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.
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.
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.
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.
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%.
- Honeywell reported strong financial results for 2Q 2008, with sales growth of 13% and EPS growth of 23%. Segment profit was up 13% and net income grew 18%.
- All business segments achieved sales growth, with aerospace, automation and control solutions, and specialty materials experiencing particularly strong growth.
- Honeywell is raising full-year 2008 EPS guidance to a new range of $3.75 to $3.85, excluding an expected gain from the divestiture of its consumables solutions business.
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.
- Michelin's net sales for the first half of 2009 were €7.1 billion, down 13.4% from the first half of 2008, due to a 23% decline in unit sales caused by falling tire demand globally except in China.
- The operating margin was 4.0% before non-recurring items, down 4.6 points from the first half of 2008, as operating income fell 60.2% to €282 million due to lower unit sales and higher unused capacity costs.
- Michelin reported a net loss of €122 million for the first half after €292 million in restructuring costs for plans in France and North America to increase competitiveness.
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.
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.
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.
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.
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%.
- Honeywell reported strong financial results for 2Q 2008, with sales growth of 13% and EPS growth of 23%. Segment profit was up 13% and net income grew 18%.
- All business segments achieved sales growth, with aerospace, automation and control solutions, and specialty materials experiencing particularly strong growth.
- Honeywell is raising full-year 2008 EPS guidance to a new range of $3.75 to $3.85, excluding an expected gain from the divestiture of its consumables solutions business.
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.
- Michelin's net sales for the first half of 2009 were €7.1 billion, down 13.4% from the first half of 2008, due to a 23% decline in unit sales caused by falling tire demand globally except in China.
- The operating margin was 4.0% before non-recurring items, down 4.6 points from the first half of 2008, as operating income fell 60.2% to €282 million due to lower unit sales and higher unused capacity costs.
- Michelin reported a net loss of €122 million for the first half after €292 million in restructuring costs for plans in France and North America to increase competitiveness.
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.
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.
- TriQuint announces its financial results for the first quarter of 2009, with revenue up 7% year-over-year to $118.9 million despite a 20% sequential decline.
- The company reduced inventory by $19.8 million from the previous quarter and had a book to bill ratio of 1.14.
- For the second quarter of 2009, TriQuint estimates revenue between $140-150 million, with non-GAAP net income expected to range between $0.02-0.04 per share.
johnson controls 02/11/2009 Barclays Capital Industrial Select Conference finance8
Johnson Controls presented at the Barclays Industrial Goods Conference in February 2008. They discussed significant declines expected in North American and European automotive production in 2009. Johnson Controls has three main business segments - Automotive Experience, Power Solutions, and Building Efficiency. Automotive Experience and Power Solutions were expected to face challenges from the decreased production volumes, but both had strong backlogs of new business which could help offset difficulties. Power Solutions also derived most of its sales from the more stable aftermarket business.
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.
The document is Honeywell's earnings release for the first quarter of 2008. It reports strong financial results including 11% sales growth and 16% increase in segment profit. All of Honeywell's business segments experienced growth in the quarter. The release also updates guidance for full-year 2008, moving to the high end of the previous EPS range.
Gm Events & Presentations Credit Suisse Group International Investor Conferen...Manya Mohan
The document summarizes General Motors' performance in Europe in the first half of 2008. It notes that GM Europe achieved record sales of 1.16 million vehicles despite challenging market conditions. Key initiatives discussed include a focus on growth in Central and Eastern Europe, expanding the Chevrolet brand, improving revenue and margins, and restructuring manufacturing operations to lower costs.
The majority down. 62% of our 72-stock universe suffered lower
sequential quarterly net profits, with 24% surprising on the downside.
The combined 1Q09 net profit of our research universe fell by just 3.5%
QoQ. But stripping out 5 large gainers, net profits fell a larger 13.6%
QoQ. Consumers and glove manufacturers’ defied gravity, but net
profits of virtually all stocks in nine sectors fell quarter-on-quarter.
A surprising combined result, but the devil is in the details. The
combined net profit of our research universe declined just 3.5% QoQ
despite an overwhelming 62% of companies reporting a sequential
quarterly decline. But excluding five companies, combined net profit fell
13.6% QoQ, an acceleration from previous quarters. A broad-based
earnings decline is being masked by a few companies, including some
monopolies.
