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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Østensjø Rederi Orders Another Wind Farm Vessel

Rolls-Royce has signed a contract with shipyard Astilleros Gondan in Spain to design and equip a second Service Operation Vessel for ship owner Østensjø Rederi.

Prosafe Appoints Interim Chairman of the Board

Prosafe, owner and operator of semi-submersible accommodation vessels, informs that its Chairman, Harald Espedal, has notified the company that he will step down

Kongsberg Tech for Peruvian Arctic Research Vessel

Kongsberg Maritime has been chosen to deliver an integrated subsea technology systems package including two HUGIN Autonomous Underwater Vehicles (AUV) for a new

Finance

Lower Large Dry Bulk Rates drag Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday dragged down by lower demand for larger vessel segments.

EGAS: Egypt to tender for 10 LNG Cargoes

Egypt will tender next week to import 10 cargoes of liquefied natural gas (LNG) for delivery in July and August, an official from the state gas company, EGAS, said on Thursday.

Asia Dry Bulk-Capesize Rates Could Climb

More coal cargoes, rising oil prices could support rates. Freight rates for large capesize dry cargo ships on key Asian routes are likely to rise next week on

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators
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: 0.0858 sec (12 req/sec)