500 01-Apr-09 600
02635PRT2
American Intl Grp 5.750 15-Mar-32 5,000
40428EJQ3 Household Finance 4.250 01
-Feb-10 750
94980VAA6 Wells Fargo 4.750 09-Feb-15 1,500
Issues Eliminated
from the Index
--------------------------------
ISSUE
CUSIP ISSUER COUPON MATURITY SIZE(MM)
12560PDB4
CIT Group 4.21 billion were 25 percent higher than $1. For
the first quarter, Cummins
profits from its unconsolidated joint
ventures around the world were $31 million, up from $18 million
for
the same period a year ago.
Webcast information
Cummins management will host a
teleconference to discuss these
results at 10 a.20 $0.7
(a) Prepared on an unaudited
basis in accordance with accounting
principles generally accepted in the United States of America
.
thuath ionad
500 15-Dec-08 650
87612EAJ5 Target 5.875 02-Jul-08 1,000
07385TAJ5
Bear Stearns 5.750 15-Mar-32 2,000
92344GAM8 Verizon 7.625 15
-Mar-13 1,000
92344UAA3 Verizon 5.750 25-Aug-08 500
20825UAB0 ConocoPhillips
6. The
Company is now forecasting sales for the year to be 10-12 percent
greater than last
year, compared to its previous forecast of a 7-8
percent increase. The Company also saw robust performance
in its
industrial engine markets, especially the mining segment. Power Generation reported
sales
of $439 million, the best first quarter ever for the segment and
19 percent higher than first quarter
2004. With more than 28,000 employees
worldwide, Cummins reported sales of $8.com
Forward
Looking Statement Disclosure
Information provided and statements on the webcast and in this
release
that are not purely historical are forward-looking statements
within the meaning of the Private Securities
Litigation Reform Act of
1995, including statements regarding the company's expectations,
hopes
, beliefs and intentions on strategies regarding the future.50 par value, 48. We use EBIT to assess and
measure the performance of our
operating segments and also as a component in measuring our variable
compensation programs. It should be considered
supplemental data.ocht ngaeilge
700 01-Jun-09 1,350
22541LAR4 Credit Suisse 4.125 15-Sep-14 2,000
52517PVV0 Lehman Bros
4.125 10-Sep-09 1,000
59018YTZ4 Merrill Lynch 5.450 15-Jul-14 1,500
61748AAE6
Morgan Stanley 4.
Business Editors
COLUMBUS, Ind.
(NYSE:CMI) today reported
sharply higher earnings for the first
quarter as a result of better margins, strong joint venture
performance and increased sales in each of its business units.cummins. 27, Mar. 31,
2005 2004
--------- ---------
ASSETS
Current assets
Cash and cash equivalents
$261 $611
Marketable securities 48
62
Receivables, net 1,437 1,160
Inventories
1,065 1,016
Deferred income taxes
289 301
Prepaid expenses and other current assets 102 106
--------- ---------
Total current assets
3,202 3,256
Long-term assets
Property, plant and equipment, net
1,606 1,648
Investments in and advances to equity investees 303 286
Goodwill 354 355
Other intangible assets
, net 91 93
Deferred income taxes
689 689
Other assets 180 183
--------- ---------
Total assets
$6,425 $6,510
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term borrowings
$113 $327
Accounts payable
942 823
Accrued product coverage and marketing expenses 308 279
Other accrued
expenses 644 751
--------- ---------
Total current liabilities 2,007 2,180
Long
-term liabilities
Long-term debt 1,255 1,299
Pensions
487 466
Postretirement benefits other than pensions
570 570
Other long-term liabilities 396 386
--------- ---------
Total liabilities
4,715 4,901
Minority interests
216 208
Shareholders' equity
Common stock, $2. 27, Mar.cliath omh
(NYSE:GS) announced today
the monthly rebalancing of the GS $
InvesTop(TM) Index.550 01-May-13 1,500
931142BV4
Wal-Mart 4.125 15-Feb-14 500
14040EHH8 Capital One 5.875 01
-Nov-34 1,000
4042Q0AN9 Household Finance 3.200 15-Sep-14 1,500
25156PAE3 Deutsche
Telekom 3.500 15-Oct-10 749
460146BY8 International Paper 4. Cummins, which has
made the list each of the six
years it has been compiled by the magazine, previously was ranked as
high as No.
