Cummins Inc. has announced it discovered a miscalculation in the company's reported third quarter diluted earnings per share.
The correct amount is $0.96 per fully diluted share. This does not impact the reported $39 million profit after taxes, any other reported numbers for the company, or any forward guidance, according to Cummins.
Last week Cummins reported third quarter earnings of $1.00 per fully diluted share. The actual third quarter fully diluted earnings per share is $0.96. Basic earnings per share of $1.03 remain unchanged. The company discovered the miscalculation as it prepared its Form 10-Q for the third quarter, which is filed within 45 days after the end of the quarter.
Earnings and cash flow guidance for the fourth quarter and full year 2002 remain as originally reported: Cummins expects to have full year profits for 2002 of $0.40 to $0.50 per share. In addition, the company expects to generate over $100 million in free cash flow in 2002.