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Cummins Press Release / May 3, 2016
Cummins Inc. today reported results for the first quarter of 2016.
First quarter revenues of $4.3 billion decreased 9 percent from the same quarter in 2015. Lower production in the North American heavy-duty truck market and weak global demand for off-highway and power generation equipment contributed to the reduction in sales. Currency negatively impacted revenues by approximately 3 percent compared to last year, primarily due to a stronger US dollar.
Revenues in North America decreased 10 percent while international sales declined by 8 percent. Within international markets revenues in Latin America and Asia declined the most.
Earnings before interest and taxes (EBIT) in the first quarter were $484 million, or 11.3 percent of sales, down from $562 million or 11.9 percent of sales a year ago.
Net income attributable to Cummins in the first quarter was $321 million ($1.87 per diluted share), compared to $387 million($2.14 per diluted share) in the first quarter of 2015. The tax rate in the first quarter of 2016, was 28.4 percent.
“Our results for the first quarter reflect solid execution of our cost reduction plans in the face of very challenging market conditions,” said Rich Freeland Chief Operating Officer. “Benefits from restructuring actions, material cost reduction projects and lower warranty costs all helped to mitigate the impact of lower sales.”
Other recent highlights:
Our QSK95 diesel engine received Tier 4 Final certification from the EPA for the US locomotive market.
We announced a joint venture with Olayan to expand access to markets and enhance the service and support provided to customers in the Middle East.
Ethisphere Institute named Cummins to its list of the world’s most ethical companies for the 9th straight year.
We returned $745 million to shareholders in the form of dividends and share repurchases in the first quarter, consistent with our plans to return 75 percent of Operating Cash Flow to shareholders in 2016.
Read the full press release – including first quarter detail for all Cummins business units – by clicking on the link below.
Press Release – Cummins Reports First Quarter 2016 Results
Fleet Owner / May 4, 2016
Class 8 orders dropped 39% in April on a year-over-year basis and declined 16% sequentially.
By contrast, medium-duty truck orders remained relatively healthy, down 10% sequentially but up 12% year-over-year.
Class 8 orders reached 13,700 units in April, while orders for Class 5-7 trucks topped 20,100 units.
Drivers of soft Class 8 demand remain intact from previous months: overcapacity resulting weak freight rate environment; softness in late-model used truck values; and excessive new vehicle inventory.
John Larkin, managing director and head of transportation capital markets research at Stifel Financial Corp., noted in a recent market update that motor carriers have, for the most part, backed off on capacity additions.
“With a few exceptions, carriers have canceled orders for incremental tractors and trailers,” he said. “Instead, carriers are intensely focused on improving equipment utilization and revenue yield, even though rate increases will be hard to come by.”
He added that revenue yield improvements will likely be driven more by customer selection, lane selection, and lane balance initiatives rather than via “classical” freight rate increases.
Class 8 orders have annualized to a paltry 190,000 units over the past three months, with the annualized rate hovering at 237,000 units for the last 12-month period.
OEMs will not be able to maintain current build rates under these order conditions and it appears more production cuts are on the way. Backlogs are quickly shrinking and are expected to fall below 2014 levels relatively soon. A big order month could stop the bleeding, but we are entering the ‘summer slump’ so Class 8 order activity will probably get worse before it gets better.
By contrast, medium duty demand remains bolstered by a number of macro-economic factors: a decent jobs market; rising incomes, which support discretionary spending; plus improved housing and automotive sales activity.
Oddly, TransPower is not one of the 4 companies awarded free money, while two foreign companies were.
Heavy Duty Trucking / May 4, 2016
California is awarding $23.6 million to the South Coast Air Quality Management District for a statewide zero-emission, Class 8 drayage truck development and demonstration project.
The South Coast air district is partnering with air districts in the Bay Area, Sacramento, San Diego and San Joaquin Valley for a statewide demonstration of 43 battery electric and plug-in hybrid drayage trucks serving major California ports. The trucks will be used in all five air districts to target key areas of the state with drayage truck activity.
Manufacturers including Kenworth, Peterbilt, Volvo and BYD are involved in the project and will use their engineering resources, manufacturing capabilities and distribution networks to support drayage truck development.
The funding comes from the California Climate Investments project and will be aimed at reducing greenhouse gases, petroleum usage and pollution in areas where reduction is needed most. The project is also designed to accelerate the commercialization of heavy-duty advanced, zero-emission technologies, establishing a path for implementing SCAQMD’s clean air plan that is currently under development. The SCAQMD is the air pollution control agency for Orange County and major portions of Los Angeles, San Bernardino and Riverside counties.
"This project will help put the very cleanest short-haul trucks to work where they are needed most, moving cargo from the state’s biggest ports to distribution centers and rail yards,” said Mary D. Nichols, Air Resources Board chair. “This is good news – and cleaner air – for all Californians, but especially those who live in neighborhoods next to these industrial facilities or along some of our state’s busiest trade corridors.”
The effort is part of a larger statewide investment in low-carbon transportation projects aimed at helping the state reach emissions reduction goals and improve air quality. Freight transport in California accounts for about half of diesel particulate matter, 45% of NOx emissions and 6% of all GHG emissions in California, according to ARB.
“This unique collaborative effort will accelerate the commercialization of advanced zero-emission truck technologies that are vital to improving air quality in communities near our busy freight corridors,” said Joe Buscaino, Los Angeles city councilman and SCAQMD board member. “Cleaner truck fleets on our roadways are important for air quality and climate goals, and essential to protecting public health.”
They don't even have to do that around here, they just turn them loose.
I know a guy that had some Mexicans working for him (I have no idea on their legal status but I've got a good guess). One of them had been pulled over for at least 4 DUIs. All they would do is haul him in, find out he had no documentation, they wouldn't know what to do with him, and turn him loose. If it had been one of us, they would have us under the jail.
Bottom line is, if you get pulled over, tell them you are a illegal alien and don't provide them with you DL or anything. There are pretty good odds they will just turn you loose if you're dark complected.
I know a guy that used to run a small restaurant. He says ice is usually more expensive than whatever beverage is with it. He said ice machines cost a fortune to buy and maintain and are power hogs. He was buying his ice and finally broke down and bought a ice machine, he said his electric bill almost doubled with the ice machine running.
If that's the case, restaurants would make more profit by selling drinks with no ice.
There's only three ports on the reversing relay valve. The one in the very middle should be mounted on the intake manifold (signal pressure). The other two, I can't remember which one is which anymore. One goes to the puff limiter cylinder(front of pump) the other should be marked in and is the supply from the spring brake air circuit.
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