Presentation of Non-GAAP Financial Information
EBIT is a non-GAAP financial
measure used in this release. 27, Mar. AND CONSOLIDATED SUBSIDIARIES
SEGMENT INFORMATION
(Unaudited)
Filtrat- Internat-
Power ion ional
Gener- and Distri- Eliminat- Total
Millions Engine ation Other
butor ions
-------- ------- ------ -------- --------- --------- ------
Three
Months Ended
Mar.ireann teangacha
000 16-May-08 1,000
20030NAA9 Comcast 5.300 15-Jan
-12 1,500
233835AW7 DaimlerChrysler 6.800 15-Aug-34 600
742718BY4 Procter
+ Gamble 3.950 30-Oct-14 850
929903AJ1 Wachovia 5.25 and $2.9 40
. 28, 2004
------------------
Net sales $1,139 $369 $347 $171 $(255
) $1,771
Segment EBIT 40 6 24 8 -- 78
Net assets
1,069 507 767 196 -- 2,539
The table below reconciles the segment
information to the
corresponding amounts in the Consolidated Financial Statements. 27, Mar. Distributors
215 215
Eliminations (344)
(344)
-------- -------- -------- -------- --------
TOTAL 2,208 - - - 2,208
========
======== ======== ======== ========
2004
Engine Business
Heavy-Duty Truck
341 445 466 491 1,743
Medium Duty Truck+Bus 165 192 195
221 773
Light Duty Auto+RV 274 304 299 299 1,176
Industrial
260 324 334 368 1,286
Stationary Power 99 128
144 151 522
-------- -------- -------- -------- -------
-
TOTAL ENGINE
BUSINESS 1,139 1,393 1,438 1,530 5,500
Power Generation 369 468 502 538 1,877
Filtration / Other
347 369 369 399 1,484
Int'l.Sumh a bhainnean leis an Ghaeilge mar theanga.
ionad oideachas
200
23-Dec-15 1,000
125581AH1 CIT Group 5.250 22-Jul-13 1,250
35177PAK3
France Telecom 8.950 15-Apr-32 1,000
25179SAC4 Devon Energy 6.850 30
-Oct-12 1,200
637432CV5 National Rural Util 5.4 percent of
sales.
"We're extremely proud
to have been able to pay down a substantial
portion of debt," said Cummins Chief Financial Officer
Jean Blackwell. Overall market conditions in Asia, most notably
China, are strong.
