Cummins Reports 1Q Results

Thursday, April 25, 2002
Cummins Inc. reported a first quarter loss of $.75 per share, or $29 million loss after taxes, on sales of $1.33 billion. This compares to a loss of $.68 per share or $26 million in the first quarter of 2001 on sales of $1.35 billion. "As we forecasted in January, the majority of our end markets declined further from what were already extremely low levels, leading to a significant impact on our earnings," said Chairman and Chief Executive Officer Tim Solso. "While I am disappointed in the loss, earnings did beat our estimates and we made strides in several areas as a result of our continuous focus on cost reduction and quality improvements." One of the areas of promise was the marine engine business. Total sales in the Engine Business in the first quarter were $776 million, essentially flat with sales of $768 million a year ago. Revenues in automotive markets were up 3 percent year over year, due in part by increases in the light duty automotive and RV businesses. Demand in the heavy duty and medium duty truck markets was still low, however the company believes these markets have finally bottomed, and are showing some signs of a modest improvement. Overall revenue from Industrial markets was down slightly year-over-year, with decreases in construction and mining sales, partially compensated by improved sales in agricultural and marine markets.
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

Nanotechnology & Big Data: New Review

A report commissioned by the Lloyd’s Register Foundation, reviewing the potential implications of nanotechnology on the safety and performance of engineering assets

Wärtsilä Reshuffles Two Top Managers

The following appointments have been made in the management inform Wärtsilä Corporation: Mr Rakesh Sarin (59), B.Sc. (Eng.), has been appointed President of Power Plants,

MHI, IHI & DBJ Join Forces On Investments

Mitsubishi Heavy Industries, Ltd. (MHI), IHI Corporation and the Development Bank of Japan Inc. (DBJ) concluded a three-way formal agreement today on their respective

Tanker Trends

Russia's Shipping Major Reports Strong 1H 2014

OAO Sovcomflot (SCF Group), Russia’s largest shipping company and a global leader in seaborne energy transportation and offshore services, has announced its financial

Tankship-specific Version of FindaportCD Released

Harbour & terminal information providers, Shipping Guides Ltd, says its latest tanker-specific  addition enables customers to access the most comprehensive port

ClassNK's Noboru Ueda Attends KOTC Delivery Ceremony

Mr. Noboru Ueda, Chairman and President of ClassNK attended the delivery ceremony for the M/T Al Yarmouk, constructed at Daewoo Shipbuilding & Marine Engineering Co.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1219 sec (8 req/sec)