This document provides details from Cummins Inc.'s fourth quarter 2007 earnings teleconference call held on February 1, 2008. It includes key messages about Cummins achieving record sales and profits for the fourth straight year through operational improvements and investing in global growth. Segment results and guidance for 2008 indicate continued revenue growth across all business segments through new product introductions and market expansion.
This document summarizes Cummins Inc.'s fourth quarter 2006 earnings teleconference. It discusses financial results for each of Cummins' business segments. Cummins reported record annual revenue and operating earnings for 2006. Looking ahead, Cummins provided guidance for 2007 anticipating sales growth of 0-5% and earnings per share of $11.00-$11.50. Cummins is confident in its ability to perform in 2007 and beyond due to changes that have fundamentally strengthened its business model.
This document provides a summary of Cummins Inc.'s first quarter 2008 earnings teleconference. It discusses Cummins' financial results for Q1 2008 compared to Q1 2007, including sales, earnings, margins and other metrics. It also provides guidance for Cummins' full year 2008 results and breakouts for each of its business segments. Key highlights discussed include record sales and earnings for Q1 2008 driven by market share gains and strong demand.
1) The document is the transcript from Cummins Inc.'s second quarter 2007 earnings teleconference held on July 26, 2007.
2) It includes comments from Cummins executives on the company's financial results and outlook, as well as segment results and strategies.
3) Key highlights included double-digit revenue growth, strong international demand offsetting declines in the US, and investments to capitalize on profitable growth opportunities around the world.
The document provides details from Cummins Inc.'s first quarter 2007 earnings teleconference call. It includes:
1) Introductions from Cummins leadership and details on forward-looking statements and non-GAAP measures.
2) Financial highlights for each business segment, noting sales and earnings growth or declines compared to Q1 2006.
3) Consolidated financial results for Cummins, guidance for 2007, and investments to support future growth.
4) Questions were taken from participants on the call.
Dover Corporation reported third quarter 2008 results with revenue increasing 5% year-over-year to $2 billion and earnings per share increasing 13% to $1.01. Free cash flow was up 4% to $306 million for the quarter. Segment margins increased slightly to 15.9% while organic growth was 2.8% and acquisition growth was 1.7%. The company completed its $500 million share repurchase program for the quarter, repurchasing $114 million in shares. Integration and synergy programs contributed $0.05 per share for the quarter and $0.11 per share year-to-date.
Dover Corporation reported strong financial results for the second quarter of 2008, with revenue increasing 10% year-over-year to $2 billion and EPS growing 16% to $0.98. Segment margins increased slightly to 15.8% and organic growth was 5.4% despite challenges from rising costs. Free cash flow was $192 million for the quarter. The company also provided an outlook for full-year 2008 with expectations for mid-single digit organic growth and margin improvement of 25-50 basis points.
CSX Corporation reported third-quarter earnings results. Revenue increased 9.4% driven by a 9.3% increase in revenue per car. Earnings per share increased 31% to $0.72 despite a $250 million impact from Hurricane Katrina. The company raised its full-year earnings guidance to a range of $3.20 to $3.30 per share and increased its dividend by 30%, reflecting strong earnings and cash flow expectations.
CSX reported first quarter earnings results. Surface transportation revenues increased 10% to $2.1 billion due to an 8.6% increase in revenue per car. Operating expenses increased only 2% through operations and management productivity. Surface transportation operating income increased 72% and drove a 152% increase in earnings per share. Looking forward, CSX expects tougher comparables but their foundation of strategies and financial improvements provide confidence.
This document summarizes Cummins Inc.'s fourth quarter 2006 earnings teleconference. It discusses financial results for each of Cummins' business segments. Cummins reported record annual revenue and operating earnings for 2006. Looking ahead, Cummins provided guidance for 2007 anticipating sales growth of 0-5% and earnings per share of $11.00-$11.50. Cummins is confident in its ability to perform in 2007 and beyond due to changes that have fundamentally strengthened its business model.
This document provides a summary of Cummins Inc.'s first quarter 2008 earnings teleconference. It discusses Cummins' financial results for Q1 2008 compared to Q1 2007, including sales, earnings, margins and other metrics. It also provides guidance for Cummins' full year 2008 results and breakouts for each of its business segments. Key highlights discussed include record sales and earnings for Q1 2008 driven by market share gains and strong demand.
1) The document is the transcript from Cummins Inc.'s second quarter 2007 earnings teleconference held on July 26, 2007.
2) It includes comments from Cummins executives on the company's financial results and outlook, as well as segment results and strategies.
3) Key highlights included double-digit revenue growth, strong international demand offsetting declines in the US, and investments to capitalize on profitable growth opportunities around the world.
The document provides details from Cummins Inc.'s first quarter 2007 earnings teleconference call. It includes:
1) Introductions from Cummins leadership and details on forward-looking statements and non-GAAP measures.
2) Financial highlights for each business segment, noting sales and earnings growth or declines compared to Q1 2006.
3) Consolidated financial results for Cummins, guidance for 2007, and investments to support future growth.
4) Questions were taken from participants on the call.
Dover Corporation reported third quarter 2008 results with revenue increasing 5% year-over-year to $2 billion and earnings per share increasing 13% to $1.01. Free cash flow was up 4% to $306 million for the quarter. Segment margins increased slightly to 15.9% while organic growth was 2.8% and acquisition growth was 1.7%. The company completed its $500 million share repurchase program for the quarter, repurchasing $114 million in shares. Integration and synergy programs contributed $0.05 per share for the quarter and $0.11 per share year-to-date.
Dover Corporation reported strong financial results for the second quarter of 2008, with revenue increasing 10% year-over-year to $2 billion and EPS growing 16% to $0.98. Segment margins increased slightly to 15.8% and organic growth was 5.4% despite challenges from rising costs. Free cash flow was $192 million for the quarter. The company also provided an outlook for full-year 2008 with expectations for mid-single digit organic growth and margin improvement of 25-50 basis points.
CSX Corporation reported third-quarter earnings results. Revenue increased 9.4% driven by a 9.3% increase in revenue per car. Earnings per share increased 31% to $0.72 despite a $250 million impact from Hurricane Katrina. The company raised its full-year earnings guidance to a range of $3.20 to $3.30 per share and increased its dividend by 30%, reflecting strong earnings and cash flow expectations.
CSX reported first quarter earnings results. Surface transportation revenues increased 10% to $2.1 billion due to an 8.6% increase in revenue per car. Operating expenses increased only 2% through operations and management productivity. Surface transportation operating income increased 72% and drove a 152% increase in earnings per share. Looking forward, CSX expects tougher comparables but their foundation of strategies and financial improvements provide confidence.
