends on
preferred securities
of subsidiary trust
and cumulative effect of
change in accounting
principles 59 3 91 78 36
Provision (benefit) for
income taxes 7 (53) 12 (38) 9
Minority interest 5 5 14 16 3
Dividends on preferred
securities of subsidiary
trust - 5 11 21 -
Earnings before
cumulative effect of
change in
accounting principle 47 46 54 79 24
Cumulative effect of
change in accounting
principle, net of tax (4) - (4) 3 -
Net earnings $43 $46 $50 $82 $24
Earning Per Share
Basic
Earnings before
cumulative effect of
change in accounting
principle $ 1.17 $ 1.20 $ 1.37 $ 2.06 $ .62
Cumulative effect of
change in accounting
principle, net of tax (.09) - (.09) .07 -
Net earnings $1.08 $1.20 $1.28 $2.13 $.62
Diluted
Earnings before
cumulative effect of
change in accounting
principle $ 1.07 $ 1.10 $ 1.36 $ 2.06 $ .60
Cumulative effect of
change in accounting
principle, net of tax (.07) - (.09) .07 -
Net earnings $1.00 $1.10 $1.27 $2.13 $.60
Cash dividends declared
per share $.30 $.30 $1.20 $1.20 $.30
Weighted average shares
(millions)
Basic 40.1 38.9 39.3 38.6 39.4
Diluted 46.7 45.2 39.5 38.8 45.9
Cummins Inc.
Consolidated Statements of Financial Position
(Unaudited)
Millions Dec. 31, Dec. 31,
2003 2002
Assets
Current assets:
Cash and cash equivalents $108 $224
Marketable securities 87 74
Receivables, net 929 805
Inventories 733 641
Other current assets 273 238
2,130 1,982
Property, plant and equipment 1,347 1,305
Investments 339 264
Goodwill 344 343
Other intangibles and deferred charges 92 96
Deferred income taxes 663 640
Other non current assets 211 207
Total assets $5,126 $4,837
Liabilities and shareholders' equity
Current liabilities:
Loans payable $28 $19
Current maturities of long-term debt 21 119
Accounts payable 557 427
Accrued product coverage and marketing expenses 246 233
Other accrued expenses 539 531
1,391 1,329
Long-term debt 1,088 999
Cummins-obligated mandatorily redeemable convertible
preferred securities of subsidiary trust holding
solely convertible subordinated debentures of Cummins 292 -
Other long-term liabilities 1,283 1,285
Minority interest 123 92
Cummins-obligated mandatorily redeemable convertible
preferred securities of subsidiary trust holding
solely convertible subordinated debentures of Cummins - 291
Shareholders' equity:
Common stock, $2.50 par value, 48.3 and 48.6
shares issued 121 121
Additional contributed capital 1,113 1,115
Retained earnings 569 569
Accumulated other comprehensive income (492) (527)
Common stock in treasury, at cost, 5.6 and
7.0 shares (225) (280)
Common stock held in trust for
employee benefit plans, 2.3 and 2.6 shares (113) (128)
Unearned compensation (24) (29)
949 841
Total liabilities and shareholders' equity $5,126 $4,837
Cummins Inc.
Consolidated Statements of Cash Flows
(Unaudited)
For the Year Ended
Dec. 31,
Millions 2003 2002
Cash flows from operating activities:
Net earnings $50 $82
Adjustments to reconcile net earnings to net cash
from operating activities:
Cumulative effect of change in accounting
principle 4 (3)
Loss on early extinguishment of debt - 8
Depreciation and amortization 223 219
Restructuring and other - (21)
Equity in earnings of investees (54) (9)
Minority interest 14 16
Non-cash compensation expense 24 19
Amortization of gain on swap unwind (7) (4)
Translation and hedging activities (18) 2
Changes in assets and liabilities:
Receivables (64) (87)
Proceeds (repayments) from sale of
receivables - (55)
Inventories (63) 46
Accounts payable and accrued expenses 3 (40)
Other 46 20
Total adjustments 108 111
Net cash provided by operating activities 158 193
Cash flows from investing activities:
Property, plant and equipment:
Capital expenditures (111) (90)
Investments in internal use software (29) (20)
Proceeds from disposals 13 16
Investments in and advances to joint ventures and
alliances (4) (60)
Acquisitions and dispositions of business
activities, net - 32
Purchases of marketable securities (137) (116)
Sales of marketable securities 134 86
Other (1) -
Net cash used in investing activities (135) (152)
Net cash provided by operating and investing
activities 23 41
Cash flows from financing activities:
Proceeds from borrowings 19 258
Payments on borrowings (150) (87)
Net borrowings (payments) under short-term
credit agreements 7 (4)
Issuance of common stock 52 15
Dividend payments on common stock (50) (50)
Other (23) (1)
Net cash (used in) provided by financing
activities (145) 131
Effect of exchange rate changes on cash and cash
equivalents 6 2
Net change in cash and cash equivalents (116) 174
Cash and cash equivalents at the beginning of year 224 50
Cash and cash equivalents at end of year $108 $224
Cummins Inc.
