Company officials say Cummins Engine’s third-quarter earnings will fall short of expectations because of a sluggish heavy-duty truck market and reduced demand for truck parts.
According to Associated Press reports, the news sent the diesel engine manufacturer's shares down 12.5 cents per share to $31.25 in midday trading yesterday on the New York Stock Exchange.
The Columbus, Ind.-based diesel engine manufacturer said it expects to report earnings of about 65 cents per share in mid-October. Industry analysts who follow the company have issued a consensus estimate of 85 cents, Thomson Financial/First Call reported.
Cummins, which had sales of $6.6 billion in 1999, also said the weakness of the euro and British pound affected the lower earnings projection.
According to Associated Press reports, the news sent the diesel engine manufacturer's shares down 12.5 cents per share to $31.25 in midday trading yesterday on the New York Stock Exchange.
The Columbus, Ind.-based diesel engine manufacturer said it expects to report earnings of about 65 cents per share in mid-October. Industry analysts who follow the company have issued a consensus estimate of 85 cents, Thomson Financial/First Call reported.
Cummins, which had sales of $6.6 billion in 1999, also said the weakness of the euro and British pound affected the lower earnings projection.
media brand
0 Comments
See all comments