Declines in nine sectors, but consumer sector unscathed. Every
stock in nine sectors, excluding monopolies Petronas Gas and KLCCP,
experienced a drop in quarterly sequential earnings. The sectors are
gaming, oil & gas, property, REITs, construction, building materials,
semi-conductors, plantations and toll roads. Consumer stocks and
glove manufacturers showed particular resilience.
An ‘energy dividend’ took effect; monopolies fared well. Lower oil
prices benefited heavy fuel users AirAsia and Tenaga. Their gains were
only partially offset by lower earnings at the oil & gas services
companies. Net profits of Telekom, Tenaga and Petronas Gas, all
effectively monopolies, improved on a quarterly basis although only
Petronas Gas raised prices in 1Q09.
The biggest disappointment and downgrade: 1Q GDP. First quarter
2009 GDP fell 6.2% YoY, against consensus expectations of a 3-4%
drop. We have revised our GDP forecasts to -3.8% in 2009 and +4.0%
YoY in 2010 (previously -1.3% and +3.5% respectively). The
government, to be ahead in the expectations game, is projecting 2009
GDP growth of -4% to -5%. The silver lining is the government is now
under greater pressure to implement its fiscal stimulus plans quickly.
A reversal of fortune ahead for construction, building materials.
Despite uniformly lower earnings this 1Q, we believe the construction
and building materials sectors are only 2-3 quarters away from
improved revenues. Share prices of stocks in these sectors will likely
be driven by newsflow from the fiscal stimulus rather than earnings.
CSU's consolidated revenue grew 11% in 2Q08 compared to 2Q07. Gross profit increased 84% and EBITDA jumped 182% over the same period due to revenue growth outpacing cost increases. The cards market maintained 18.7% annual growth while CardSystem outperformed with 21.4% growth. CSU aims to continue growing its payments processing unit while improving profitability across all business units through cost controls and productivity gains.
This document analyzes which industries are best positioned for recovery from the economic downturn and which will benefit most. It finds that healthcare, education, technology and telecommunications will see good growth as they were recession-resistant. Business spending on IT and transportation equipment will recover before housing or construction due to overcapacity issues threatening capital spending in some sectors. Financial services hit bottom in 2010 but recovery is constrained by deleveraging needs. Emerging markets will drive growth in telecom, infrastructure, and transportation.
- CMC reported consolidated revenue of Rs. 1085 crore for FY2006-07, an increase of 18% over the previous year. Consolidated profit before tax increased 99% to Rs. 98.97 crore.
- International revenue grew 54% driven by the American and UK geographies. The international business share of revenue increased from 28% to 35%.
- Services revenue increased 32% with significant growth in the SI and ITES business units. Operating margins expanded 355 basis points due to an improved business mix and increased manpower productivity.
- For Q4 FY2006-07, revenue grew 4% year-over-year while profit before tax increased 103% and margins expanded across all
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 an agenda and background information for a Cummins Inc. investor conference being held at the Jamestown Engine Plant. The agenda includes presentations from Cummins leadership on topics like earnings growth, macro trends, emerging markets opportunities, technology capabilities, new products, and profitable growth projections. The conference aims to showcase how Cummins is well-positioned to capitalize on global growth trends in the diesel engine market through its technology leadership, global presence, and strategic initiatives.
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.
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.
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%.
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.
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) Cummins reported record sales and profits for the 4th consecutive year, with sales up 16% and earnings before interest and taxes up 7% compared to the previous year.
2) All business segments saw sales growth, with the strongest growth in Power Generation (up 28%), Distribution (up 21%), and Components (up 30%).
3) Earnings were impacted by higher costs associated with the launch of new EPA-compliant products and a higher warranty accrual rate, partially offset by price increases for new products.
4) Cummins is investing in new product development and capacity expansion to drive continued profitable growth globally.
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 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.
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.
- TriQuint announces its financial results for the first quarter of 2009, with revenue up 7% year-over-year to $118.9 million despite a 20% sequential decline.
- The company reduced inventory by $19.8 million from the previous quarter and had a book to bill ratio of 1.14.
