Cummins Announces 2002 Outlook

Thursday, November 29, 2001
Cummins Inc. today released its expectation for improved profitability despite essentially flat revenues for 2002. Cummins Chairman and CEO, Tim Solso, said, "continuing efforts to reduce costs will enable Cummins to achieve a profitability improvement over 2001 with little to no improvement in revenue." During the October 11th teleconference on third quarter earnings Solso noted that rapid market changes in the U.S. and around the world following the September 11th terrorist attacks caused Cummins to revisit its 2002 planning process. Solso stated that, "a public outlook on 2002 would be delayed until the end of November when market visibility and economic direction may be clearer." Based on recently completed plans, the company is forecasting a 2002 PBIT in the range of $155 to $165 million, with net earnings of $35 to $45 million, resulting in diluted earnings per share of approximately $1 per share. Solso stated, "The completion of our restructuring actions combined with indirect and direct material cost initiatives and Six Sigma improvement projects will result in a net savings of $75 million. "Despite depressed market conditions around the world, Cummins expects to be modestly profitable in the fourth quarter of 2001. We expect to deliver a profit in three out of four quarters during terrible market conditions," said Solso. "Cummins will continue to do what it takes to cut costs, improve performance and maintain profitability."
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Kongsberg Contracted to Support FLNG Conversion

Kongsberg Maritime secures position in the LNG market with electrical and automation contract for Golar Hilli FLNG   Keppel Shipyard in Singapore and Black & Veatch in the U.

Statoil Awarded Licenses Offshore Nicaragua

Statoil informs it was today awarded four licenses offshore the Nicaraguan Pacific, covering an area of about 16,000 km2 in the largely unexplored Sandino Basin.

Mexico Removes Bid Limit on Shallow Water Oil Tenders

Mexico's oil regulator voted on Friday to relax previously established rules on bidding terms and contracts that form the first step in an historic sector opening

Finance

US Oil Contango Vanishing as Supply Glut Shifts Abroad

The U.S. oil market is on the brink of returning to a more bullish footing known as backwardation for the first time in six months, with the discount for prompt

Mexico Removes Bid Limit on Shallow Water Oil Tenders

Mexico's oil regulator voted on Friday to relax previously established rules on bidding terms and contracts that form the first step in an historic sector opening

Wärtsilä Acquires L-3 MSI

Wärtsilä completes acquisition of L-3 Marine Systems International    Wärtsilä Corporation announced that its acquisition of the Germany based L-3 Marine Systems

 
 
Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2809 sec (4 req/sec)