Plus   Neg

Cummins Expects 2018 Revenues To Be Up 4% To 8%

Cummins Inc. (CMI) said that it expects full year 2018 revenues to be up 4 to 8 percent, and Earnings Before Interest, Taxes, Depreciation and Amortization or EBITDA to be in the range of 15.8 to 16.2 percent of sales. EBITDA for the full year 2017 was 15.0 percent of sales, excluding the impact of US tax reform.

"We expect demand to remain strong in many of our core markets in 2018 and profitability to improve as a result of higher sales and continued execution of our cost reduction initiatives. The Company again plans to return at least 50 percent of Operating Cash Flow to shareholders in 2018," said Chairman and CEO Tom Linebarger.

Net loss attributable to the company in the fourth quarter was $274 million or $1.65 per share, compared to net income of $378 million ($2.25 per diluted share). Fourth quarter net income included $777 million in one-time charges related to tax reform. Excluding the tax reform impact, net income attributable to Cummins in the fourth quarter was $503 million or $3.03 per share, reflecting a 19.5 percent tax rate.

Fourth quarter revenues of $5.5 billion increased 22 percent from the same quarter in 2016.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Lord & Taylor joined the growing list of U.S. retailers who filed for bankruptcy amid the coronavirus pandemic. Lord & Taylor, one of the oldest department store chains in the U.S., filed for bankruptcy protection in the Eastern Court of Virginia on Sunday. The company operated 38 stores that have remained temporarily closed since March this year due to the pandemic. Thomson International Inc. is recalling Red, Yellow, White, and Sweet Yellow Onions for potential contamination with Salmonella, according to a statement by the U.S. Food and Drug Administration or FDA. The onions are in distribution since May 1, 2020. They were sold to wholesalers, restaurants, and retail stores in all 50 U.S. states, the District of Columbia and Canada. Tyson Foods, Inc. (TSN) reported third quarter adjusted net income per share attributable to company of $1.40 compared to $1.47, a year ago. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.94, for the quarter. Analysts' estimates typically exclude...
Follow RTT