Cummins Amends Previously Reported Income
Columbus, Ind.-based diesel engine manufacturer Cummins Inc. lowered its previously reported quarterly profit by $12 million, or 3.1%, after discovering legal fees that the company initially missed.
Indianapolis Business Journal reported that Cummins announced Wednesday (Feb. 20) that it actually finished its fourth quarter with a $369 million profit, or $1.95 per diluted share. The company reported Feb. 6 that it earned $381 million in the period ended Dec. 31.
Earnings before interest and taxes dropped by $20 million, to $532 million. Earnings for all of 2012 fell to $1.65 billion, or $8.67 per share, from $1.85 billion, or $9.55 per share, in 2011.
The company adjusted its earnings to reflect an increase to its legal reserves after a “recent adverse court ruling” for a contract dispute.