- For the second quarter of 2009, TriQuint estimates revenue between $140-150 million, with non-GAAP net income expected to range between $0.02-0.04 per share.
johnson controls 02/11/2009 Barclays Capital Industrial Select Conference finance8
Johnson Controls presented at the Barclays Industrial Goods Conference in February 2008. They discussed significant declines expected in North American and European automotive production in 2009. Johnson Controls has three main business segments - Automotive Experience, Power Solutions, and Building Efficiency. Automotive Experience and Power Solutions were expected to face challenges from the decreased production volumes, but both had strong backlogs of new business which could help offset difficulties. Power Solutions also derived most of its sales from the more stable aftermarket business.
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.
The document is Honeywell's earnings release for the first quarter of 2008. It reports strong financial results including 11% sales growth and 16% increase in segment profit. All of Honeywell's business segments experienced growth in the quarter. The release also updates guidance for full-year 2008, moving to the high end of the previous EPS range.
Gm Events & Presentations Credit Suisse Group International Investor Conferen...Manya Mohan
The document summarizes General Motors' performance in Europe in the first half of 2008. It notes that GM Europe achieved record sales of 1.16 million vehicles despite challenging market conditions. Key initiatives discussed include a focus on growth in Central and Eastern Europe, expanding the Chevrolet brand, improving revenue and margins, and restructuring manufacturing operations to lower costs.
The majority down. 62% of our 72-stock universe suffered lower
sequential quarterly net profits, with 24% surprising on the downside.
The combined 1Q09 net profit of our research universe fell by just 3.5%
QoQ. But stripping out 5 large gainers, net profits fell a larger 13.6%
QoQ. Consumers and glove manufacturers’ defied gravity, but net
profits of virtually all stocks in nine sectors fell quarter-on-quarter.
A surprising combined result, but the devil is in the details. The
combined net profit of our research universe declined just 3.5% QoQ
despite an overwhelming 62% of companies reporting a sequential
quarterly decline. But excluding five companies, combined net profit fell
13.6% QoQ, an acceleration from previous quarters. A broad-based
earnings decline is being masked by a few companies, including some
monopolies.
Declines in nine sectors, but consumer sector unscathed. Every
stock in nine sectors, excluding monopolies Petronas Gas and KLCCP,
experienced a drop in quarterly sequential earnings. The sectors are
gaming, oil & gas, property, REITs, construction, building materials,
semi-conductors, plantations and toll roads. Consumer stocks and
glove manufacturers showed particular resilience.
An ‘energy dividend’ took effect; monopolies fared well. Lower oil
prices benefited heavy fuel users AirAsia and Tenaga. Their gains were
only partially offset by lower earnings at the oil & gas services
companies. Net profits of Telekom, Tenaga and Petronas Gas, all
effectively monopolies, improved on a quarterly basis although only
Petronas Gas raised prices in 1Q09.
The biggest disappointment and downgrade: 1Q GDP. First quarter
2009 GDP fell 6.2% YoY, against consensus expectations of a 3-4%
drop. We have revised our GDP forecasts to -3.8% in 2009 and +4.0%
YoY in 2010 (previously -1.3% and +3.5% respectively). The
government, to be ahead in the expectations game, is projecting 2009
GDP growth of -4% to -5%. The silver lining is the government is now
under greater pressure to implement its fiscal stimulus plans quickly.
A reversal of fortune ahead for construction, building materials.
Despite uniformly lower earnings this 1Q, we believe the construction
and building materials sectors are only 2-3 quarters away from
improved revenues. Share prices of stocks in these sectors will likely
be driven by newsflow from the fiscal stimulus rather than earnings.
CSU's consolidated revenue grew 11% in 2Q08 compared to 2Q07. Gross profit increased 84% and EBITDA jumped 182% over the same period due to revenue growth outpacing cost increases. The cards market maintained 18.7% annual growth while CardSystem outperformed with 21.4% growth. CSU aims to continue growing its payments processing unit while improving profitability across all business units through cost controls and productivity gains.