The document is the transcript from Cummins Inc.'s third quarter 2008 earnings teleconference call. It provides an overview of Cummins' financial performance in Q3 2008, including revenue growth of 12% and EBIT margin of 10.3%. Segment results are also summarized, with the Engine segment seeing 6% revenue growth and the Power Generation segment seeing 14% revenue growth. Guidance for full year 2008 is also provided, with revenue growth expected at 12% and EBIT margin of 10%.
Dover Corporation reported strong third quarter 2005 results with revenue increasing 13% to $1.56 billion and EPS growing 18% to $0.65 per share compared to third quarter 2004. All of Dover's business segments experienced revenue and income growth. Total acquisitions for the quarter were $962 million. Dover expects full year free cash flow to be between 7-9% of revenue.
Dover Corporation is a $7 billion global provider of industrial products, fluid management, engineered systems and electronic technologies. In 2008, Dover exceeded 3 of its 5 performance targets and achieved strong free cash flow of $834.6 million. Looking ahead, Dover is focused on cost savings initiatives, restructuring programs, and strategic capital allocation to deliver solid results in a challenging economic environment. Guidance for 2009 anticipates an 11-13% decline in total revenue but maintains a target for free cash flow to remain above 10% of revenue.
GM reported a $16.8 billion adjusted net loss and $30.9 billion reported net loss for 2008. In Q4 2008, GM had a $5.9 billion adjusted net loss and $9.6 billion reported net loss. Revenue declined significantly from 2007 due to the economic crisis and collapse in vehicle demand. GM is accelerating restructuring actions and received $13.4 billion in loans from the U.S. Treasury to implement a global restructuring plan aimed at achieving long-term viability.
Dover Corporation reported financial results for the first quarter of 2005, with sales up 17% and earnings per share up 20% compared to the same period last year. All six of Dover's operating segments saw sales gains. The CEO commented that results reflected success in building on momentum from 2004, and that sequential improvement in sales, earnings, bookings and backlog suggested continued growth in the current quarter. Dover remains actively focused on acquisitions that meet its financial and operating criteria.
Motorola announced record second quarter sales and earnings. Key highlights included:
- Record quarterly sales of $10.88 billion, up 29% from the previous year.
- Earnings of $0.55 per share, up 46% and 49% from the previous year.
- Record handset shipments of 51.9 million units and global handset market share of 22%.
- Mobile Devices segment set new records for unit shipments, sales, and profits.
Dover Corporation reported strong financial results for the second quarter of 2005, with record sales, bookings, earnings and EPS. Sales increased 16% compared to the second quarter of 2004, driven by 7% organic growth, 7% from acquisitions, and 2% from currency translation. All of Dover's business segments saw sales and earnings increases, with the exception of the Technologies segment which saw declines in earnings and margins due to lower semiconductor demand and pricing pressures. Free cash flow was also strong at 9.2% of sales for the quarter and 5.4% year-to-date.
This document provides a summary of Cummins Inc.'s first quarter 2008 earnings teleconference. It discusses Cummins' financial results for Q1 2008 compared to Q1 2007, including sales growth across all business segments. Cummins also provides guidance for full year 2008, expecting continued sales growth. Segment leaders discuss strategies for growth in their respective industries and markets. The teleconference concludes with Q&A from participants.
1) The document is the transcript from Cummins Inc.'s second quarter 2007 earnings teleconference held on July 26, 2007.
2) It includes comments from Cummins executives on the company's financial results and outlook, as well as segment results and strategies.
3) Key highlights included double-digit revenue growth, strong international demand offsetting declines in the US, and investments to capitalize on profitable growth opportunities around the world.
The document provides details from Cummins Inc.'s first quarter 2007 earnings teleconference call. It includes:
1) Introductions from Cummins leadership and details on forward-looking statements and non-GAAP measures.
2) Financial highlights for each business segment, noting sales and earnings growth or declines compared to Q1 2006.
3) Consolidated financial results for Cummins, guidance for 2007, and investments to support future growth.
4) Questions were taken from participants on the call.
The document is the transcript from Cummins Inc.'s third quarter 2008 earnings teleconference call. It provides an overview of Cummins' financial performance in Q3 2008, including revenue growth of 12% and EBIT margin of 10.3%. Segment results are also summarized, with the Engine segment seeing 6% revenue growth and the Power Generation segment seeing 14% revenue growth. Guidance for full year 2008 is also provided, with revenue growth expected at 12% and EBIT margin of 10%.
This presentation by Cummins provides an overview of their business performance in 2006 and outlook for 2007 and beyond. Some key points:
- 2006 was their most profitable year ever with $11.4 billion in revenue and $715 million in net earnings.
- They outperformed peer companies with faster net income and cash flow growth than revenue growth.
- For 2007 they aim to continue diversifying their businesses, reducing costs, and driving profitable growth across their engine, power generation, distribution and components segments.
- They see opportunities in new engine platforms, global emission regulations, and expanding markets in China, India and other regions.
This presentation provides an overview of Cummins Inc.'s performance in 2006 and outlook for 2007 and beyond. Some key points:
- 2006 was the best year in Cummins' history with record revenue of $11.4 billion, EBIT of $1.2 billion, and net earnings of $715 million.
- Cummins is outperforming its peer group with faster growth in net income and operating cash flow compared to revenue.
- The company has four complementary business segments - engines, power generation, distribution, and components.
- Cummins aims to continue profitable growth through market leadership, new product introductions, and global expansion across all segments.
- Challenges include globalization,
Dover Corporation reported third quarter 2008 results with revenue increasing 5% year-over-year to $2 billion and earnings per share increasing 13% to $1.01. Free cash flow was up 4% to $306 million for the quarter. Segment margins increased slightly to 15.9% while organic growth was 2.8% and acquisition growth was 1.7%. The company completed its $500 million share repurchase program for the quarter, repurchasing $114 million in shares.
Dover Corporation reported third quarter 2008 results with revenue increasing 5% year-over-year to $2 billion and earnings per share increasing 13% to $1.01. Free cash flow was up 4% to $306 million for the quarter. Segment margins increased slightly to 15.9% while organic growth was 2.8% and acquisition growth was 1.7%. The company completed its $500 million share repurchase program for the quarter, repurchasing $114 million in shares. Integration and synergy programs contributed $0.05 per share for the quarter and $0.11 per share year-to-date.
