Cummins reports record sales and profit before taxes for the second quarter of 1995.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 19, 1995-- -0-
CUMMINS ENGINE COMPANY, INC.
(Millions, Except Share Amounts)
For the Second Quarter Ended July 2, July 3,
1995 1994
Net sales $1,361 $1,205 Earnings before income taxes 90 76 Net earnings 69 66 Earnings per share $1.69 $1.58 Weighted-average number of shares 40.8 41.7
For the First Half Ended July 2, July 3,
1995 1994
Net sales $2,695 $2,304 Earnings before income taxes 177 140 Net earnings 136 121 Earnings per share $3.32 $2.94 Weighted-average number of shares 41.0 41.1 COLUMBUS, Ind. . . . Cummins Engine Co. Inc. (NYSE NYSE See: New York Stock Exchange :CUM) today reported the highest quarterly sales and profit before taxes in the company's history. The company's second-quarter sales were $1.4 billion and profit before taxes was $90 million. Sales were 13 percent higher than second-quarter 1994 sales of $1.2 billion and profit before taxes was 18 percent higher than the $76 million reported in the second quarter of 1994. After-tax earnings were $69 million, or $1.69 per share, compared to $66 million, or $1.58 per share, in the second quarter of 1994. For the first half of 1995, Cummins reported net earnings of $136 million, or $3.32 per share, on sales of $2.7 billion. For the same period of 1994, the company's net earnings were $121 million, or $2.94 per share, on sales of $2.3 billion. "We are pleased with our second-quarter performance, which reflected both the strength of our principal markets and the continued success of our products," said Cummins Chairman 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. . Heavy-duty truck market sales increased to $398 million in the second quarter, 12 percent higher than 1994. Demand was strong in most heavy-duty truck markets, with the exception of Mexico, where engine sales continue at very low levels due to economic conditions in that country. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , Cummins' share of the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. market is more than 35 percent. 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 market sales increased 20 percent to $159 million compared to the second quarter of 1994. Engine shipments to Ford, where Cummins is the exclusive diesel power in its medium-duty trucks, were at record levels during the second quarter of 1995. Sales to markets outside 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. also were higher compared to second-quarter 1994. Power generation market sales were $278 million, an increase of $10 million above the second quarter of 1994. "Progress continues on our new joint venture with Wartsila Diesel of Finland, which will significantly expand the range of our product offerings in power generation and other markets," Cummins President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Tim Solso said. Bus and light commercial vehicle market sales of $180 million were 23 percent higher than second-quarter 1994. Sales of Cummins engines for the Chrysler 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 at near record levels in the second quarter of 1995. Engine shipments for worldwide transit bus A transit bus (also known as a commuter bus) in the United States is usually operated by an urban-suburban bus line, a governmental public transit agency, or a contractor. A transit bus is normally used on public transit routes. markets also were higher than the second quarter of 1994. Industrial market sales of $172 million were 20 percent higher than the year-ago quarter, the company said, primarily because of continued strong demand worldwide in construction markets and agricultural markets 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. . Sales of Cummins' core technology companies - Fleetguard, Holset and Cummins Electronics - were $140 million, 13 percent above the second quarter of 1994. 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, marine and government markets worldwide. Cummins reported record sales of $4.7 billion in 1994. CONTACT: Cummins Engine Co. Inc., Columbus Ann C. Smith, 812/377-3524 |
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