This document analyzes which industries are best positioned for recovery from the economic downturn and which will benefit most. It finds that healthcare, education, technology and telecommunications will see good growth as they were recession-resistant. Business spending on IT and transportation equipment will recover before housing or construction due to overcapacity issues threatening capital spending in some sectors. Financial services hit bottom in 2010 but recovery is constrained by deleveraging needs. Emerging markets will drive growth in telecom, infrastructure, and transportation.
- CMC reported consolidated revenue of Rs. 1085 crore for FY2006-07, an increase of 18% over the previous year. Consolidated profit before tax increased 99% to Rs. 98.97 crore.
- International revenue grew 54% driven by the American and UK geographies. The international business share of revenue increased from 28% to 35%.
- Services revenue increased 32% with significant growth in the SI and ITES business units. Operating margins expanded 355 basis points due to an improved business mix and increased manpower productivity.
- For Q4 FY2006-07, revenue grew 4% year-over-year while profit before tax increased 103% and margins expanded across all
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 an agenda and background information for a Cummins Inc. investor conference being held at the Jamestown Engine Plant. The agenda includes presentations from Cummins leadership on topics like earnings growth, macro trends, emerging markets opportunities, technology capabilities, new products, and profitable growth projections. The conference aims to showcase how Cummins is well-positioned to capitalize on global growth trends in the diesel engine market through its technology leadership, global presence, and strategic initiatives.
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.
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.
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%.
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.
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) Cummins reported record sales and profits for the 4th consecutive year, with sales up 16% and earnings before interest and taxes up 7% compared to the previous year.
2) All business segments saw sales growth, with the strongest growth in Power Generation (up 28%), Distribution (up 21%), and Components (up 30%).
3) Earnings were impacted by higher costs associated with the launch of new EPA-compliant products and a higher warranty accrual rate, partially offset by price increases for new products.
4) Cummins is investing in new product development and capacity expansion to drive continued profitable growth globally.
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 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.
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,
- 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.
Emerson reported strong financial results for 4Q 2008, with sales up 11% to $6.7B and EPS up 13% to $0.88. Operating profit margin improved 70 bps to 17.5% due to cost containment programs. Cash flow from operations was $1.3B. For fiscal year 2008, underlying sales grew 7% with emerging markets representing 30% of sales. Process Management sales increased 13% with strong growth globally. Industrial Automation sales rose 14% on strength across power generation and materials joining. Network Power sales increased 19% through acquisitions and growth in power systems. Climate Technologies sales grew 8% led by growth in Europe.
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 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.
GE reported preliminary unaudited results for the third quarter of 2008. Revenue grew 11% year-over-year to $47.2 billion, though earnings declined due to challenges in the financial services business. Earnings from continuing operations were $4.5 billion compared to $5.1 billion in the prior year. Industrial sales increased 17% driven by growth in the energy and infrastructure segments. Orders grew 9% excluding the C&I segment. GE took actions to strengthen its financial position such as reducing leverage and improving liquidity. The results were in line with GE's previous revised guidance for the quarter.
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.
Caterpillar reported record quarterly sales and revenues of $11.442 billion for Q3 2007, up 9% from Q3 2006. Profit was $927 million, up 21% from Q3 2006. Profit per share was a record $1.40 for Q3, up 23% from Q3 2006. Sales outside of North America increased significantly, offsetting weakness in the US. The company provided a preliminary outlook for 2008 of 5-10% sales growth and 5-15% profit per share growth over 2007 estimates. Caterpillar anticipated continued challenges in the US but strength in most international markets, driven by industries like mining, oil and gas, and electric power.
The document is a company's earnings report for the first quarter of 2008. It includes:
1) Sales were up 6% compared to the first quarter of 2007, but business segment profit decreased by $15 million due to higher input costs and maintenance outages.
2) The packaging resources and specialty chemicals segments saw sales and profit increases, while consumer solutions and consumer & office products saw profit decreases due to input cost inflation and bad debt charges.
3) Adjusted earnings before interest and taxes (EBIT) decreased 30% to $28 million compared to the prior year quarter, driven by lower adjusted gross margin and segment profit.
The document is a company's earnings report for the first quarter of 2008. It includes:
1) Sales were up 6% from the first quarter of 2007 but business segment profit decreased by $15 million due to higher input costs and maintenance outages.