The document summarizes CSX Corporation's third-quarter earnings report. It discusses strong economic conditions and increased revenue across several markets including surface transportation, coal, automotive, and merchandise. Intermodal operating income more than doubled compared to the same period last year. Looking forward, demand is expected to remain strong and pricing environment favorable, though infrastructure damage from Hurricane Katrina will take time to repair.
1) Jim Kelly, President of Cummins Engine Business, presents on Cummins' performance and future opportunities at a JP Morgan conference.
2) Cummins has doubled revenue over 5 years, generated high profits, improved debt levels, and actively repurchased shares.
3) The company is executing on strategic principles like pursuing complementary businesses and profitable growth through new platforms, markets, and products.
1) Jim Kelly, President of Cummins Engine Business, presents at the JPMorgan Basics & Industrials Conference on June 12, 2007. He discusses Cummins' financial performance, growth strategies, and outlook.
2) Cummins has doubled revenue in 5 years, generated high profits, improved its balance sheet significantly, and outperformed its peer group. It is executing on strategic principles to drive continued profitable growth.
3) Cummins is well-positioned for future performance due to its technology leadership, customer relationships, investments in new opportunities, and global diversification across business segments and markets.
Dover Corporation reported strong financial results for the second quarter of 2008, with revenue increasing 10% year-over-year to $2 billion and EPS growing 16% to $0.98. Segment margins increased slightly to 15.8% and organic growth was 5.4% despite challenges from rising costs. Free cash flow was $192 million for the quarter. The company also provided an outlook for full-year 2008 with expectations for mid-single digit organic growth and margin improvement of 25-50 basis points.
Dover Corporation reported strong financial results for the second quarter of 2008, with revenue increasing 10% year-over-year to $2 billion and EPS growing 16% to $0.98. Segment margins increased slightly to 15.8% and organic growth was 5.4% despite challenges from rising costs. Free cash flow was $192 million for the quarter. The company also provided an outlook for full-year 2008 with expectations for mid-single digit organic growth and margin improvement of 25-50 basis points.
Dover Corporation reported financial results for the first quarter of 2006 with record revenue of $1.67 billion, a 22% increase over the first quarter of 2005. Earnings per share increased 40% to $0.65 compared to $0.47 in the prior year. All of Dover's business segments experienced revenue, earnings, margin and backlog growth. The company also reported a strong quarter for free cash flow and reduced its net debt to capital ratio.
CSX reported first quarter earnings results. Surface transportation revenues increased 10% to $2.1 billion due to an 8.6% increase in revenue per car, driven by strong price increases and fuel surcharges partially offsetting rising fuel costs. Surface transportation operating income increased 72% to $351 million through a 2% reduction in operating expenses from productivity gains and management reductions, limiting expense growth. EPS from continuing operations increased 152% to $0.68 per share due to the significant increase in surface transportation operating income.
The document is the transcript from Cummins Inc.'s third quarter 2008 earnings teleconference call. It provides an overview of Cummins' financial performance in Q3 2008, including revenue growth of 12% and EBIT margin of 10.3%. Segment results are also summarized, with the Engine segment seeing 6% revenue growth and the Power Generation segment seeing 14% revenue growth. Guidance for full year 2008 is also provided, with revenue growth expected at 12% and EBIT margin of 10%.
Dover Corporation reported strong third quarter 2005 results with revenue increasing 13% to $1.56 billion and EPS growing 18% to $0.65 per share compared to third quarter 2004. All of Dover's business segments experienced revenue and income growth. Total acquisitions for the quarter were $962 million. Dover expects full year free cash flow to be between 7-9% of revenue.
Dover Corporation is a $7 billion global provider of industrial products, fluid management, engineered systems and electronic technologies. In 2008, Dover exceeded 3 of its 5 performance targets and achieved strong free cash flow of $834.6 million. Looking ahead, Dover is focused on cost savings initiatives, restructuring programs, and strategic capital allocation to deliver solid results in a challenging economic environment. Guidance for 2009 anticipates an 11-13% decline in total revenue but maintains a target for free cash flow to remain above 10% of revenue.
GM reported a $16.8 billion adjusted net loss and $30.9 billion reported net loss for 2008. In Q4 2008, GM had a $5.9 billion adjusted net loss and $9.6 billion reported net loss. Revenue declined significantly from 2007 due to the economic crisis and collapse in vehicle demand. GM is accelerating restructuring actions and received $13.4 billion in loans from the U.S. Treasury to implement a global restructuring plan aimed at achieving long-term viability.
Dover Corporation reported financial results for the first quarter of 2005, with sales up 17% and earnings per share up 20% compared to the same period last year. All six of Dover's operating segments saw sales gains. The CEO commented that results reflected success in building on momentum from 2004, and that sequential improvement in sales, earnings, bookings and backlog suggested continued growth in the current quarter. Dover remains actively focused on acquisitions that meet its financial and operating criteria.
Motorola announced record second quarter sales and earnings. Key highlights included:
- Record quarterly sales of $10.88 billion, up 29% from the previous year.
- Earnings of $0.55 per share, up 46% and 49% from the previous year.
- Record handset shipments of 51.9 million units and global handset market share of 22%.
- Mobile Devices segment set new records for unit shipments, sales, and profits.
Dover Corporation reported strong financial results for the second quarter of 2005, with record sales, bookings, earnings and EPS. Sales increased 16% compared to the second quarter of 2004, driven by 7% organic growth, 7% from acquisitions, and 2% from currency translation. All of Dover's business segments saw sales and earnings increases, with the exception of the Technologies segment which saw declines in earnings and margins due to lower semiconductor demand and pricing pressures. Free cash flow was also strong at 9.2% of sales for the quarter and 5.4% year-to-date.
This document provides a summary of Cummins Inc.'s first quarter 2008 earnings teleconference. It discusses Cummins' financial results for Q1 2008 compared to Q1 2007, including sales growth across all business segments. Cummins also provides guidance for full year 2008, expecting continued sales growth. Segment leaders discuss strategies for growth in their respective industries and markets. The teleconference concludes with Q&A from participants.
1) The document is the transcript from Cummins Inc.'s second quarter 2007 earnings teleconference held on July 26, 2007.
2) It includes comments from Cummins executives on the company's financial results and outlook, as well as segment results and strategies.
3) Key highlights included double-digit revenue growth, strong international demand offsetting declines in the US, and investments to capitalize on profitable growth opportunities around the world.
The document provides details from Cummins Inc.'s first quarter 2007 earnings teleconference call. It includes:
1) Introductions from Cummins leadership and details on forward-looking statements and non-GAAP measures.
