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cummins 99 AR2
This document is the 1998 annual report letter to shareholders from Cummins Engine Company. It discusses Cummins' focus on creating value for customers and shareholders. In 1998, Cummins saw record sales of $6.3 billion but fell short of earnings targets due to special charges. The letter outlines Cummins' financial objectives of 9% earnings before interest and taxes in strong markets and at least 3% in recessions. It also discusses actions Cummins is taking to improve profitability through restructuring, reducing costs, and improving gross margin and cash flow to increase shareholder value over the long term.
