COLUMBUS, IN – Cummins Inc. reported for the second quarter its highest quarterly earnings as a percentage of sales in more than 25 years. Continued productivity improvements in the Company’s manufacturing operations, as well as strong performance in international markets, drove significant year-over-year gains across all the Company’s business segments.

Earnings Before Interest and Taxes (EBIT) was $401 million, or 12.5 percent of sales, up from $109 million or 4.5 percent of sales in the second quarter of 2009. EBIT also improved from 10.7 percent in the first quarter of 2010. For the first time ever, all four segments posted quarterly EBIT in excess of 10 percent of sales.

Sales of $3.21 billion in the second quarter were 32 percent higher than $2.43 billion in the same quarter in 2009. Net income attributable to Cummins Inc. in the second quarter more than quadrupled to $246 million, or $1.25 a share, compared to $56 million, or $0.28 a share, in the same period a year ago.

The sales gains were led by the Company’s Engine and Components segments, which each reported 45 percent sales improvements compared to the same period in 2009. Power Generation sales increased 16 percent, while Distribution sales rose 24 percent. The Company delivered these strong results even though the North American heavy duty truck market remains weak as result of the transition to new on-highway emissions standards at the beginning of the year.

Based on the Company’s performance in the first half of 2010 and its forecast for the rest of the year, Cummins today increased its financial guidance for 2010. The Company now expects to generate EBIT of 12 percent of sales on revenues of $13 billion.

“We had an outstanding quarter,” said Cummins Chairman and Chief Executive Officer Tim Solso. “The work we have done to strengthen our manufacturing operations during the downturn has resulted in significant productivity gains, and we continue to benefit from our leadership position in large and growing international markets such as China, India and Brazil.”

The Company’s non- U.S. markets continued to perform well, with sales up 51 percent outside the United States in the second quarter compared to a year ago. Sales outside the U.S. accounted for 64 percent of the Company’s revenue in the quarter.

The Company continued to return value to shareholders by repurchasing $123 million of its shares during the second quarter. The Company has now repurchased $310 million worth of stock under its current $500 million authorization.

Even with the stock repurchase, the Company improved its cash position from the first quarter of the year. The Company generated $301 million in cash from operations in the second quarter, compared to $245 million in the same period last year and $126 million in the first quarter.

“Our strong performance during the downturn has allowed us to make the investments necessary to position the Company for a period of long-term profitable growth as our markets continue to improve,” said Cummins President and Chief Operating Officer Tom Linebarger. “We are working hard to prepare for future growth, even as we continue to concentrate on managing the business through this challenging economic period.”

Source:http://www.cummins.com/cmi/content.jsp?siteId=1&langId=1033&menuId=4&overviewId=15&dataId=3056&menuIndex=0

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Redford, Mich., – Detroit Diesel Corporation is taking its lineup of high efficiency engines and U.S. EPA 2010-compliant BlueTec® emissions technology on the road across Canada beginning later in July. The Demand It All Tour trailer will make stops at dealers and distributor locations in London, Kitchener, Barrie, Quebec and Moncton and began July 19. This comes after some very successful dealer events throughout Central and Western Canada in the month of June.

The Demand It All Tour showcases Detroit Diesel’s fuel efficient DD13™, DD15™ and DD16™ engines with BlueTec, an emissions control technology developed to meet standards set by the U.S. Environmental Protection Agency for 2010 and beyond. One of the first technologies in decades proven to be as good for business as for the environment, BlueTec reduces vehicle emissions while improving fuel economy.

With no base engine changes required to meet the new 2010 emissions standards, BlueTec is the only emissions system proven by more than 30 million test miles, well over 2.5 million customer miles and real-world freight hauling experience. As a result, Detroit Diesel engines with BlueTec offer outstanding fuel efficiency and the cleanest, highest performing powertrain system ever introduced to the North American trucking industry.

Visitors to the display will experience a full-size DD15 engine as well as a cut-away of the BlueTec emissions technology 1-Box™ emissions package. The trailer will also feature diagrams of the BlueTec 1-Box and dual package configurations as well as a kiosk explaining the BlueTec system, how selective catalytic reduction works and the diesel exhaust fluid gauge operation will also be on display. In addition, visitors will be invited to try out the trailer’s fuel economy calculator, simulations and comparisons, and watch product videos and customer testimonials as well as review horsepower, torque and displacement range information.