2) Financial highlights for each business segment, noting sales and earnings growth or declines compared to Q1 2006.
3) Consolidated financial results for Cummins, guidance for 2007, and investments to support future growth.
4) Questions were taken from participants on the call.
The document is the transcript from Cummins Inc.'s third quarter 2008 earnings teleconference call. It provides an overview of Cummins' financial performance in Q3 2008, including revenue growth of 12% and EBIT margin of 10.3%. Segment results are also summarized, with the Engine segment seeing 6% revenue growth and the Power Generation segment seeing 14% revenue growth. Guidance for full year 2008 is also provided, with revenue growth expected at 12% and EBIT margin of 10%.
This presentation by Cummins provides an overview of their business performance in 2006 and outlook for 2007 and beyond. Some key points:
- 2006 was their most profitable year ever with $11.4 billion in revenue and $715 million in net earnings.
- They outperformed peer companies with faster net income and cash flow growth than revenue growth.
- For 2007 they aim to continue diversifying their businesses, reducing costs, and driving profitable growth across their engine, power generation, distribution and components segments.
- They see opportunities in new engine platforms, global emission regulations, and expanding markets in China, India and other regions.
This presentation provides an overview of Cummins Inc.'s performance in 2006 and outlook for 2007 and beyond. Some key points:
- 2006 was the best year in Cummins' history with record revenue of $11.4 billion, EBIT of $1.2 billion, and net earnings of $715 million.
- Cummins is outperforming its peer group with faster growth in net income and operating cash flow compared to revenue.
- The company has four complementary business segments - engines, power generation, distribution, and components.
- Cummins aims to continue profitable growth through market leadership, new product introductions, and global expansion across all segments.
- Challenges include globalization,
Dover Corporation reported third quarter 2008 results with revenue increasing 5% year-over-year to $2 billion and earnings per share increasing 13% to $1.01. Free cash flow was up 4% to $306 million for the quarter. Segment margins increased slightly to 15.9% while organic growth was 2.8% and acquisition growth was 1.7%. The company completed its $500 million share repurchase program for the quarter, repurchasing $114 million in shares.
Dover Corporation reported third quarter 2008 results with revenue increasing 5% year-over-year to $2 billion and earnings per share increasing 13% to $1.01. Free cash flow was up 4% to $306 million for the quarter. Segment margins increased slightly to 15.9% while organic growth was 2.8% and acquisition growth was 1.7%. The company completed its $500 million share repurchase program for the quarter, repurchasing $114 million in shares. Integration and synergy programs contributed $0.05 per share for the quarter and $0.11 per share year-to-date.
The document summarizes CSX Corporation's third-quarter earnings report. It discusses strong economic conditions and increased revenue across several markets including surface transportation, coal, automotive, and merchandise. Intermodal operating income more than doubled compared to the same period last year. Looking forward, demand is expected to remain strong and pricing environment favorable, though infrastructure damage from Hurricane Katrina will take time to repair.
1) Jim Kelly, President of Cummins Engine Business, presents on Cummins' performance and future opportunities at a JP Morgan conference.
2) Cummins has doubled revenue over 5 years, generated high profits, improved debt levels, and actively repurchased shares.
3) The company is executing on strategic principles like pursuing complementary businesses and profitable growth through new platforms, markets, and products.
1) Jim Kelly, President of Cummins Engine Business, presents at the JPMorgan Basics & Industrials Conference on June 12, 2007. He discusses Cummins' financial performance, growth strategies, and outlook.
2) Cummins has doubled revenue in 5 years, generated high profits, improved its balance sheet significantly, and outperformed its peer group. It is executing on strategic principles to drive continued profitable growth.
3) Cummins is well-positioned for future performance due to its technology leadership, customer relationships, investments in new opportunities, and global diversification across business segments and markets.
Dover Corporation reported strong financial results for the second quarter of 2008, with revenue increasing 10% year-over-year to $2 billion and EPS growing 16% to $0.98. Segment margins increased slightly to 15.8% and organic growth was 5.4% despite challenges from rising costs. Free cash flow was $192 million for the quarter. The company also provided an outlook for full-year 2008 with expectations for mid-single digit organic growth and margin improvement of 25-50 basis points.
Dover Corporation reported strong financial results for the second quarter of 2008, with revenue increasing 10% year-over-year to $2 billion and EPS growing 16% to $0.98. Segment margins increased slightly to 15.8% and organic growth was 5.4% despite challenges from rising costs. Free cash flow was $192 million for the quarter. The company also provided an outlook for full-year 2008 with expectations for mid-single digit organic growth and margin improvement of 25-50 basis points.
Dover Corporation reported financial results for the first quarter of 2006 with record revenue of $1.67 billion, a 22% increase over the first quarter of 2005. Earnings per share increased 40% to $0.65 compared to $0.47 in the prior year. All of Dover's business segments experienced revenue, earnings, margin and backlog growth. The company also reported a strong quarter for free cash flow and reduced its net debt to capital ratio.
CSX reported first quarter earnings results. Surface transportation revenues increased 10% to $2.1 billion due to an 8.6% increase in revenue per car, driven by strong price increases and fuel surcharges partially offsetting rising fuel costs. Surface transportation operating income increased 72% to $351 million through a 2% reduction in operating expenses from productivity gains and management reductions, limiting expense growth. EPS from continuing operations increased 152% to $0.68 per share due to the significant increase in surface transportation operating income.
CSX reported first quarter earnings results. Surface transportation revenues increased 10% to $2.1 billion due to an 8.6% increase in revenue per car. Operating expenses increased only 2% through operations and management productivity. Surface transportation operating income increased 72% and drove a 152% increase in earnings per share. Looking forward, CSX expects tougher comparables but their foundation of strategies and financial improvements provide confidence.
CSX reported first quarter earnings results. Surface transportation revenues increased 10% to $2.1 billion due to an 8.6% increase in revenue per car, driven by strong price increases and fuel surcharges partially offsetting rising fuel costs. Surface transportation operating income increased 72% to $351 million through a 2% reduction in operating expenses from productivity gains and management reductions, limiting expense growth. EPS from continuing operations increased 152% to $0.68 per share due to the significant increase in surface transportation operating income.
Dover Corporation is a $7 billion global provider of industrial products, fluid management, engineered systems, and electronic technologies. In 2008, Dover exceeded 3 of its 5 performance targets and achieved 3% earnings growth and 15.3% operating margins. For 2009, Dover expects revenues to decline 11-13% due to weakness in core markets, while pursuing restructuring efforts and synergies to offset declines and deliver EPS of $2.75-$3.05. Dover will continue strategic capital allocation including acquisitions and share repurchases.