Filtration
and Other segment
Segment sales were $403 million in the quarter, up 16 percent from
the same
period in 2004, while Segment EBIT was $20 million, compared
to $24 million in 2004. AND CONSOLIDATED
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (a)
Millions
------- Three Months Ended
Mar.bearla naisc
700 15-Jan-10 1,000
370425SL5 General
Motors 6.625 15-May-09 1,500
377372AA5 GlaxoSmithKline 4.375 15-Apr-14
1,500
413627AQ3 Harrahs 5.100 15-Sep-14 2,250
852060AT9 Sprint
8. Earnings before interest and
taxes (EBIT) were $163 million in the quarter, or 7. Strong
product demand in North America and
Holset turbocharger sales in China helped fuel the segment's
performance. It
is important to note that the company's actual future results could
differ
materially from those projected in such forward-looking
statements because of a number of factors
, including, but not limited
to, general economic, business and financing conditions, labor
relations
, governmental action, competitor pricing activity, expense
volatility and other risks detailed from
time to time in Cummins
Securities and Exchange Commission filings. 28, Dec.2
shares issued
121 121
Additional contributed capital
1,176 1,167
Retained earnings 948 866
Accumulated other comprehensive loss
Minimum pension liability (499
) (499)
Other components, net (50) (41)
Common stock
in treasury, at cost, 2.4% 7.bearla naisc
375 15-Jun-14 1,000
073902CC0 Bear Stearns 2
.750 15-Sep-10 600
172967CH2 Citigroup 3.625 09-Feb-09 1,500
172967CT6
Citigroup 5.750 15-Mar-14 1,000
369604AY9 General Electric 5.500 15
-Mar-09 1,000
46625HBV1 JPMorgan Chase 5.875 01-Oct-08 600
90331HKP7 US
Bank 4.200 15-Jan-10 2,500
94980VAA6 Wells Fargo 4.875 17-Jan
-12 1,000
INDUSTRIAL + UTILITIES ISSUE
CUSIP ISSUER
COUPON MATURITY SIZE(MM)
097014AH7 Boeing 5.375 15-Mar
-32 1,250
Issues Entering the Index
-------------------------
ISSUE
CUSIP ISSUER COUPON MATURITY
SIZE(MM)
125581AQ1 CIT Group 4.
"We continued to build off our record performance
in 2004 with an
excellent first quarter," said Cummins Chairman and CEO Tim Solso.00 and $9.20 a
share for the year, up from
its previous guidance of $8."
First quarter details
Engine
segment
Segment EBIT of $114 million was a 185 percent increase over $40
million for the same
period in 2004.
The segment posted record first quarter revenues of $215 million,
led by especially
strong distributor performance in Europe and the
Middle East.omh nuacht
375 15-Mar-13 2,429
00209TAB1
Comcast 9.375 15-Jun-09 750
892332AM9 Toyota Motors 4.350 15
-Oct-11 1,750
20825CAE4 ConocoPhillips 4. "This type of recognition is
gratifying
, and it speaks well to the values created at Cummins over
decades - values that our 28,000 employees
strive to live every day. This teleconference will be webcast and
available on the Investor Relations
section of the Cummins website at
www.1 and 2. 28,
2005 2004
--------- ---------
Cash
flows from operating activities
Net earnings $97
$33
Adjustments to reconcile net earnings to
net cash (used in) provided
by operating activities:
Depreciation and amortization 72 60
(Gain) loss on disposal
of property,
plant and equipment (1) 1
Deferred
income tax provision 16 --
Equity in earnings of investees, net
of dividends (19) (12)
Minority interests in earnings
of
consolidated subsidiaries 4 4
Pension expense
26 22
Pension contributions
(11) (23)
Stock-based compensation expense 3 9
Tax
benefit on stock options
exercised 1 3
Amortization of gain on terminated
interest rate swaps (1)
(2)
Translation and hedging activities (1) (13)
Changes in assets
and liabilities:
Receivables (283) (119)
Inventories
(53) (83)
Accounts payable
120 172
Accrued expenses (74) (6)
Other
, net 42 10
--------- ---------
Net cash (used in) provided by operating
activities
(62) 56
--------- ---------
Cash flows from investing activities
Capital expenditures
(31) (9)
Investments in internal use software (6)
(8)
Proceeds from disposals of property,
plant and equipment
10 1
Investments in and advances to equity
investees
(5) (18)
Investments in marketable securities -
acquisitions
(26) (25)
Investments in marketable securities -
liquidations
39 30
Other, net
1 --
--------- ---------
Net
cash used in investing activities (18) (29)
--------- ---------
Cash flows from financing activities
Proceeds from borrowings
25 2
Payments on borrowings and capital lease
obligations
(294) (15)
Net borrowings under short-term credit
agreements 10 1
Distributions to minority shareholders
(5) --
Proceeds from issuing common stock 7 22
Dividend payments on common stock (14) (13)
Other, net
3 --
---------
---------
Net cash used in financing activities (268) (3)
--------- ---------
Effect of exchange rate changes on cash
and cash equivalents (2) (1)
--------- ---------
Net (decrease) increase in cash and cash
equivalents
(350) 23
Cash and cash equivalents at beginning of
the year 611 108
--------- ---------
Cash and cash equivalents at end of the
period
$261 $131
========= =========
(a) Prepared on an unaudited basis in accordance with accounting
principles generally accepted in the United States of America.
