What is the status of Cummins' internal controls and financial reporting?

Cummins' management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective. There were no changes in the company's internal control over financial reporting during the quarter ended June 29, 2008, that materially affected its internal controls.

What actions did Cummins take regarding its share repurchases in the second quarter of 2008?

During the second quarter of 2008 (March 31 - June 29), Cummins repurchased a total of 502,810 shares of its common stock for an average price of $68.11 per share. These repurchases were part of its 2007 Board-authorized program and its Key Employee Stock Investment Plan.

Are there any significant legal proceedings that investors should be aware of?

Cummins is involved in routine legal proceedings arising from its ordinary business, including product liability, intellectual property, contractual, workplace safety, and environmental claims. While the company carries insurance and establishes reserves for probable and reasonably estimable losses, it cautions that liabilities could exceed accruals, and future litigation could materially affect its financial condition.

What were the key outcomes of the shareholder meeting on May 13, 2008?

At the annual meeting, shareholders elected nine directors, ratified the appointment of PricewaterhouseCoopers LLP as independent auditors, approved an amendment to increase authorized shares, and voted on a proposal to adopt International Labor Organization standards. All nine director nominees were re-elected.

CMI 10-Q Quarterly Report Q2 FY2008 — Revenue, Net Income, EPS

Summary

Cummins Inc. (CMI) filed its 10-Q for the period ending June 28, 2008, and the filing primarily addresses procedural and disclosure matters rather than new financial performance details. The company confirmed the effectiveness of its disclosure controls and procedures, with no material changes to its internal controls over financial reporting. This indicates a stable operational and reporting framework during the quarter. Investors should note that the company continues to repurchase its common stock under authorized programs, demonstrating a commitment to returning capital to shareholders. The report also details the outcome of the company's annual shareholder meeting, including the election of directors and the ratification of its independent auditors. While no new financial statements are presented in this excerpt, the information suggests continuity in the company's governance and capital management strategies.

Financial Highlights

33 data points

Beta

Revenue

$3.89B

0.2% Gross Margin

Net Income

$293.00M

0.1% Net Margin

EPS (Diluted)

$1.49

Cash & Equivalents

$522.00M

Free Cash Flow

$205.00M

Financial Statements

Beta

Revenue	$3.89B
Cost of Revenue	$3.01B
Gross Profit	$879.00M
R&D Expenses	$104.00M
SG&A Expenses	$370.00M
Operating Income	$468.00M
Interest Expense	$12.00M
Net Income	$293.00M
EPS (Basic)	$1.50
EPS (Diluted)	$1.49
Shares Outstanding (Basic)	195.20M
Shares Outstanding (Diluted)	196.60M

Key Highlights

1Disclosure and internal controls are deemed effective with no material changes during the quarter.
2The company repurchased 502,810 shares of its common stock during the second quarter of 2008.
3A $500 million share repurchase program authorized in December 2007 remains active.
4The annual shareholder meeting saw the re-election of all nine directors.
5PricewaterhouseCoopers LLP was ratified as the independent auditor for 2008.
6Shareholders approved an amendment to the Restated Articles of Incorporation to increase authorized shares.
7The company is party to various legal proceedings, including product liability and environmental claims, with reserves established for probable and estimable losses.

CUMMINS INC Quarterly Report for Q2 Ended Jun 29, 2008

Summary

Financial Highlights

Key Highlights

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