- Emerson reported strong financial results for the second quarter of 2008, with sales up 12% and earnings per share up 23% compared to the previous year. Underlying sales growth was 6% led by international growth.
- Operating profit margin improved 100 basis points to 16.4% due to cost containment programs and a $30M commodity hedging benefit. Cash flow also increased significantly.
- The Process Management segment saw sales growth of 19% driven by strong underlying growth of 16% internationally, while the Industrial Automation segment grew sales 11%.
- Emerson's balance sheet remains strong, allowing flexibility for investments and shareholder returns.
Ocado's Technology Solutions segment saw strong revenue growth of 59% due to a step up in the roll-out of its online shopping platform (OSP). There are now 23 customer fulfilment centers live globally, up from 11 last year. However, EBITDA was negative due to increased investments to support future scale and growth. Overall the results reflect Ocado's strategy of prioritizing growth through capacity expansion and technology development over short-term profits.
ConAgra Foods is selling its chicken business to focus on branded and value-added food items. The sale includes chicken processing operations and will generate cash for ConAgra to reinvest. ConAgra will receive Class A shares in Pilgrim's Pride, the chicken company acquiring its business, representing 7% of voting shares and 49% of equity. It can sell up to 1/3 of these shares annually but expects to reduce ownership over time based on market conditions. ConAgra will also receive notes from Pilgrim's Pride due in 2011 with a 10.5% interest rate to be paid semi-annually.
This document summarizes the Q1 FY2004 earnings results of a large packaged foods company. Key points include:
- Q1 EPS was $0.37 compared to $0.43 in Q1 FY2003, impacted by various one-time gains and losses.
- Packaged foods sales were down $168M excluding divested businesses, with a 5% volume decline.
- Several major brands saw growth, while others like Butterball declined.
- Corporate expenses increased due to litigation expenses from a past joint venture.
- The effective tax rate for FY2004 is estimated at 38%.
ConAgra Foods is selling its United Agri Products business to focus on branded and value-added products, as part of a broader strategy of divesting non-core businesses over the past year including fresh beef/pork, canned seafood, and cheese operations. The sale is expected to close by December 31, 2003 for cash and $60-75 million in preferred stock. ConAgra will retain some international UAP operations generating $250 million in annual sales, concentrated in several countries. Proceeds will be used for debt paydown and general corporate purposes including acquisitions and stock buybacks.
ConAgra Foods divested its poultry business to focus on branded, value-added foods with strong margins and growth. The $300 million cash and 25 million Pilgrim's Pride shares valued at $245 million totaled less than the poultry business' estimated $545 million book value due to the shares being valued based on past prices, not current prices. ConAgra Foods can sell up to 1/3 of the shares each year and account for shares eligible for resale within a year as securities, and other shares using cost accounting. The poultry business was previously reported in Meat Processing but is now in Discontinued Operations.
ConAgra Foods completed the divestiture of its chicken processing and crop inputs businesses, finalizing its strategy to focus on branded, value-added food opportunities. The company received $300 million in cash and 25 million shares of Pilgrim's Pride stock worth $245 million for the chicken business. ConAgra can sell up to 1/3 of the Pilgrim's Pride shares per year and will account for the shares as securities held for resale within one year or using the cost method if the eligibility for resale is over one year away. The chicken business was previously reported as part of ConAgra's Meat Processing segment but is now in Discontinued Operations.
ConAgra Foods has divested several commodity businesses and acquired branded and value-added food products to focus on higher margin businesses. The company is planning a share repurchase program using cash from strong operating cash flows and recent divestitures. ConAgra expects to continue investing in growth through acquisitions and paying down debt while deploying cash to dividends, debt repayment, and share repurchases as appropriate.
The document provides a Q&A summary of ConAgra Foods' financial results for Q2 FY04 compared to Q2 FY03. Key points include:
- Q2 FY04 diluted EPS was $0.51 compared to $0.44 in Q2 FY03, impacted by $0.04 in discontinued operations in FY04 and $0.03 in divestiture expenses in FY03.
- Sales comparability was impacted by $506M in divested fresh meat businesses in FY03 and $154M in divested canned food businesses in FY03.
- Examples of brand sales growth included Banquet, Chef Boyardee, Egg Beaters
Packaged Foods sales increased 4% excluding divestitures, with 2% volume growth. Several brands posted sales growth including Armour, Banquet, and Blue Bonnet, while others like ACT II and Butterball declined. Sales comparability was affected by $155 million in divested businesses last year. Operating profit grew 5% in Packaged Foods and 10% overall when adjusting for divested businesses and cost savings initiatives. The company is implementing cost cutting measures expected to save more than implementation costs in the future.
The document provides the quarterly and annual financial results for a company. Some key highlights include:
- Several consumer brands posted sales growth for the quarter including Banquet, Blue Bonnet, and Chef Boyardee, while others like ACT II and Eckrich saw declines.
- Total depreciation and amortization was around $93 million for the quarter and $352 million for the fiscal year.
- Capital expenditures were around $106 million for the quarter and $352 million for the fiscal year.
- Net interest expense was $80 million for the quarter and $275 million for the fiscal year.
- Corporate expenses were around $95 million for the quarter and $342 million
- Major brands in the Retail Products segment that posted sales growth included ACT II, Armour, Banquet, and Blue Bonnet. Brands that posted sales declines included Healthy Choice, Slim Jim, and Snack Pack.
- Retail volume increased 8% while foodservice volume was flat excluding divested businesses.
- Increased input costs negatively impacted operating profits in the Retail Products segment by approximately $45 million.
- Capital expenditures were approximately $105 million, reflecting increased investment in information systems.
This document contains the questions and answers from ConAgra Foods' Q2 FY2005 earnings call. Some key details include:
- Several major brands in the Retail Products segment posted sales growth, while others saw declines.
- Retail volume increased 7% and Foodservice volume decreased 1% excluding divested businesses.
- Capital expenditures increased significantly year-over-year due to investments in information systems.
- The company received proceeds from the sale of its minority interest in Swift Foods and shares of Pilgrim's Pride stock.
This document summarizes the Q3 2005 earnings results of a major food company. Some key highlights include: 1) Major brands in the Retail Products segment saw mixed sales results, with growth for brands like Chef Boyardee but declines for brands like Butterball. 2) Unit volumes declined 3% for Retail Products but increased 4% for Foodservice Products. 3) The packaged meats operations were slightly profitable but profits were over $45 million lower than the previous year. The company expects some improvement but not year-over-year profit gains for packaged meats in Q4.