CUMMINS
INC. Cumainn agus eagraochta Gaeilge.
eagra fud
500 01-Jul-10 750
437076AL6 Home Depot
3.375 01-Oct-12 1,000
06423AAW3 Banc One 2.250 27-Jan-10 1,000
59018YUH2
Merrill Lynch 4.125 15-Sep-09 2,250
78387GAP8 SBC Comm 5. Margins
improved, resulting in a 33 percent increase
in Segment EBIT from the fourth quarter 2004, despite
only a 1 percent
increase in revenues quarter-to-quarter.
Cummins presents this information as
it believes it is useful to
understanding the Company's operating performance, and because EBIT is
a measure used internally to assess the performance of the operating
units.4 billion in 2004.
Press
releases can be found on the Web at www.1%
-- 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.eagra oifigi
875 01
-Apr-11 500
345397TZ6 Ford Motors 7.500 01-Feb-14 1,750
983024AG5 Wyeth
6.750 15-Dec-09 1,000
36962GXZ2 General Electric 6.250 01-Aug-14
1,500
929903AD4 Wachovia 3. The firm is headquartered in New York and
maintains
offices in London, Frankfurt, Tokyo, Hong Kong and other
major financial centers around the world
.----Cummins Inc. Likewise, Cummins continues to see strong
earnings from its joint venture operations
, especially in China.76 2.gramadach thuath
625 30-Jun-08 1,000
060505BC7 Bank of America 3
.875 22-Jul-08 750
25156PAF0 Deutsche Telekom 5.900 15-Oct-32 600
244217BG9
Deere 7.875 30-Apr-14 500
406216AR2 Halliburton Co 5.
Power
Generation segment
Segment EBIT of $17 million was nearly three times the $6 million
reported
for the first quarter of 2004. EBIT is
defined and reconciled to what management believes to be the
most
comparable GAAP measure in a schedule attached to this release.m.
Supplemental Data
-----------------
Sales
$Millions Q1 Q2 Q3 Q4
YTD
-------- -------- -------- -------- --------
2005
Engine
Business
Heavy-Duty Truck 502 502
Medium Duty
Truck+Bus 195 195
Light Duty Auto+RV 260
260
Industrial 408 408
Stationary Power 130 130
-
------- -------- -------- -------- --------
TOTAL ENGINE
BUSINESS 1,495
- - - 1,495
Power Generation 439
439
Filtration / Other 403 403
Int'l.
fud ocht
CONSUMER ISSUE
CUSIP ISSUER
COUPON MATURITY SIZE(MM)
00184AAG0 AOL Time Warner 7.950 15-Aug-14 900
742718DB2 Procter + Gamble 5.700 15-Nov-14 1,700
054937AE7 Branch Banking
5.750 01-Apr-14 4,000
61746SBC2 Morgan Stanley 4.625 17-Feb-09 1,250
939322AL7
Washington Mutual 4. The Company now
expects to earn between $9.35 a share in the second quarter
.
Commercial demand continues to grow, especially in the Middle
East, Europe and North America
, where capital spending increased in
the first quarter.73
Diluted
1.30
Weighted average shares
outstanding
Basic 43
.8 47. AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited) (a)
Millions, except par value
---------------------
-----
Mar. 27, Dec.1 and 2.
Certain
reclassifications have been made to 2004 amounts to
conform to the 2005 presentation.