2) The packaging resources and consumer solutions segments saw sales growth but profits decreased due to input cost inflation and bad debt charges.
3) Specialty chemicals saw a significant increase in sales and profit driven by demand growth across product lines.
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%.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others such as ACT II and Knott's Berry Farm saw declines.
2) Consumer Foods volume was flat excluding divested businesses, while Food and Ingredients volume increased 3%.
3) Capital expenditures increased significantly both for the quarter and full fiscal year compared to the previous year.
Major brands in the Consumer Foods segment that posted sales growth for Q1 FY08 included Banquet, Blue Bonnet, Chef Boyardee, DAVID, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, Kid Cuisine, Libby's, Marie Callender's, Manwich, Orville Redenbacher's, Reddi-wip, Rosarita, Ro*Tel, Snack Pack, Van Camp's, and Wesson. Brands that posted sales declines included ACT II, Crunch N Munch, Knott's Berry Farm, PAM, Parkay, Slim Jim, and Swiss Miss. Consumer Foods volume increased 3% excluding divested
The document summarizes Conagra Foods' Q2 FY08 earnings results. Major brands in the Consumer Foods segment that posted sales growth included Blue Bonnet, Chef Boyardee, and Egg Beaters. Brands that posted sales declines included ACT II, Knott's Berry Farm, and Orville Redenbacher's. Consumer Foods volume decreased 1% but excluding items increased 3%, while Food and Ingredients volume was flat. Depreciation and amortization was $77 million, capital expenditures were $111 million, and net interest expense was $64 million. The company's net debt ratio increased to 43% from 37% a year ago.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
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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.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
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How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
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13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
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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. Long-term Targets*
Power Generation Sales growth: 8-10%
EBIT margin: 7-9%
Segment
Selected Financial Data
Change Change
$ Millions Q107 Q106 Amount Percent
Sales 675 536 139 26%
EBIT 77 45 32 71%
% of Sales 11.4% 8.4%
Commercial generator sets and alternator equipment strength in North
America, the Middle East, Europe, Russia, India and Latin America
Consumer growth as portables, residential standby, and auxiliary power
units offset softness in RV and recreational marine
Energy Solutions business sales growth in Europe and the Middle East
Strong price realization for commercial generator sets and alternators
*Targets represent averages across the economic cycle 4
5. Long-term Targets*
Engine Segment Sales growth: 6-8%
EBIT margin: 7-10%
Selected Financial Data
Change Change
$ Millions Q107 Q106 Amount Percent
Sales 1,765 1,821 (56) (3%)
EBIT 128 179 (51) (28%)
% of Sales 7.3% 9.8%
On-highway revenue down 20% due to North American emission regulation
Off-highway revenue up 28% with growth in nearly all markets
Lower gross margins due to higher initial new product costs and loss of
volume leverage in heavy-duty business
Investing in new growth opportunities and additional capacity
*Targets represent averages across the economic cycle 5
6. Engine Segment
Sales by Market – On-highway
Change Change
$ Millions Q107 Q106 Amount Percent
Heavy-duty truck 424 608 (184) (30%)
Medium-duty truck and bus 206 215 (9) (4%)
331 (43) (13%)
Light-duty automotive 288
Total on-highway 918 1,154 (236) (20%)
Global heavy-duty truck shipments down 45%; North America down 58%
Medium-duty truck shipments down 7% with strength in Brazil partially
offsetting weakness in North America
Bus shipments up 16% due to North America school bus and international
transit bus
Light-duty automotive shipments down 27% as the North American pick-up
truck market continues to manage overall dealer inventory
6
7. Engine Segment
Sales by Market – Off-highway
Change Change
$ Millions Q107 Q106 Amount Percent
Total off-highway 617 481 136 28%
Total shipments up 19% with double-digit growth in nearly all markets
Construction equipment shipments up 25% from strength in international
markets
Shipments for mining up 14% with growth in Eastern Europe and China
Oil & Gas revenue growing faster than volume with growth in high-
horsepower engines
Increasing high-horsepower capacity 15% by mid 2008
7
8. Long-term Targets*
Distribution Segment Sales growth: 10%
EBIT margin: 8-10%
Selected Financial Data
Change Change