This document summarizes ConAgra Foods' earnings results for fiscal year 2005 (FY05) in a question and answer format. Some key details include:
- FY05 diluted EPS was $1.23, including $0.12 in expenses that impacted comparability.
- Major brands in the Retail Products segment that saw sales growth included ACT II, Banquet, and Blue Bonnet. Brands that saw declines included Armour and Butterball.
- Retail Products volume increased 2% while Foodservice Products volume decreased 2% in Q4.
- Total depreciation and amortization was approximately $351 million for FY05 and $90 million for Q4. Capital expenditures
The document provides the questions and answers from the Q1 FY06 earnings call for ConAgra Foods. Some key details from the summary include:
- Sales grew for major brands like Butterball but declined for brands like ACT II. Retail Products volume declined 3% while Foodservice increased 4%.
- Depreciation and amortization was $89 million. Capital expenditures were $71 million and net interest expense was $68 million. Corporate expense was $73 million.
- Gross margin was 21.6% and operating margin was 10.9%. The effective tax rate for FY06 is estimated to be 36%.
Major brands in the Retail Products segment that posted sales growth included ACT II, Blue Bonnet, Butterball, Kid Cuisine, Marie Callender's, Reddi-wip and Ro*Tel. Brands that posted sales declines included Armour, Banquet, Cook's, DAVID, Eckrich, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, LaChoy, Orville Redenbacher, PAM, Parkay, Peter Pan, Slim Jim, Snack Pack, Swiss Miss, Van Camp's and Wesson. Retail Products volume declined 5% for the quarter while Foodservice Products volume increased 2%. Corporate expense for the quarter was approximately $103 million
The document provides financial information from ConAgra Foods' Q3 FY06 quarterly earnings call. Some key details include:
- Retail segment sales grew 4% and Foodservice grew 1% over the prior year. Several major brands posted sales growth while others declined.
- Gross margin was 24.8% and operating margin was 12.5% for the quarter.
- Net debt was $3.6 billion, down from $4.5 billion a year prior due to debt repayment of $500 million during the quarter.
- Capital expenditures for the quarter and fiscal year-to-date were below prior year levels. Projected fiscal year expenditures are up to $400
- Major brands in the Consumer Foods segment that posted sales growth in Q4 FY06 included Blue Bonnet, Chef Boyardee, DAVID, Egg Beaters, Hebrew National, and Hunt's. Brands that posted sales declines included ACT II, Banquet, Healthy Choice, Peter Pan, Slim Jim, Snack Pack, and Van Camp's.
- Consumer Foods volume declined 2% in Q4 while Food and Ingredients volume increased 1%.
- Total depreciation and amortization for Q4 was approximately $85 million and approximately $353 million for all of FY06. Capital expenditures were approximately $92 million for Q4 and $288 million for FY
This document summarizes the Q1 FY07 financial results of ConAgra Foods. Some key highlights include:
- Consumer Foods volume increased 1% and Food and Ingredients volume increased 2% in Q1.
- Gross margin was 24.7% and operating margin was 11.7% for the quarter.
- Net debt decreased to $2.88 billion from $3.97 billion in Q1 FY06.
- Restructuring charges totaled $39 million pre-tax, impacting costs in Consumer Foods and corporate expenses.
Major brands in the Consumer Foods segment that posted sales growth included Egg Beaters, Healthy Choice, and Slim Jim. Brands that posted sales declines included ACT II and Blue Bonnet. Total depreciation and amortization from continuing operations was $88 million for the quarter and $177 million year-to-date. Capital expenditures were $66 million for the quarter and $111 million year-to-date. Net interest expense was $52 million for the quarter and $110 million year-to-date.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others like ACT II and Banquet saw declines. Overall, Consumer Foods volume declined 1% excluding divested businesses.
2) Total depreciation and amortization from continuing operations was around $91 million for the quarter and $268 million year-to-date. Capital expenditures were around $147 million for the quarter and $258 million year-to-date.
3) The company's net debt at the end of the quarter was around $3 billion, with a net debt to total capital ratio of 39%.
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Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
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2. Participants
Tim Solso Chairman and Chief Executive Officer
Jean Blackwell Chief Financial Officer
Joe Loughrey Chief Operating Officer
Tom Linebarger President – Cummins Power Generation
Dean Cantrell Director – Investor Relations
2
3. Disclosure Regarding Forward-Looking Statements
& non-GAAP Financial Measures
This presentation contains certain forward-looking information.
Any forward-looking statement involves risk and uncertainty.
The Company’s future results may be affected by changes in general
economic conditions and by the actions of customers and competitors.
Actual outcomes may differ materially from what is expressed in any
forward-looking statement. A more complete disclosure about forward-
looking statements begins on page 61 of our 2006 Form 10-K, and it applies
to this presentation.
This presentation contains certain non-GAAP financial measures such as
earnings before interest and taxes (EBIT). Please refer to our website
(www.cummins.com) for the reconciliation of those measures to GAAP
financial measures.