CUMMINS INC. 27, 2005
------------------
Net sales $1,495 $439
$403 $215 $(344) $2,208
Segment EBIT 114 17 20 12
-- 163
Net assets 1,358 623 808 205 -- 2,994
Three
Months Ended
Mar. 28, Dec.9% 5. 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.theas naisc
850 11-Dec-34 1,000
172967CQ2
Citigroup 5.750 15-Oct-12 1,000
20825CAF1 ConocoPhillips 5.000 01
-Apr-10 600
460146BQ5 International Paper 5.30 a share. Industrial
sales increased 57
percent compared to the same period last year.com
About Cummins
Cummins Inc.eagra naisc
The index
's composition for February is listed below.125 15-Feb-11 2,000
983024AE0 Wyeth
5.875 15-Sep-09 1,950
46625HBH2 JPMorgan Chase 3.200 15-Sep-09 1,500
079860AG7 BellSouth 5.000 15-Mar-12 1,500
251799AA0 Devon Energy
7.
The Company's Power Generation and International Distributor
Business Units posted sharply
higher Segment EBIT when compared to the
first quarter of 2004. EBIT margin was 7.
Segment EBIT
declined compared to first quarter 2004 as the
business continues to face commodity price pressures
and supply chain
inefficiencies. Headquartered in Columbus, Indiana, (USA)
Cummins serves customers
in more than 160 countries through its
network of 550 Company-owned and independent distributor facilities
and more than 5,000 dealer locations.81 $2.6
Diluted 50
. 28,
Millions 2005 2004
--------
--------- ---------
Segment EBIT
$163 $78
Less:
Interest expense 28
27
Provision for income taxes 34 14
Minority interest
in earnings of consolidated
subsidiaries 4 4
--------- ---------
Net earnings
$97 $33
=========
=========
Net assets for operating segments $2,994 $2,539
Liabilities
deducted in computing net assets 3,252 2,811
Minimum pension liability excluded from
net
assets (826) (698)
Deferred tax assets
not allocated to segments 978 858
Debt-related costs not allocated to segments
27 69
--------- ---------
Total
assets $6,425 $5,579
========= =========
NON-GAAP FINANCIAL MEASURES (Unaudited)
Earnings
before interest, taxes and minority interests (EBIT)
We define EBIT as earnings before interest
expense, provision for
income taxes and minority interests in earnings of consolidated
subsidiaries
.gramadach eorpach
250 15-Aug-08 1,000
060505BM5 Bank of America 5.625 01-Apr-14 1,000
4042Q1AA5
Household Finance 5.875 30-Sep-11 1,750
263534BM0 DuPont 4. The Company
expects to
earn between $2. In addition to being named to Business
Week magazine's list of top
50 performing companies for 2004, Cummins
was recognized by Business Ethics magazine as its top corporate
citizen for 2005., EST.teangeola oifigi
650 01-Oct-10 800
268766BZ4 EOP Operating 4.
We believe that these efforts
have resulted in metrics sufficient to justify a return to investment
grade. 31,
amounts 2005 2004 2004
-------------
------------- ---------- --------- -------------
Net sales
$2,208 $1,771 $2,349
Cost of sales 1,752 1,426 1
,876
---------- --------- -------------
Gross margin
456 345 473
Expense and other income
Selling and
administrative
expenses 259 223 281
Research
and engineering
expenses 63 56 66
Equity
, royalty and other
income from investees (31) (18) (38)
Interest
expense 28 27 31
Other (income) expense, net
2 6 (9)
---------- --------- ---------
----
Earnings before income taxes and
minority interests 135 51
142
Provision for income taxes 34 14 12
Minority interests
in earnings of
consolidated subsidiaries 4 4 11
---------- --------- -------------
Net earnings
$97 $33 $119
========== ========= =============
Earnings per share
Basic $2.4 and 48. 31,
Millions
2005 2004 2004
-------- -
-------- --------- ----------
Earnings before interest, income taxes
and minority interests
$163 $78 $173
EBIT as a percentage of net sales 7.ranganna naisc
Goldman
Sachs Announces Monthly Rebalancing of the Gs $ InvesTop Index
000 01-Oct-13 3,000
345397UC5
Ford Motors 5.000 22-Mar-11 1,350
22541LAN3 Credit Suisse 4.875 15
-Jan-15 2,000
268766CB6 EOP Operating 4.800 15-Jan-13 600
097014AJ3 Boeing
4.950 16-Oct-13 1,000
Goldman Sachs is a leading global investment
banking, securities
and investment management firm that provides a wide range of services
worldwide
to a substantial and diversified client base that includes
corporations, financial institutions,
governments and high net worth
individuals.
