cummins inc (CMI) Key Developments
Cummins and Schneider Electric Create Corporate Responsibility Partnership to Improve Global Communities
Aug 4 15
Representatives from Cummins Inc. and Schneider Electric signed a joint declaration July 30, 2015 to partner on community improvement projects across the globe. This partnership will improve how Cummins provides resources and engages employees in corporate responsibility projects around the globe. Working together, Cummins and Schneider Electric can use global footprint, and the strength of employee's skills, to drive even greater change in communities. Both companies have a long history of strengthening communities in the areas where they operate. This dedication to local communities is continuing through a new corporate responsibility partnership. The agreement will improve how both organizations address environmental challenges, promote technical education and support equal opportunities for all. Cummins and Schneider Electric partnered earlier on Cummins' Technical Education for Communities (TEC) program. TEC is a coalition-based vocational education program designed to increase access to good jobs. Schneider Electric and Cummins have collaborated at the Turkey TEC site since 2014. As part of the partnership, the organizations supply equipment, develop curriculum and provide workplace learning opportunities for students. They also will help hire TEC graduates to fill open technician positions in those markets. In addition to TEC, the two organizations plan to collaborate on Schneider Electric's Access to Energy program, which aims to spread access to reliable, affordable and clean energy. There are also plans to work together on Power to Prosper, a Cummins initiative to develop and scale electrification models that reduce barriers to economic growth in economically troubled communities. Both companies hope this global collaboration agreement will provide a framework for future partnerships models that provide more opportunities for employees around the world to participate in projects that improve their local communities.
Cummins Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 28, 2015; Provides Earnings Guidance for 2015
Jul 28 15
Cummins Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 28, 2015. For the quarter, the company reported net sales of $5,015 million against $4,835 million. Operating income was $723 million against $612 million a year ago. Income before income taxes $704 million against $642 million a year ago. Consolidated net income was $496 million against $472 million a year ago. Net income attributable to company was $471 million against $446 million a year ago. Diluted earnings per common share attributable to company were $2.62 against $2.43 per share a year ago.
For the six months, the company reported net sales of $9,724 million against $9,241 million. Operating income was $1,271 million against $1,125 million a year ago. Income before income taxes $1,252 million against $1,153 million a year ago. Consolidated net income was $900 million against $830 million a year ago. Net income attributable to company was $858 million against $784 million a year ago. Diluted earnings per common share attributable to company were $4.76 against $4.26 per share a year ago. Net cash provided by operating activities was $569 million against $701 million a year ago. Capital expenditures were $247 million against $245 million a year ago.
For full year 2015, the company expects revenues to grow between 2% and 4% and EBIT to be in the range of 13.5% to 14% of sales. The company expects capital expenditures to be between $700 million and $800 million for the year 2015. The company currently expects to add $0.20 to earnings per share for the year 2015 on top of the $0.43 added in 2014 for a total of $0.63, also ahead of its 2013 projections of $0.50 a share. The company continues to expect operating cash flow to be in the range of 10% to 15% of sales for the full year of 2015 with stronger cash flow generation in the second half of the year than the first as is typical in the business.
Cummins Inc. Opens Global Logistics Hub in Singapore
Jul 28 15
Cummins Inc. opened its Global Logistics Hub in Singapore. The Singapore Global Logistics Hub boasts a total investment of USD 5.4 million and is part of Cummins efforts to enhance its aftermarket product delivery globally. The Singapore Global Logistics Hub will serve markets including the United States, Europe, China, India as well as customers across the Northeast and Southeast Asia regions. The Singapore Global Logistics Hub has a meticulously designed layout that aims to enhance operations safety. It boasts a three-tier mezzanine storage system with in-rack sprinklers to strengthen fire protection, a vehicle-restraint system and material-handling equipment with cameras and motion sensors, for added operations safety. Also, the warehouse adopts a best-in-class management system and barcode technology in a radio frequency (RF) environment, to control and optimize material flow. With an increase in the facility's height and introduction of a smart-slotting strategy, space utilization is boosted by 30%. The new features of the facility are in line with Cummins commitment to provide its employees with safe working environments. With the new facility, Cummins will see a 20% boost in productivity, faster order fulfilment time and operation cost savings.
Cummins Inc. Declares Quarterly Common Stock Dividend, Payable on September 1, 2015
Jul 14 15
The Board of Directors of Cummins Inc. approved an increase in the company's quarterly cash dividend on common stock of 25% to 97.5 cents per share from 78 cents per share. The dividend is payable on September 1, 2015, to shareholders of record on August 21, 2015.
Cummins Inc., Q2 2015 Earnings Call, Jul 28, 2015
Jul 6 15
Cummins Inc., Q2 2015 Earnings Call, Jul 28, 2015