3
4. Key Messages
4th straight year of record sales and profits
Operational improvement beginning in
Components
Acceleration of earnings growth in 2008
Investing in longer-term global growth story
4
5. Targets
Sales growth: 12%
Cummins Inc. EBIT margin: 10%
ROANA: 25%
Selected Financial Data ROE: 20%
Change Change
$ Millions Q407 Q406 Amount Percent
Sales 3,516 3,033 483 16%
EBIT 324 303 21 7%
% of Sales 9.2% 10.0%
ROANA (LTM) 29% 31%
ROE (LTM) 21% 25%
Global customer demand leading to growth in nearly every market
Gaining market share due to our technology leadership
Investing in profitable growth opportunities in each operating
segment, and in domestic and international markets
5
6. Cummins Inc.
Selected Income Statement Data
Q407 Q406
Net Earnings ($M) 198 189
Earnings Per Share $1.00 $0.94
Product Coverage (% of Net Sales) 3.4% 2.3%
Gross Margin (% of Net Sales) 19.4% 21.0%
SAR (% of Net Sales) 12.9% 12.5%
Earnings before interest and taxes (EBIT) at 9.2% of sales
As expected, lower gross margins due to higher costs associated with the
launch of the EPA ’07 products, partially offset by higher pricing for new
products
Higher warranty accrual rate during introductory year of EPA ’07 products
Less overhead recovery from significantly lower heavy-duty and pick-up
truck volumes
6
7. Targets
Power Generation Sales growth: 15%
EBIT margin: 10%
Segment
Selected Financial Data
Change Change
$ Millions Q407 Q406 Amount Percent
Sales 840 658 182 28%
EBIT 86 62 24 39%
% of Sales 10.2% 9.4%
Strong sales of commercial generator sets and alternator equipment
across the globe
Consumer growth as portables, commercial mobile, recreational marine,
and auxiliary power units offset softness in recreational vehicles
Strong price realization for commercial generator sets and alternators
7
8. Targets
Distribution Segment Sales growth: 15%
EBIT margin: 11%
Selected Financial Data
Change Change
$ Millions Q407 Q406 Amount Percent
Sales 468 386 82 21%
EBIT 56 39 17 44%
% of Sales 12.0% 10.1%
Organic growth of 25% excluding the reporting change of a North American
distributor, currency and acquisitions
Global demand for our products remain strong, particularly in Europe, the
Middle East, Singapore, and Africa
Joint venture earnings contributed $25 million to segment earnings on
strength of sales of power generation equipment in North America plus
contribution from new joint ventures
8
9. Targets
Engine Segment Sales growth: 13%
EBIT margin: 8.5%
Selected Financial Data
Change Change
$ Millions Q407 Q406 Amount Percent
Sales 2,155 1,952 203 10%
EBIT 120 181 (61) (34%)
% of Sales 5.6% 9.3%
Growth in both Industrial and Medium-duty Truck & Bus revenue
Lower gross margins due to higher costs associated with the launch of the
EPA ’07 products, partially offset by higher pricing for new products
Higher warranty accrual rate during introductory year of EPA ’07 products
Investing in new growth opportunities and additional capacity
Less overhead recovery from significantly lower heavy-duty and pick-up
truck volumes
9
10. Engine Segment
Sales by Market – On-highway
Change Change
$ Millions Q407 Q406 Amount Percent
Heavy-duty truck 531 640 (109) (17%)
Medium-duty truck and bus 398 256 142 55%
Light-duty automotive/RV 247 322 (75) (23%)
Total on-highway 1,176 1,218 (42) (3%)
North America Heavy-duty Truck engine shipments down 38% - much better than
market due to significant market share gains
Medium-duty Truck shipments up 21% with strength in Brazil and Europe
together with market share gains in North America
Bus shipments up 80% on strength in Europe, China, and North America
North America Light-duty Automotive shipments down 47% due to US economic
uncertainty
10
11. Engine Segment
Sales by Market – Industrial
Change Change
$ Millions Q407 Q406 Amount Percent
Total Industrial 733 559 174 31%
Total shipments up 20% with growth in nearly all applications, but primarily
in international markets
Global construction equipment shipments up 17% driven by demand in East
Asia, Europe, and Korea
Worldwide shipments for mining up 16% with growth in China, Russia, Latin
America, and Australia
Commercial marine shipments up 18% with successful launch of our Tier 2
product
Increasing high-horsepower capacity another 30% by mid 2008
11
12. Targets
Components Segment Sales growth: 20%
EBIT margin: 9%
Selected Financial Data
Change Change
$ Millions Q407 Q406 Amount Percent
Sales 777 599 178 30%
EBIT 47 23 24 104%
% of Sales 6.0% 3.8%
Growth in all businesses on sales of new products to meet emission standards,
particularly Emission Solutions (up $81M or 167%) and Turbo Technologies (up
$72M or 44%)
Filtration (up $19M or 7%) saw strong economic-driven revenue growth in
Eastern Europe, Russia, and the Middle East
New product introduction costs, metal market cost increases, and aggressive
production ramp up provided challenges for each of the businesses
12
13. Joint Venture Income
$ Millions Q407 Q406
Engine 26 16
On-highway 18 10
Off-highway 6 4
Rec. Marine 2 2
Power Generation 5 2
Distribution 25 16
Components 3 1
Total JV Income 59 35
Engine joint venture income up primarily due to continued strengthening in
the Chinese on-highway truck market
Distribution increased 56% on strength of power generation equipment sales
in North America
13
14. Cash Flow
Q407 Q406
Operating Cash Flow ($M) 287 227
Capital Expenditures ($M) 171 97
Pension Funding ($M) 106 112
Share Repurchase ($M) 125 45
Working Capital (% of Net Sales) 17.3% 16.9%
Cash flow strategy to maintain a strong balance sheet, including funding our
liabilities; investing in profitable growth; and returning value to our shareholders
Working capital net cash inflow of $11 million in Q407 compared to net cash
outflow of $10 million in Q406
Repurchased 2.1 million shares (split-adjusted) during the quarter
14
15. Guidance for 2008
Consolidated Results
Item Full Year Guidance
Revenue Up 12%
Earnings from Joint Ventures Up 5 – 10%
EBIT Margin (%) 10%
Effective Tax Rate 35%
Capital Expenditures ($M) $550 to $600
Global Pension Funding ($M) $95 to $105
15
16. Forecasting 12% Growth in Revenue
14,900
14,400
Revenue ($ M)
13,900
13,400
12,900
12,400
2007 Volume Distributor Price New Products 2008
Acquisition
and
Consolidation
16
18. Guidance for 2008
Segment Results
Power
Item Engine Components Distribution
Generation
Revenue Up 5-10% Up 10-15% Up 17-22% Up 20-25%
Slightly Slightly Slightly
Between
EBIT Relative
Below 8.5% Above 10% Below 11%
to Target 6-7%
target target target
18
19. Thank You for Your Interest in
Cummins
We will now take your questions.
Contact Information:
Dean Cantrell
Director – Investor Relations
(812) 377-3121
Investor_Relations@Cummins.com
www.cummins.com
19
21. Cummins Inc.
2007 Revenue by Segment
Components
Macro growth trends Segment 19%
play to Cummins’
