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Stock Market & Financial Investment News

News Breaks
February 20, 2013
08:04 EDTCMICummins revises previously announced Q4 operating results
Cummins has revised its previously announced Q4 and FY12 operating results to reflect information learned in February related to certain legal matters. The revisions were made to reflect a post-period increase to the Company’s contingent legal reserves for a recent adverse court ruling in a commercial contract dispute. As a result of the new information, EBIT for the fourth quarter and the full year decreased by $20M, while net income attributable to Cummins was reduced by $12M, or 7c per diluted share. This matter does not alter operating segment results as previously reported. The company’s revised fourth quarter EBIT was $532M excluding $52M of restructuring costs. Net income attributable to Cummins was $369M, or $1.95 cents per diluted share, including 19c per diluted share of restructuring costs and one-time tax benefits of 21c per diluted share. For the full year, the company’s revised EBIT, excluding special items, was $2.35B or 13.6% of sales compared to $2.6B or 14.2% of sales in 2011.
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January 27, 2015
12:22 EDTCMICaterpillar sinks after guidance cut, drags down machinery peers
Shares of Caterpillar (CAT) are falling after the company reported lower than expected profit and reduced its full-year guidance to well below analysts' consensus outlook. WHAT'S NEW: Caterpillar reported fourth quarter earnings per share, excluding certain items, of $1.35, versus analysts' consensus outlook of $1.55. The company's Q4 revenue came in slightly above expectations. However, Caterpillar provided fiscal 2015 EPS guidance, excluding certain items, of about $4.75, versus the consensus outlook of $6.67, and its revenue outlook was about $50B, compared with analysts' consensus estimate of $55B. In October, Caterpillar had provided a "preliminary outlook" for 2015 of no change to a slight increase in its revenue, versus 2014 levels. In 2014 the company reported revenue of $55.18B. Caterpillar blamed its disappointing guidance on weak commodity prices that are negatively impacting its Energy & Transportation business, as well as its mining equipment unit. Caterpillar also lowered its expectations for construction equipment sales in China, noting that while its market position in China has improved, 2015 expectations for the construction industry in China are now lower. ANALYST REACTION: In a note to investors, Wells Fargo wrote that Caterpillar's results are a bad sign for other machinery makers, including Cummins (CMI), Deere (DE), and Terex (TEX). The firm kept a Market Perform rating on Caterpillar. PRICE ACTION: in early afternoon trading, Caterpillar fell 7.5% to $79.61, Cummins dropped 4.6% to $141, Deere declined 3% to $85.76, and Terex fell 4.4% to $22.50.
10:00 EDTCMIOn the Fly: Analyst Downgrade Summary
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09:08 EDTCMICummins downgraded to Market Perform from Outperform at First Global
08:58 EDTCMICaterpillar guidance to be negative for shares, says Wells Fargo
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