Cummins Increases Earnings Guidance
Cummins Inc. (Columbus, IN) announced that it expects to earn more than its original guidance for the first quarter and all of 2004 on the basis of strong engine volumes and a broad recovery in many of the company's key markets, which more than offset the impact of rising commodity prices.
For the first quarter, the company expects its earnings to be in the range of $0.65 to $0.75 a share versus the prior guidance of $0.40 to $0.50 a share. Earnings in the second quarter are expected to be in the range of $1.00 to $1.10 a share. The company did not previously provide second-quarter guidance. For the full-year 2004, Cummins is increasing its earnings guidance to $4.00 to $4.20 a share, compared to the prior forecast of $3.20 to $3.40 a share.
"With growing demand across all of our markets and our improved cost structure, Cummins is well positioned to deliver strong financial performance in 2004 and beyond," said Tim Solso, Cummins chairman and chief executive officer.