"Our markets across the world remain strong and these
results reflect
our ability to take a greater percentage of revenue to the bottom
line. 2 in 2003
.50 billion in the first quarter.96 0.3 50.ghaeilge bearla
700 01-May-32 2,000
025816AQ2 American
Express 4.375 15-Jul-33 3,000
370425SJ0 General Motors 5.750 15-Dec-10
750
949746FJ5 Wells Fargo 4. Cummins also was named the best company for
Asian
-Americans to work by Diversity Inc. AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF EARNINGS
(Unaudited) (a)
Three Months
Three Months
Ended Ended
Millions, except per share Mar.5 43.4%
Less:
Interest
expense 28 27 31
Provision for income taxes
34 14 12
Minority interests in earnings of
consolidated subsidiaries
4 4 11
--------- --------
- ----------
Net earnings $97 $33 $119
========= ========= ==========
Net earnings as a percentage of net
sales 4.4% 1.naisc ngaeilge
750 15-Sep-09 1,000
50075NAM6 Kraft
Foods 4.125 12-Nov-09 750
742718DA4 Procter + Gamble 4.350 15-Dec-10
750
931142BT9 Wal-Mart 4.125 15-Jan-15 1,000
949746JJ1 Wells Fargo
4.750 01-Dec-30 1,994
92345NAA8 Verizon 4.125 30-Apr-10
900
263534BN8 DuPont 4. Founded in 1869, it is one of the oldest and largest
investment
banking firms.
For the three months ending March 27, Cummins posted net income of
$97 million
, or $1.
Net sales of $2.00 - $8."
The Company received national recognition in the first quarter
for
its financial performance as well as for its efforts to be a
responsible corporate citizen
.41
Cash dividends declared per share $0.30 $0.bearla theas
455 15-Nov-22 1,075
233835AT4
DaimlerChrysler 7.000 15-Sep-14 4,084
22237LPA4 Countrywide Homes 4.000 01
-Feb-13 5,000
36962GM27 General Electric 3.750 09-Feb-15 1,500
TELECOM +
TECHNOLOGY ISSUE
CUSIP ISSUER COUPON MATURITY
SIZE(MM)
00209AAE6 AT+T Wireless 7.875 01-Mar-11 2,999
079860AE2 BellSouth
6.Cummins Inc. Cummins Reports Sharply Higher Net Income for First Quarter; Raises 2005
Earnings Guidance
76 a share) the Company earned in the first
quarter of 2004 and well above the
Company's previous guidance.77
billion for the same period a year ago. Our people are executing well
and those efforts are paying off.
"Cummins core values go beyond delivering superior results, and
we
take our commitment to employees and the communities in which we
operate very seriously," Solso
said.5 percent in the first quarter 2004.
CUMMINS INC.2 shares
(102) (104)
Unearned compensation (17) (21
)
--------- ---------
Total shareholders
' equity 1,494 1,401
--------- ---------
Total liabilities and shareholders' equity $6,425 $6,510
========= =========
(a) Prepared on an unaudited
basis in accordance with accounting
principles generally accepted in the United States of America
.cliath eagra
750 01-Dec-14 1,750
370442BT1 General Motors 8.000 13-Feb-14 750
125581AQ1
CIT Group 4.000 15-Jan-10 1,950
73318EAK9 Popular 3.550 15
-Jun-34 700
079860AF9 BellSouth 4.96 a share on a diluted basis - nearly three
times
the $33 million ($0. For the first quarter of 2004, Cummins reported EBIT of $78
million
, or 4.4 percent of sales.
