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Cummins beats forecasts
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January 28, 2000: 9:35 a.m. ET
Diesel engine company cites strong sales from power generation business
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NEW YORK (CNNfn) - Cummins Engine Co.'s record sales helped the world's largest manufacturer of diesel engines race past fourth-quarter earnings estimates Friday.
For the recently completed quarter, the company earned $70 million, or $1.82 a share, excluding one-time items, beating the $1.59 a share figure predicted by analysts surveyed by earnings tracker First Call Corp.
In the year-earlier quarter, the company had net income of $29 million, or 75 cents a share.
Including a $60 million pre-tax charge related to the dissolution of a joint venture, the Columbus, Ind.-based company had net income of $25 million, or $65 cents a share.
Revenue for the quarter rose to $1.8 billion from $1.6 billion in the year-earlier period.
The company posted gains in sales for the quarter across all segments of its business -- gas and diesel engines, power generators and filtration systems. The power generation business enjoyed the strongest gains, with sales rising 36 percent.
For the year, the company earned $205 million, or $5.29 a diluted share, excluding one-time items, compared with $140 million, or $3.62 a share, for 1998. Including one-time items, the company had net income of $160 million, or $4.13 a diluted share, compared with a net loss of $21 million, or 55 cents a share, for 1998. Revenue for the year rose to $6.6 billion from $6.3 billion in 1998.
Shares of Cummins (CUM: Research, Estimates) closed Thursday at 39-13/16 down 7/8. 
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Cummins Engine
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