The Cummins Inc. (NYSE: CMI) Board of Directors today increased the
Company’s quarterly cash dividend on common
stock by 40 percent to 17.5 cents per share, up from 12.5 cents per
share. The dividend is payable on Sept. 2, 2008 to shareholders of
record on August 22.
“The Company continues to perform well,
despite significant economic challenges, and we wanted to reward our
shareholders’ continued confidence in Cummins,”
said Tim Solso, Cummins Chairman and Chief Executive Officer. “Today’s
actions are indicative of the Board’s
continued confidence in the Company’s ability
to grow profitably and generate strong cash flow.”
The dividend increase is the Company’s third
since July 2006. During that time, Cummins has increased its dividend
rate by 133 percent on a split-adjusted basis. From 2003 to 2007,
Cummins produced an average annual shareholder return of 58 percent –
ninth best among the Fortune 500 during that period.
About Cummins
Cummins Inc., a global power leader, is a corporation of complementary
business units that design, manufacture, distribute and service engines
and related technologies, including fuel systems, controls, air
handling, filtration, emission solutions and electrical power generation
systems. Headquartered in Columbus, Indiana, (USA) Cummins serves
customers in approximately 190 countries and territories through a
network of more than 500 company-owned and independent distributor
locations and approximately 5,200 dealer locations. Cummins reported net
income of $739 million on sales of $13.05 billion in 2007. Press
releases can be found on the Web at www.cummins.com.
Forward-looking disclosure statement
Information provided in this release that is not purely historical are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including statements regarding the company’s
expectations, hopes, beliefs and intentions on strategies regarding the
future. It is important to note that the company’s
actual future results could differ materially from those projected in
such forward-looking statements because of a number of factors,
including, but not limited to, general economic, business and financing
conditions, labor relations, governmental action, competitor pricing
activity, expense volatility and other risks detailed from time to time
in Cummins Securities and Exchange Commission filings.
Cummins Inc.
Mark Land, 317-610-2456
Director of Public
Relations
mark.d.land@cummins.com