"Reducing our debt is a central part of Cummins strategy to strengthen
its balance sheet and improve liquidity. magazine., a global power leader, is a corporation of
complementary
business units that design, manufacture, distribute and
service engines and related technologies
, including fuel systems,
controls, air handling, filtration, emission solutions and electrical
power
generation systems.30 $0.nuacht omh
500 15-Nov-13 2,000
25244SAB7 Diageo 3.500
01-Feb-34 750
FINANCIAL ISSUE
CUSIP
ISSUER COUPON MATURITY SIZE(MM)
459745FL4 American Intl Grp 3
.250 01-Feb-10 750
14040EHK1 Capital One 5.500 01-Mar-11 3,429
78387GAM5
SBC Comm 6."
As a result of the Company's improved performance, Cummins today
is
raising its earnings and sales guidance for 2005.
The Company's first quarter performance was led
by the Engine
Business, which saw sales rise 31 percent from a year ago and Segment
EBIT nearly
triple, driven by significant strength in the North
American heavy duty truck market and its global
mining, marine and
construction markets.
The Company continued to strengthen its balance sheet
in the first
quarter by reducing its debt by $259 million.6 percent,
compared to 3. Expectations
for summer power shortages in China
continue to drive demand for large generator sets (above 500
kva).
Certain reclassifications have been made to 2004 amounts to
conform to the 2005
presentation.
Three Months Ended
Mar.gaeilge ngaeilge
875 15-Jul-13 1,000
025818EM3 American Express
3.850 15-Jan-10 600
00209TAA3 Comcast 8.800 13-Mar-14 1,150
52517PYN5 Lehman Bros 4.450 15-Jun-34 750
78387GAN3 SBC Comm
4.750 15-Mar-12 1,745
962166BR4 Weyerhaeuser 7. Sales rose 31
percent to
$1.
Heavy duty truck engine revenues grew 47 percent from the first
quarter of 2004.cummins.
CUMMINS INC.2
shares (83)
(88)
Common stock held in trust for employee benefit
plans, 2. Below is a reconciliation of
EBIT, a non-GAAP
financial measure, to our consolidated net earnings, for each of the
applicable
periods:
Three Months
Three Months Ended Ended
Mar.ngaeilge oideachas
Business Editors
NEW YORK----The Goldman Sachs Group,
Inc.000 15-Jan-09
1,000
93933WAC0 Washington Mutual 5.750 28-Aug-09 1,250
90210VAB4 TXU
7.000 15-Mar-13 1,000
962166BP8 Weyerhaeuser 6. Cummins consolidated
operations in China
also performed extremely well, with the markets for generators,
turbochargers
and filtration products remaining strong.
International Distributors segment
Segment EBIT
of $12 million was a 50 percent increase from $8
million in the first quarter 2004, while sales for
the quarter were 26
percent higher than the same period in 2004.4% 4. Distributors 171
220 215 250 856
Eliminations (255) (326) (330) (368
) (1,279)
-------- -------- -------- -------- --------
TOTAL
1,771 2,124 2,194 2,349 8,438
======== ========
======== ======== ========
Engine Shipments
Units Q1 Q2
Q3 Q4 YTD
-------- -------- -------- -------- --------
2005
Midrange 90,900 90,900
Heavy-duty
24,900 24,900
High Horsepower 3,100
3,100
-------- -------- -------- -------- -------
-
TOTAL 118,900 0 0 0 118,900
======== ======== ======== ======== ========
2004
Midrange 79,700
91,400 88,200 88,700 348,000
Heavy-duty 15,900 22,100 23,200 26,000
87,200
High Horsepower 2,200 3,100 3,200 3,600 12,100
-------- -------- -------- -------- --------
TOTAL 97,800 116,600
114,600 118,300 447,300
======== ======== ======== ======== ========
uile cliath
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