Engine
strengths Segment 52%
Disciplined Distribution
Segment 10%
investment for
growth
Demonstrated
technology
leadership
Power Gen
Segment 19%
FYE 2007 Data
Sales: $13.0 billion
EBIT: $1,227 million
EBIT Margin: 9.4%
21
22. Cummins Inc.
2007 Revenue by Marketing Territory
Africa/Middle East
International revenue Canada 5%
3%
is 54% of consolidated
revenue in 2007 Mexico/Latin
America
Most international 9%
areas growing at
double digit rate
United States
Asia/Australia
Demonstrates our 46%
19%
geographic diversity
Europe/CIS
18%
22
27. Power Generation Segment
2007 Revenue by Product
Capitalize on industry Alternators
Commercial
20%
growth 58%
Leverage existing
Rental
market leadership 2%
Establish leadership in
all major markets
Expand into new and Consumer
11%
adjacent markets
Power
Electronics
4%
FYE 2007 Segment Data Energy
Sales: $3.1 billion Solutions
5%
EBIT: $334 million
EBIT Margin: 10.9%
27
29. Components Segment
2007 Revenue by Product
Specialty
New products launched Filtration
Air Intake
6%
Industry leading Systems
9%
technology Turbocharger
29%
Capacity expansion Acoustic
Grow with CMI and non- Exhaust
10%
CMI engine volumes
Leverage global
distribution to grow
aftermarket Engine Fuel
Filtration Systems
17% 14%
FYE 2007 Segment Data Catalytic
Sales: $2.9 billion Exhaust
EBIT: $153 million 15%
EBIT Margin: 5.2%
29
33. Joint Venture Sales Unconsolidated
Engines Distribution
$2,500 $4,000
$3,435
$3,500
$1,940
$2,000
$3,000
$2,497
$1,474 $2,500
$1,500
$ Millions
$ Millions
$1,316
$1,232 $1,285
$2,000
$1,715
$529
$1,000
$1,500
$1,204
$1,029
$1,000
$500
$500
$0 $0
2003 2004 2005 2006 2007 2003 2004 2005 2006 2007
In 2003, sales from certain JVs (colored red above) were treated
as unconsolidated; adoption of FIN 46R in 2004 required the
company to consolidate the results of certain JVs. 33
36. Non-GAAP Reconciliation – EBIT
Three Months Ended
Millions December 31, December 31, September 30,
2007 2006 2007
Segment EBIT $ 324 $ 303 $ 306
Less: Interest Expense $ 14 $ 20 $ 14
Earnings before income taxes and minority $ 310 $ 283 $ 292
interests
We define EBIT as earnings before interest expense, provision for income taxes and minority interests in earnings of
consolidated subsidiaries. We use EBIT to assess and measure the performance of our operating segments and also as a
component in measuring our variable compensation programs. The table above reconciles EBIT, a non-GAAP financial
measure, to our consolidated earnings before income taxes and minority interests, for each of the applicable periods.
We believe EBIT is a useful measure of our operating performance for the periods presented as it illustrates our operating
performance without regard to financing methods, capital structure or income taxes. This measure is not in accordance with,
or an alternative for, accounting principles generally accepted in the United States of America (GAAP) and may not be
consistent with measures used by other companies. It should be considered supplemental data.
36
37. Non-GAAP Reconciliation – EBIT
Years Ended
Millions December 31, December 31,
2007 2006
Segment EBIT $ 1,227 $ 1,179
Less: Interest Expense $ 58 $ 96
Earnings before income taxes and minority $ 1,169 $ 1,083
interests
We define EBIT as earnings before interest expense, provision for income taxes and minority interests in earnings of
consolidated subsidiaries. We use EBIT to assess and measure the performance of our operating segments and also as a
component in measuring our variable compensation programs. The table above reconciles EBIT, a non-GAAP financial
measure, to our consolidated earnings before income taxes and minority interests, for each of the applicable periods.
We believe EBIT is a useful measure of our operating performance for the periods presented as it illustrates our operating
performance without regard to financing methods, capital structure or income taxes. This measure is not in accordance with,
or an alternative for, accounting principles generally accepted in the United States of America (GAAP) and may not be
consistent with measures used by other companies. It should be considered supplemental data.
37
38. Non-GAAP Reconciliation – EBITDA
Three Months Ended
Millions December 31, December 31, September 30,
2007 2006 2007
Segment EBIT $ 324 $ 303 $ 306
Add back: Depreciation & Amortization $ 75 $ 74 $ 73
EBITDA $ 399 $ 377 $ 379
We define EBITDA as earnings before interest expense, provision for income taxes, minority interests in earnings of
consolidated subsidiaries and depreciation and amortization expense. We believe EBIT is a useful measure of our operating
performance for the periods presented as it illustrates our operating performance without regard to financing methods, capital
structure, income taxes or depreciation methods. This measure is not in accordance with, or an alternative for, accounting
principles generally accepted in the United States of America (GAAP) and may not be consistent with measures used by
other companies. It should be considered supplemental data.
38
39. Non-GAAP Reconciliation – EBITDA
Years Ended
Millions December 31, December 31,
2007 2006
Segment EBIT $ 1,227 $ 1,179
Add back: Depreciation & Amortization $ 290 $ 296
EBITDA $ 1,517 $ 1,475
We define EBITDA as earnings before interest expense, provision for income taxes, minority interests in earnings of
consolidated subsidiaries and depreciation and amortization expense. We believe EBIT is a useful measure of our operating
performance for the periods presented as it illustrates our operating performance without regard to financing methods, capital
structure, income taxes or depreciation methods. This measure is not in accordance with, or an alternative for, accounting
principles generally accepted in the United States of America (GAAP) and may not be consistent with measures used by
other companies. It should be considered supplemental data.
39
40. Non-GAAP Reconciliation – Cash From
Operations Excluding Pension Contributions
Years Ended
Millions December 31, December 31,
2007 2006
Cash provided by operations $ 810 $ 840
Add back: pension contributions $ 250 $ 266
Cash provided by operations
$ 1,060 $ 1,106
excluding pension contributions
We believe cash provided by operations excluding pension contributions is a useful measure of our operating performance for
the periods presented as it illustrates our operating performance without regard to funding decisions. This measure is not in
accordance with, or an alternative for, GAAP and may not be consistent with measures used by other companies. It should
be considered supplemental data.
40
41. Non-GAAP Reconciliation – Net
Assets
December 31, December 31,
Millions
2007 2006
Net assets for operating segments $ 4,434 $ 4,056
Liabilities deducted in computing net assets 3,759 3,510
Minimum pension liability excluded from net assets - (837)
Pension and other postretirement liabilities (570) -
Deferred tax assets not allocated to segments 546 710
Debt-related costs not allocated to segments 26 26
Total assets $ 8,195 $ 7,465
A reconciliation of net assets for operating segments to total assets in our Consolidated Financial Statements is shown in the
table above.
41
42. Non-GAAP Reconciliation – Equity Used for
Return on Equity Calculation
December 31, December 31,
Millions
2007 2006
Equity used for return on equity calculation $ 3,409 $ 2,802
less Defined other postretirement benefits - 3
less Defined benefit pension plans 378 508
less Minimum pension liability adjustment - -
Total shareholder’s equity $ 3,787 $ 3,313
A reconciliation of equity used for return on equity calculation to total shareholder’s equity in our Consolidated Financial
Statements is shown in the table above.
42