Cummins Inc. reported a loss for the first quarter 2003 of $34 million, or $0.86 per share, on sales of $1.39 billion.

This compares to a loss of $26 million, or $0.68 per share, on sales of $1.33 billion for the first quarter of 2002.
Excluding the cumulative effect of a change in accounting principle in the first quarter of 2002, the loss was $29 million, or $0.75 per share.
"These financial results reflect the continued downturn in many of our markets that began in the second half of 2000," said Tim Solso, chairman and chief executive officer. "However, I remain confident that we are providing the products that are right for our customers and that positions us well in the marketplace. As we gain production efficiencies with our new products and as the markets recover, we will see our financial returns improve."
The company normally experiences seasonal weakness in the first quarter, with March being the strongest month. As a result of global uncertainty, normal gains in March were not realized, the company said. However, the company expects to see increased earnings throughout the remainder of the year.
Total sales for the Engine Business in the first quarter were $816 million, a 5% increase from sales of $776 million a year ago.
The Engine Business is experiencing a successful launch of the company's new emissions-compliant products. This complete line of new heavy-duty engines is performing well for Cummins' customers and end users. More than 8,000 engines have been shipped and order rates continue to improve.