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Net
sales were $6.6 billion in 2000, essentially flat with $6.6
billion reported in 1999, and 5 percent higher than in 1998.
Earnings before interest and taxes in 2000 were $249 million,
or 3.8 percent of sales, excluding a $160 million pretax charge
in connection with certain restructuring actions and asset
impairment write-downs. This compares to $356 million in 1999,
excluding charges of $60 million pretax in connection with
the dissolution of the Cummins Wartsila joint venture. As
reported, earnings before interest and taxes were $89 million
in 2000, $296 million in 1999 and $65 million in 1998. Net
earnings in 2000 were $8 million or $.20 per share compared
to $160 million or $4.13 per share in 1999 and a net loss
of $21 million or $(.55) per share in 1998.
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