Segment Information
(Unaudited)
Inter-
Power Filtration national Elimi-
Millions Engine Generation And Other Distributor nations Total
Fourth Quarter
Ended Dec. 31,
2003
Net sales $984 $392 $282 $190 $(112) $1,736
Segment EBIT 32 14 25 13 - 84
Net assets 1,061 499 644 180 - 2,384
Fourth Quarter
Ended Dec. 31,
2002
Net sales $776 $324 $244 $153 $(83) $1,414
Segment EBIT (1) (11) 28 12 - 28
Net assets 909 522 645 168 - 2,244
Year Ended
Dec. 31, 2003
Net sales $3,631 $1,329 $1,056 $669 $(389) $6,296
Segment EBIT 70 (15) 86 40 - 181
Year Ended
Dec.31, 2002
Net sales $3,435 $1,226 $951 $574 $(333) $5,853
Segment EBIT 49 (25) 94 29 - 147
NON-GAAP FINANCIAL MEASURES
(Unaudited)
Earnings before interest, taxes, minority interests and preferred
dividends (EBIT)
We define EBIT as earnings before interest, taxes, minority
interest, preferred dividends and the cumulative effect of any
accounting changes. We use EBIT to assess and measure the operating
performance of our business and our business segments and also as a
component in measuring our variable compensation programs. Below is a
reconciliation of EBIT, a non-GAAP financial measure, to our
consolidated net earnings, a GAAP measure, for each of the applicable
periods:
Millions Fourth Quarter Full Year
----------------------------------------------------------------------
December 31, December 31, December 31, December 31,
2003 2002 2003 2002
EBIT $84 $20 $181 $139
Interest 25 17 90 61
Taxes 7 (53) 12 (38)
Minority interests 5 5 14 16
Preferred dividends - 5 11 21
Cumulative effect of
an accounting change 4 - 4 (3)
----------------------------------------------------------------------
Net earnings $43 $46 $50 $82
----------------------------------------------------------------------
Free cash flow
We use free cash flow as a measure of our business segments ability to
generate cash. In addition, we have provided guidance to the
investment community on our expectations of free cash flow for 2003.
We define free cash flow as the sum of cash flows from operating and
investing activities, both of which are GAAP measures included in our
Statements of Cash Flows, adjusted to exclude cash flows from the
acquisition or disposition of certain business activities, receivable
transactions, sales-leaseback transactions and transactions related to
marketable securities, none of which we consider to be within the
control of our business segment management. Below is a reconciliation
of the GAAP measures of cash flows from operating activities and cash
flows from investing activities to the non-GAAP measure of free cash
flow.
Quarter Ended
Millions Dec. 31, 2003
Cash flows provided by operating activities $145
Cash flows used in investing activities (49)
Net cash provided by operating and investing activities 96
Adjustments:
Net sales of (proceeds from) investments in
marketable securities (2)
Free cash flow 94
Cash flows used in financing activities $(71)
Product Revenues as Percent of Total Sales
------------------------------------------
% of Consolidated Sales Q1 Q2 Q3 Q4 YTD
---------------------------------------------------------------------
2003:
---------------------------------------------------------------------
Engines 45 44 45 44 44
---------------------------------------------------------------------
Non-Engine Products 55 56 55 56 56
---------------------------------------------------------------------
2002:
---------------------------------------------------------------------
Engines 44 46 50 41 45
---------------------------------------------------------------------
Non-Engine Products 56 54 50 59 55
---------------------------------------------------------------------
Sales
-----
$Millions Q1 Q2 Q3 Q4 YTD
---------------------------------------------------------------------
2003:
---------------------------------------------------------------------
Engine Business
---------------------------------------------------------------------
Heavy-Duty Truck 236 266 278 320 1,100
---------------------------------------------------------------------
Medium Duty Truck+Bus 122 141 140 157 560
---------------------------------------------------------------------
Light Duty Auto+RV 222 228 264 221 935
---------------------------------------------------------------------
Industrial 236 254 260 286 1,036
---------------------------------------------------------------------
TOTAL ENGINE BUSINESS 816 889 942 984 3,631
---------------------------------------------------------------------
Power Generation 267 307 363 392 1,329
---------------------------------------------------------------------
Filtration / Other 254 265 255 282 1,056
---------------------------------------------------------------------
Int'l. Distributors 136 169 174 190 669
---------------------------------------------------------------------
Eliminations (86) (91) (100) (112) (389)
---------------------------------------------------------------------
TOTAL 1,387 1,539 1,634 1,736 6,296
---------------------------------------------------------------------
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
---------------------------------------------------------------------
Filtration / Other 228 243 236 244 951
---------------------------------------------------------------------
Int'l. Distributors 124 145 152 153 574
---------------------------------------------------------------------
Eliminations (78) (84) (88) (83) (333)
---------------------------------------------------------------------
TOTAL 1,333 1,458 1,648 1,414 5,853
---------------------------------------------------------------------
Engine Shipments
----------------
Units Q1 Q2 Q3 Q4 YTD
---------------------------------------------------------------------
2003:
---------------------------------------------------------------------
Midrange 66,300 69,800 73,800 70,900 280,800
---------------------------------------------------------------------
Heavy-duty 10,700 12,800 13,200 16,000 52,700
---------------------------------------------------------------------
High Horsepower 1,900 2,000 2,400 2,500 8,800
---------------------------------------------------------------------
TOTAL 78,900 84,600 89,400 89,400 342,300
---------------------------------------------------------------------
2002:
---------------------------------------------------------------------
Midrange 60,500 67,000 71,800 65,800 265,100
---------------------------------------------------------------------
Heavy-duty 11,100 14,800 22,700 9,300 57,900
---------------------------------------------------------------------
High Horsepower 2,100 2,100 2,200 2,500 8,900
---------------------------------------------------------------------
TOTAL 73,700 83,900 96,700 77,600 331,900
---------------------------------------------------------------------
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