Originally published at www.seclive.com
Cummins Inc. (NYSE:CMI) announced its financial results for the second fiscal quarter of 2014, posted overall increases in its financial performance from last year. The engine-maker saw revenues increase 7% to $4.8B, with performance in the U.S. powering ahead by 14%, while international sales fell 1%. Earnings improved from the year-ago $414M and $2.20 per share to $446M and $2.43 per share. The distribution segment improved the most, by 30% to $1.2B in revenue, while the components segment improved 15% to $1.3B. Engine sales rose 3% to $2.7B while the power generation segment dipped 9% to $743M. Cummins' board of directors approved a 25% increase in the quarterly dividend while also authorizing a $1B share repurchase program, in an effort to deliver more value to company shareholders.
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