Cummins anticipates 1Q loss
Apr 15, 2003 12:00 PM
Cummins Inc. said it anticipates first-quarter results to be a loss in the range of 85 to 95 cents per share, and attributes it to lower capital spending and weak consumer markets stemming from global political and economic uncertainty. However, Cummins chairman & CEO Tim Solso said the company expects to see increased earnings throughout the remainder of the year. "There are more than 5,600 of our new, environmentally compliant heavy-duty engines in service," Solso said. "They have accumulated more than 60 million miles of road experience, as well as endorsements from very satisfied drivers." The company also announced that it would restate its 2000 and 2001 financials this week. The non-cash adjustment totals approximately $15.4 million after tax ($23.1 million pre-tax) and will be spread across multiple years, beginning in 1995.
