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Financial Highlights
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$
Millions, except per share amounts |
2000
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1999
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Net
sales |
$6,597
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$6,639
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Gross
profit |
1,259
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1,418
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Selling
and administrative expenses |
776
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781
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Research
and engineering expenses |
244
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245
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Net
(income) expense from joint ventures and alliances |
(9)
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28
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Other
(income) expense, net |
(1)
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8
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Earnings
before interest and taxes: Before unusual charges |
249
|
356
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As
reported |
89
|
296
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Net
earnings |
8
|
160
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Basic
earnings per share |
.20
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4.16
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Diluted
earnings per share |
.20
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4.13
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Dividends
per share |
1.20
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1.125
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Business Unit Performance
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Power Generation
Global supplier of diesel and natural gas-powered generator
sets and generator set components from five kilowatt to
multi-megawatt installations. North American market leader
in auxiliary generator sets for recreational vehicles (RVs)
and recreational marine applications.
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Products |
Customers
& Markets |
2000
Highlights |
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Power Systems Diesel and natural
gas-powered generator sets Ð rental and installed;
digital control systems; paralleling switchgear.
Mobile Systems Onan gasoline,
liquified propane, and diesel-fueled auxiliary generator
sets from 3 kW to 12.5 kW and associated controls.
Alternators and Engines Newage
synchronous AC alternators and associated control
systems. Generator drive engines and digital control
systems.
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Public- and investor-owned utilities;
telecommunications providers; self-generating manufacturers;
any business or public facility with a need for self-generated
or standby power.
RV, specialty vehicle and marine
pleasurecraft original equipment manufacturers (OEMs).
Alternators and engines for
industrial, marine, commercial, construction, telecommunica-
tions, mining, generator drive markets and other standby
or continuous power applications.
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For the second consecutive year,
EBIT increased by almost 100 percent.
Power Rent, offering temporary
rental generator sets, expanded coverage across all
of North America through our distributor network.
Launched www.funroads.com for
our RV customers.
Participated in advanced research
on ten kW fuel cells in conjunction with the US Department
of Energy.
Increased penetration into fast
growing Internet and telecommunications markets where
our digital control systems and ready standby power
are critical.
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Filtration and Other
Global leader of advanced integrated
filtration systems for heavy-duty equipment, both on- and
off-highway. Leading North American supplier of filtration
and silencing systems for gas turbine, industrial, small
engine and passenger car applications.
"Other" includes Holset
turbochargers and company-owned distributorships.
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Products |
Customers
& Markets |
2000
Highlights |
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Heavy-Duty Systems Air intake
filtration, emission and noise reduction, engine filtration
and mobile hydraulic filtration systems. n Small Engine
Systems Air intake filtration and exhaust systems.
Other Systems Air intake and
silencing systems for gas turbine applications, in-tank
filtration for passenger cars and hydraulic filtration
for industrial applications.
All integrated systems sold
under the Fleetguard and Nelson brand names.
Turbochargers Holset variable
geometry, variable wastegate, power turbine, high
pressure ratio and multi-stage solutions.
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OEMs, distributors, dealers
and end users of heavy-duty on- and off-highway diesel-powered
equipment.
OEMs of small engine systems
for recreational, and lawn and garden equipment, both
gasoline- and diesel-powered.
OEMs of gas turbine generators,
industrial machinery, passenger cars and industrial
hydraulic equipment including distribution.
Turbochargers for Cummins, Cummins'
joint ventures and other diesel engine manufacturers.
Cummins ownership of 16 distributorships
links us closely to our end-use customers in strategic
locations worldwide.
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Identified by an independent
survey as number one in brand preference for oil,
air, fuel and coolant filters in the United States.
Remained solidly profitable
as synergy among Cummins engines, filters, and exhaust
systems took hold with OEMs.
First to market with variable
geometry turbocharger from Holset.
Led aftertreatment research
in support of future exhausts emissions requirements.
Released new air-intake technology
that provides for smaller and lighter, yet longer
lasting, air filter elements thus reducing cost to
the end user.
Introduced multiple new filtration
and exhaust products that have favorable environmental
impacts by reducing used product disposal and providing
cleaner exhaust emissions.
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Engine Business
Leading global supplier of diesel
and alternate fuel engines for heavy-duty trucks, medium-duty
trucks, buses and RVs. Exclusive supplier of diesel engines
for the Dodge Ram pickup truck. A leading global supplier
of engines for the agriculture, construction, government,
mining, rail and marine markets.
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Products |
Customers
& Markets |
2000
Highlights |
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Medium-duty engines ISB
and ISC for light commercial automotive, truck, transit
bus, RVs, and specialty vehicles. Automotive applications
are available in diesel and alternate-fueled versions
from 175 horsepower to 350 horsepower. B3.3, B3.9,
B5.9, QSB, QSC for agriculture, construction and marine
applications from 60 to 340 horsepower.
Heavy-duty engines ISL,
ISM, N14, ISX and Signature Series for trucking applications
from 280 to 650 horsepower. QSM, M11, N14 and QSX15
for construction, mining, marine, and agriculture
applications from 225 to 600 horsepower.
High horsepower engines
QSK19, V903, QST30, K38/50, QSK45, QSK60 and QSK78
for marine, rail, mining and government applications
from 295 to 3,500 horsepower.
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Two broad classes of customers:
OEMs who install Cummins engines in their vehicles
and equipment; and end-use customers who use Cummins-powered
equipment in their business endeavors.
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Signed a long term exclusive
supply agreement with Volvo Trucks of North America
for heavy-duty truck engines
Set another record for
engine shipments to Chrysler for the Dodge Ram pickup
truck.
Established the ISX engine
as the fuel economy and performance leader in its
class.
Introduced the 78 liter
engine which was jointly designed by Cummins and Komatsu.
It is the world's largest diesel engine used for mobile
off-highway equipment.
An exclusivity agreement
was signed between Cummins and Komatsu Mining Systems.
Marine engine sales dollars
grew by 17.5 percent over 1999.
Record sales in commercial
workboats (oilfield / tugs / fishing) with KV38/50
engines.
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