COLUMBUS, IN -- (Marketwired) -- 07/08/14 -- The Board of Directors of Cummins Inc. (NYSE: CMI) today approved an increase in the Company's quarterly cash dividend on common stock of approximately 25 percent to 78 cents per share from 62.5 cents per share. The dividend is payable on Sept. 2, 2014 to shareholders of record on August 22, 2014.
The Board of Directors has also authorized the Company to repurchase up to $1 billion in shares of common stock upon completion of its current $1 billion share repurchase program.
"The increase in our dividend and the latest share repurchase program reinforces our commitment to increasing returns to shareholders and reflects our confidence in our performance over the long term," said Tom Linebarger, Chairman and Chief Executive Officer. "Cummins is demonstrating that we can produce strong returns for our shareholders, while continuing to invest in the future and meet our daily commitments to our customers with the best products and services that help them succeed."
Cummins Inc., a global power leader, is a corporation of complementary business units that design, manufacture, distribute and service diesel and natural gas engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana, (USA) Cummins currently employs approximately 48,000 people worldwide and serves customers in approximately 190 countries and territories through a network of approximately 600 company-owned and independent distributor locations and approximately 6,500 dealer locations. Cummins earned $1.48 billion on sales of $17.3 billion in 2013. Press releases can be found on the Web at www.cummins.com. Follow Cummins on Twitter at @Cummins and on YouTube at CumminsInc.
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 our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward looking statements include, without limitation, statements relating to our plans and expectations for our revenues for the full year of 2013. Our 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: the adoption and implementation of global emission standards; the price and availability of energy; the pace of infrastructure development; increasing global competition among our customers; general economic, business and financing conditions; governmental action; changes in our customers' business strategies; competitor pricing activity; expense volatility; labor relations; and other risks detailed from time to time in our Securities and Exchange Commission filings, including particularly in the Risk Factors section of our 2011 Annual Report on Form 10-K. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.
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Director, External Communications
Source: Cummins Inc.