$ Millions Q107 Q106 Amount Percent
Sales 309 317 (8) (3%)
EBIT 39 31 8 26%
% of Sales 12.6% 9.8%
Sales up 12%, excluding the reporting change of a North American
distributor, driven primarily by Europe and the South Pacific
Earnings from joint ventures increased 89% due to strong performance from
our North American distributors, particularly with sales of power generation
equipment
New acquisitions in Spain and Turkey and new joint ventures in the
Southeast United States, Nigeria and Thailand during the first quarter
*Targets represent averages across the economic cycle 8
9. Long-term Targets*
Components Segment Sales growth: 8-10%
EBIT margin: 7-9%
Selected Financial Data
Change Change
$ Millions Q107 Q106 Amount Percent
Sales 657 555 102 18%
EBIT 24 31 (7) (23%)
% of Sales 3.7% 5.6%
Growth from Emission Solutions (up $54M) and Turbo Technologies (up $37M)
on sales of new products to meet emission standards
Emission Solutions leveraged higher volume to improved margins
Fuel Systems challenged by startup costs for new joint venture and lower heavy-
duty volumes
New product introduction, metal market cost increases, and aggressive
production ramp up at Turbo Technologies negatively impacted gross margins
*Targets represent averages across the economic cycle 9
10. Cummins Inc.
Selected Income Statement Data
Q107 Q106
Net Earnings ($M) 143 135
Earnings Per Share $1.42 $1.35
Product Coverage (% of Net Sales) 2.3% 3.1%
Gross Margin (% of Net Sales) 19.6% 21.1%
SAR (% of Net Sales) 12.9% 13.1%
Earnings before interest and taxes (EBIT) at 8.6% of sales, well within
our targeted range of 7 to 10 percent
Lower interest expense helped net earnings grow 6%
Gross margins lower due to high initial new product costs, partially
offset by higher pricing for new products
10
11. Joint Venture Income
$ Millions Q107 Q106
Engine 17 17
On-highway 9 11
Off-highway 5 5
Rec. Marine 3 1
Power Generation 3 3
Distribution 17 9
2
Components (1)
Total JV Income 36 31
Recreational marine up on European market share growth
Distribution increased 89% on strength of power generation equipment sales
in North America and contribution from newer joint ventures
11
12. Cash Flow
Q107 Q106
18
Operating Cash Flow ($M) (113)
52
Capital Expenditures ($M) 48
Pension Funding ($M) 61 41
Share Repurchase ($M) 13 36
Working Capital (% of Net Sales) 20.0% 17.3%
Cash flow strategy to maintain a strong balance sheet, including funding our
liabilities; invest in profitable growth; and return value to our shareholders
Working capital net cash outflow of $192 million in Q107 compared to net cash
outflow of $161 million in Q106
12
13. Guidance for 2007
Consolidated Results
Item Full Year Guidance
Earning per Share $6.00 to $6.50
Revenue Up 5% to 7%
Joint Venture Earnings Up 10%
Effective Tax Rate 33%
Capital Expenditures ($M) $320 to $350
Global Pension Funding ($M) $230 to $240
13
14. Guidance for 2007
Segment Results
Power
Distribution
Item Engine Generation Components
Revenue Flat Up 15-18% Up 18-22% Up 7-10%
Joint Venture
Down ~5% Up ~8% None Up ~40%
Earnings
Slightly
Below the
EBIT Relative Above top Above top
below or at
low end of
to Target end of target end of target
low end of
target range
Range range range
target range
14
15. Confident in our ability to perform in
2007 and beyond
We have fundamentally changed our
business model
We did what we said we would do
We are investing in the next generation of
profitable growth opportunities
15
16. Revenue from International Markets
offset Decline in US & Canada
2,900
2,817
+99
2,800
+65
2,678
(197)
Revenue ($ M)
2,700 +172
2,600
2,500
2,400
Asia & Q1 '07
Q1 '06 US & EMEA Latin
Australia
Canada America &
Mexico
16
17. Confident in our ability to perform in
2007 and beyond
We have fundamentally changed our
business model
We did what we said we would do
We are investing in the next generation of
profitable growth opportunities
17
18. Growth from new engine platforms
1,400
Engine Production (Thousands)
1,200
1,000
800
600
400
200
0
2006 Organic New 2010
Growth Platforms
18
19. Investment in capacity for current
and future products
CMI Capital Spending JV Capital Spending
250 - 325
320 - 350
249
186
107
82
2005 2006 2007 2005 2006 2007
19
20. SAVE THE DATE
CMI Analyst Day
Tuesday, September 18, 2007
Heavy-duty Engine Plant
Jamestown, NY
Contact Information:
Dean Cantrell
Director – Investor Relations
(812) 377-3121
Investor_Relations@Cummins.com
www.cummins.com
20
21. 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
21
23. Non-GAAP Reconciliation – EBIT
Three Months Ended
Millions April 1, April 2, December 31,
2007 2006 2006
Segment EBIT $ 243 $ 255 $ 303
Less: Interest Expense $ 16 $ 27 $ 20
Earnings before income taxes and minority $ 227 $ 228 $ 283
interests
EBIT = Earnings before interest, taxes, and minority interests.
