Key Developments: Cummins Inc (CMI)
116.43USD
17 May 2013
$2.10 (+1.84%)
$114.33
$115.06
$116.66
$114.69
1,051,500
1,821,862
$122.54
$82.20
Latest Key Developments (Source: Significant Developments)
Cummins Inc Declares Quarterly Common Stock Dividend
Cummins Inc announced that it has declared a quarterly common stock cash dividend of 50 cents per share, payable on June 3, 2013 to shareholders of record on May 24, 2013. Full Article
Cummins Inc Reaffirms FY 2013 Guidance
Cummins Inc announced that for fiscal 2013, it expects revenues to be flat to down 5%, with EBIT in the range of 13%-14% of sales. The Company reported revenue of $17.334 billion in fiscal 2012. Full Article
Cummins Inc Declares Quarterly Common Stock Dividend
Cummins Inc announced that it has declared a quarterly common stock cash dividend of 50 cents per share, payable on March 1, 2013 to shareholders of record on February 22, 2013. Full Article
Cummins Inc Comments On FY 2013 Guidance
Cummins Inc announced that for fiscal 2013, it expects revenues to be flat to down 5%, with EBIT in the range of 13%-14% of sales. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $17.65 billion and EBIT of $2.32 billion for fiscal 2013. Full Article
Cummins Inc Announces New $1 Billion Stock Repurchase Program
Cummins Inc announced that Board of Directors has authorized the Company to repurchase up to $1 billion in shares of common stock. The program was approved as the Company approaches completion of its current $1 billion share repurchase program approved by the Board in February 2011. Full Article
Cummins Inc Reaffirms FY 2012 Guidance
Cummins Inc reaffirmed fiscal 2012 guidance and expects revenues to be $17 billion, with EBIT in the range of 13.5% of sales. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $17 billion and EBIT of $2.29 billion for fiscal 2012. Full Article
Cummins Inc Declares Quarterly Common Stock Dividend
Cummins Inc announced that it has declared a quarterly common stock cash dividend of 50 cents per share, payable on December 3, 2012 to shareholders of record on November 23, 2012. Full Article
Cummins Inc Lowers FY 2012 Guidance; Issues Q3 2012 Revenue Guidance In Line With Analysts' Estimates; Comments On Q3 2012 EBIT Guidance; Announces Necessary Actions To Cut Costs
Cummins Inc announced that for fiscal 2012, it expects revenue to be approximately $17 billion compared to the Company's previous guidance of $18 billion and Earnings Before Interest and Taxes (EBIT) to be approximately 13.5%, compared to prior guidance of 14.25% to 14.75%. For the third quarter of 2012, it expects revenues to be approximately $4.1 billion and EBIT to be approximately 12.0%. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $18 billion and EBIT of $2.517 billion for fiscal 2012; revenue of $4.4 billion and EBIT of $26 million for the third quarter of 2012. The Company also announced that it is taking actions necessary to respond strategically to the current environment by cutting costs while maintaining investments in key growth programs. Actions include a number of measures to reduce cost including planned work week reductions, shutdowns at some manufacturing facilities, and some targeted workforce reductions. The Company expects to reduce its workforce by between 1000 and 1500 people by the end of the year. The updated EBIT guidance does not include the benefits or costs of these actions. Full Article
Hyundai Heavy Industries Co Ltd and Cummins Inc Announce Joint Venture Partnership To Build MidRange Engines In South Korea
Hyundai Heavy Industries Co Ltd and Cummins Inc announced that a 50/50 joint venture partnership to manufacture MidRange engines in Korea extending from 150 hp to 300 hp (112-224 kW) output for application in a wide range of Hyundai construction and industrial equipment. Thelaunch of the Hyundai Cummins Engine Company (HCEC) joint venture took place in Ulsan, Korea, with a ceremonial co-signing of the agreement by Byeong-Ku Choe, Chief Operating Officer and President - Hyundai Construction Equipment Division, and Rich Freeland, Cummins Vice President and President - Engine Business. The HCEC joint venture operation will be located in the city of Daegu, Korea, with engine manufacturing to commence in 2014. The new facility will have a capacity in place to build more than 50,000 engines per year at full production. HCEC will supply engines spanning the MidRange 5.9-liter to 8.9-liter displacement range for Hyundai excavators, wheel loaders and industrial equipment built in Ulsan and other locations worldwide. The joint venture engines will power Hyundai equipment in markets with high growth potential such as Russia, the Middle East, Africa and Southeast Asia. Full Article
Cummins Inc. Updates FY 2012 Guidance; Revenue Guidance In Line With Analysts' Estimates
Cummins Inc. announced that based on the current forecast, it expects fiscal 2012 revenues to be $18 billion, with EBIT in the range of 14.25% to 14.75% of sales. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $18 billion and EBIT of $2.502 billion for fiscal 2012. Full Article
Cummins profit drops sharply, shares tumble five percent
- Cummins Inc reported a sharper-than-expected drop in first-quarter earnings on Tuesday, citing weak demand for its turbines and engines, especially from the mining and oil and gas industries.
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