Cummins timeline for past year

LOOKING BACK

A glance at Cummins Inc.’s financial reports and other actions over the past year.

2015

Feb. 5: In announcing 2014 fourth-quarter ($5.1 billion) and year-end ($19.2 billion) revenue, both figures representing 11 percent increases from 2013, Cummins offers a conservative revenue forecast for 2015, of full-year growth of 2 to 4 percent, because of weakness in international markets and the negative impact of a strong U.S. dollar.

April 28: Company reports first-quarter revenue of $4.7 billion, a 7 percent increase from the same January through March period in 2014.

Cummins attributes success to record profitability of Components segment, acquisitions of distributors, new products in China and better results in the Power Generation segment.

Company offers modest full-year revenue forecast of 2 to 4 percent growth because of weak demand in multiple international markets and currency issues related to a strong U.S. dollar.

July 28: A 4 percent revenue increase is reported for its second quarter, with revenue slightly more than $5 billion, and beats Wall Street expectations because of stronger demand in on-highway markets and North American distributor purchases.

Cummins maintains a conservative forecast for sales growth, of 2 to 4 percent for full-year revenue, because of declining sales in some international markets.

Oct. 27: Company announces disappointing third-quarter results ($4.62 billion in revenue represents $270 million decrease from 2014) because of persistent international sales declines and a plan to reduce its global workforce by 2,000 salaried professionals.

Company lowers full-year revenue forecast to flat or possibly down 2 percent. It also says each facility will be evaluated for possible cost-saving actions.

Nov. 10: Cummins announces plan to repurchase $1 billion in stock shares to drive shareholder value because economic conditions could reduce company’s revenue by at least 5 percent in 2016.

Mid-November to mid-December: Employees affected by workforce reduction notified. In addition to salaried professionals, some hourly employees also affected.

Dec. 30: Cummins Inc. spends $3 million to purchase the former Sears store in downtown Columbus, which the company had been leasing as office space for about 400 employees.

2016

Feb. 4: Cummins announces 2015 fourth-quarter revenue of $4.8 billion, down about 6 percent from 2014, and full-year revenue of $19.1 billion, down nearly 1 percent.

The company forecasts 2016 full-year revenue to decline 5 to 9 percent. Cummins also announces plans to scale back the range of light-duty engines it plans to manufacture in North America.

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Kirk Johannesen is assistant managing editor of The Republic. He can be reached at johannesen@therepublic.com or (812) 379-5639.