Information provided at the Detroit Diesel Demand It All Tour trailer pairs engines with best performing trucks among the Freightliner and Western Star brands. It also features information on unique features of Detroit Diesel engines. For example, Detroit Diesel engines are the only ones to offer additional efficiencies through an amplified common rail system, integrated Jacobs brake and turbo compounding (DD15 and DD16).

Source: http://www.freightlinertrucks.com/inside-freightliner/news/news-detail.aspx?id=1023

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Germany – In launching the Novanto telematics box, Continental is declaring war on vehicle thieves and high insurance rates. About the size of a pocketbook and concealed in an inconspicuous plastic housing, the electronic unit can be used to track down a vehicle so equipped worldwide. If required and if permitted under data protection law, a central office can monitor a vehicle’s movements and even remotely disable it. Possibilities like this can be put to use everywhere, giving police the wherewithal to put a stop to a carnapper’s game and recover stolen vehicles. Fleet managers can keep tabs on their vehicle pools on the computer screen and insurance companies can individualize rates based on log profiles, known as “pay as you drive” insurance models. The therefore needed electronic module can be integrated into the vehicle architecture by the vehicle manufacturer. It is also possible to retrofit the module into already existing vehicles.

The Novanto telematics box has a GPS (Global Positioning System) receiver that permanently tracks a vehicle’s exact position on the basis of the worldwide satellite tracking system and is hooked up to a GSM module. Via a coded cellular radio connection this sender can transmit the location of the vehicle to the control center. The radio message may be triggered by an alarm system, by pressing an emergency button in the vehicle or by a motion transmitter activated as soon as the vehicle starts moving. Novanto can, for example, also be programmed to allow a fleet’s central office to request the vehicle’s current position, whenever required.

If the vehicle is stolen, the police or authorised service providers can monitor the vehicle on the screen and, if necessary, initiate a pursuit. Continental also offers the option of remote vehicle disabling. As soon as the vehicle is stopped for more than thirty seconds, Novanto acts to prevent the engine from being started again, putting an end to the thief’s getaway.

Novanto is available both for retrofitting and as original equipment. Automakers can thus offer their customers more value in their vehicles. Service providers can use the technology as the basis for development of software platforms that provide insurance companies, managers of vehicle pools, or fleet operators attractive benefits.

The percentage of vehicles equipped with such systems is still quite low in many markets. Nevertheless, there are a number of countries worldwide in which systems of this kind are a prerequisite for registering vehicles of a certain value. What’s more, most insurers will refuse to cover exclusive luxury vehicles, powerful sports cars and valuable vintage cars not outfitted with a tracking system.

The idea of individualized auto insurance premiums opens up a further market that can be tapped for tracking solutions of this type. Motorists who do not exceed a certain driving performance, avoid high-risk areas or stick to given routes stand to qualify for rebates. In Italy, in particular, young motorists take advantage of more favorable insurance rates with the help of telematics systems. Thanks to Novanto, providing proof of compliance becomes child‘s play. What’s more, the tracking solution can also be put to good use by fleet managers to record actual operating expenses, for example, or to bill travel costs and delivery fees. Even private customers can make use of Novanto-based services in the future: If a vehicle’s route is electronically documented, the motorist can dispense with the log normally required by the tax office.

Source: http://www.conti-online.com/generator/www/com/en/continental/pressportal/themes/press_releases/categoryNavigation_overview_press_en.html

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AKRON, Ohio, – The Goodyear Tire & Rubber Company will report second quarter 2010 financial results before markets open on Thursday, July 29, to be followed by an investor conference call at 10 a.m.

Participating in the conference call will be Richard J. Kramer, president and chief executive officer, and Darren R. Wells, executive vice president and chief financial officer.

Approximately 45 minutes prior to the commencement of the call, the company will post the financial and other related information that will be presented on its investor relations Web site.

Investors, members of the media and other interested persons can access the conference call on the Web site or via telephone by calling (706) 643-2869 before 9:55 a.m. on July 29. A taped replay will be available later that day by calling (706) 645-9291. The replay will also remain available on the Web site.

Source: http://www.goodyear.com/cfmx/web/corporate/media/news/story.cfm?a_id=250

Japan Automobile Directory

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