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.
23
24. Non-GAAP Reconciliation – EBITDA
Three Months Ended
Millions April 1, April 2, December 31,
2007 2006 2006
Segment EBIT $ 243 $ 255 $ 303
Depreciation & Amortization $ 68 $ 74 $ 74
EBITDA $ 311 $ 329 $ 377
EBITDA = Earnings before interest, taxes, minority interests, depreciation, and amortization.
24
25. Non-GAAP Reconciliation – Cash From
Operations Excluding Pension Contributions
Three Months Ended
Millions April 1, 2007 April 2, 2006
Cash provided by operations $ (113) $ 18
Add back: pension contributions $ 61 $ 41
Cash provided by operations
$ (52) $ 59
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.
25
26. Non-GAAP Reconciliation – Net
Assets
April 1, April 2,
Millions
2007 2006
Net assets for operating segments $ 4,041 $ 3,609
Liabilities deducted in computing net assets 3,516 3,385
Minimum pension liability excluded from net assets - (837)
Pension and other postretirement liabilities (824) -
Deferred tax assets not allocated to segments 689 814
Debt-related costs not allocated to segments 26 26
Total assets $ 7,448 $ 6,997
26
27. Non-GAAP Reconciliation – Equity Used for
Return on Equity Calculation
April 1, April 2,
Millions
2007 2006
Equity used for return on equity calculation $ 3,480 $ 2,501
less Defined other postretirement benefits 5 -
less Defined benefit pension plans 538 -
less Minimum pension liability adjustment - 523
Total shareholder’s equity $ 2,937 $ 1,978
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29. Long-term Targets*
Sales growth: 8-10%
Cummins Inc. EBIT margin: 7-10%
ROANA: 22%
Selected Financial Data ROE: 18%
Change Change
$ Millions Q107 Q106 Amount Percent
Sales 2,817 2,678 139 5%
EBIT 243 255 (12) (5%)
% of Sales 8.6% 9.5%
ROANA 31% 30%
ROE 24% 26%
Global customer demand leading to growth in nearly every market
Improved cost structure results in all profitability targets to be met or
exceeded
Investing in profitable growth opportunities in each operating
segment, and in domestic and international markets
*Targets represent averages across the economic cycle 29
30. Cummins Inc.
Q1 2007 LTM Revenue by Segment
Components
Q1 2007 – Great Quarter Segment 17%
Strong global demand Engine
for our product Segment 54%
Distribution
Year-over-year Segment 10%
growth in revenue
and earnings
Investing in profitable
growth opportunities
Power Gen
Segment 19%
Q1 2007 LTM Data
Sales: $11.5 billion
EBIT: $1,167 million
EBIT Margin: 10.1% (Target: 7-10%)
30
31. Cummins Inc.
Q1 2007 LTM Revenue by Marketing Territory
Africa/Middle East
International revenue Canada 5%
6%
is 49% of consolidated
revenue Mexico/Latin
America
International revenue 8%
was 54% in the first
quarter
United States
Most international 49%
areas growing at Asia/Australia
17%
double digit rate
Europe/CIS
15%
31