Summary
Cummins Inc. (CMI) filed an 8-K on October 27, 2002, disclosing a miscalculation in its previously reported third-quarter diluted earnings per share (EPS). The company corrected the diluted EPS from $1.00 to $0.96. Crucially, this adjustment does not affect the reported profit after taxes, which remained at $39 million, nor any other previously reported financial figures or forward guidance. Investors should note that the company's guidance for the fourth quarter and full year 2002 remains unchanged. Cummins continues to expect full-year profits between $0.40 and $0.50 per share and anticipates generating over $100 million in free cash flow for the year. The disclosure, made as the company prepared its Form 10-Q, highlights a minor EPS adjustment with no impact on core profitability or future outlook.
Key Highlights
- 1Discovery of a miscalculation in reported third quarter diluted Earnings Per Share (EPS).
- 2Corrected diluted EPS for the third quarter is $0.96, down from the previously reported $1.00.
- 3The miscalculation does not impact the reported profit after taxes of $39 million.
- 4No other reported financial numbers for the third quarter are affected.
- 5Forward-looking guidance for the fourth quarter and full year 2002 remains unchanged.
- 6Full year 2002 profit guidance is maintained at $0.40 to $0.50 per share.
- 7Full year 2002 free cash flow guidance remains above $100 million.