Cummins reports record sales and earnings for Q4 and 1994.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. 25, 1995-- -0-
CUMMINS ENGINE COMPANY, INC.
(Millions, Except per Share Amounts)
FOR THE FOURTH QUARTER ENDED Dec. 31, 1994 Dec. 31, 1993 ---------------------------- ------------- ------------- Net sales $1,277.6 $1,117.8 Earnings before early extinguishment of debt 70.2 52.6 Net earnings 70.2 47.1 Primary earnings per share: Before early extinguishment of debt $1.68 $1.42 Net 1.68 1.26 Average number of shares 41.7 35.8 Fully diluted earnings per share: Before early extinguishment of debt $1.68 $1.36 Net 1.68 1.22 Average number of shares 41.7 38.7 FOR THE YEAR ENDED Dec. 31, 1994 Dec. 31, 1993 ------------------ ------------- ------------- Net sales $4,737.2 $4,247.9 Earnings before early extinguishment of debt 252.9 182.6 Net earnings 252.9 177.1 Primary earnings per share: Before early extinguishment of debt $6.11 $4.95 Net 6.11 4.79 Average number of shares 41.4 35.3 Fully diluted earnings per share: Before early extinguishment of debt $6.11 $4.77 Net 6.11 4.63 Average number of shares 41.4 38.3 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. Engine Co. Inc. (NYSE NYSE See: New York Stock Exchange :CUM) today reported the highest quarterly and full year sales and net earnings in the company's 75-year history. For the fourth quarter, Cummins reported net earnings of $70.2 million, or $1.68 per share, on sales of $1.3 billion. In the fourth quarter of 1993, the company reported net earnings of $47.1 million, or $1.26 per share, on sales of $1.1 billion. Net earnings for 1994 were $252.9 million, or $6.11 per share, on sales of $4.7 billion. Net earnings for 1993 were $177.1 million, or $4.79 per share, on sales of $4.2 billion. "We are pleased with our record sales and earnings as we conclude our 75th anniversary year," Cummins President and Chief Executive Officer James A. Henderson James A. Henderson was Chairman of the Board from 1995 and Chief Executive Officer from 1994 of Cummins Inc. (manufacturer of diesel and natural gas engines), Columbus, Indiana, until his retirement in December 1999. Mr. Henderson has been a Director of AT&T Inc. since October 1999. said. "We are equally pleased with the significant progress the company has made in designing new products and systems to help our customers achieve a comparative advantage in the marketplace." Demand for the company's products was strong in virtually all of its markets and fourth-quarter operating results benefited from increased production volumes in many of the company's manufacturing plants. A one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. $15 million favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. adjustment related to the company's 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. disability programs was offset by increased managed expenses during the quarter, including costs associated with certain marketing programs and the development of future products. Managed expenses are expected to return to more normal levels in the first quarter of 1995. Heavy-duty truck market sales increased to $368 million in the fourth quarter and $1.4 billion for 1994. Cummins maintained its leadership in 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 market with more than a 34-percent share. Truck production 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. was at record levels in 1994, the company reported. Power generation market sales increased to $292 million for the quarter and $1.0 billion for 1994. This marks the first time in the company's history that power generation sales exceeded $1 billion. Medium-duty truck market sales increased to $148 million for the quarter and $513 million for 1994. Cummins said it increased its share of the North American medium-duty truck market to 35 percent in 1994 and experienced stronger medium-duty truck sales in international markets. Bus and light commercial vehicle market sales totaled $152 million for the quarter and $592 million for the year. Sales of the Cummins-powered 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 truck continued strong following a modest decline in 1993 due to a model changeover (programming) changeover - The time when a new system has been tested successfully and replaces the old system. . Industrial market sales increased to $139 million for the fourth quarter and $526 million for the year. Continued recovery in agricultural and construction markets worldwide primarily drove the improved sales. Sales of Cummins' core technology companies - Fleetguard, Holset and Cummins Electronics - increased to $140 million for the fourth quarter and $512 million for the year. The company said these companies continued to benefit from strong engine demand worldwide. Cummins, headquartered in Columbus, Ind., is a leading worldwide designer and manufacturer of diesel engines and related products. These engines provide power for trucking, power generation, bus, industrial, government and marine markets worldwide. 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 |
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