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Cummins lowers previously reported earnings

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Columbus-based diesel engine manufacturer Cummins Inc. lowered its previously reported quarterly profit by $12 million, or 3.1 percent, after discovering legal fees that the company initially missed.

Cummins announced Wednesday that it actually finished its fourth quarter with a $369 million profit, or $1.95 per diluted share. The company reported Feb. 6 that it earned $381 million in the period ended Dec. 31.

Earnings before interest and taxes dropped by $20 million, to $532 million.

Earnings for all of 2012 fell to $1.65 billion, or $8.67 per share, from $1.85 billion, or $9.55 per share, in 2011.

The company adjusted its earnings to reflect an increase to its legal reserves after a “recent adverse court ruling” for a contract dispute.

Cummins did not specify which court case it was referring to.

A company spokeswoman did not immediately respond Wednesday morning to a voicemail seeking comment.

Cummins shares fell 59 cents, or 0.5 percent, to $117.78 each in morning trading.

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  1. In reality, Lilly is maintaining profit by cutting costs such as Indiana/US citizen IT workers by a significant amount with their Tata Indian consulting connection, increasing Indian H1B's at Lillys Indiana locations significantly and offshoring to India high paying Indiana jobs to cut costs and increase profit at the expense of U.S. workers.

  2. I think perhaps there is legal precedence here in that the laws were intended for family farms, not pig processing plants on a huge scale. There has to be a way to squash this judges judgment and overrule her dumb judgement. Perhaps she should be required to live in one of those neighbors houses for a month next to the farm to see how she likes it. She is there to protect the people, not the corporations.

  3. http://www.omafra.gov.on.ca/english/engineer/facts/03-111.htm Corporate farms are not farms, they are indeed factories on a huge scale. The amount of waste and unhealthy smells are environmentally unsafe. If they want to do this, they should be forced to buy a boundary around their farm at a premium price to the homeowners and landowners that have to eat, sleep, and live in a cesspool of pig smells. Imagine living in a house that smells like a restroom all the time. Does the state really believe they should take the side of these corporate farms and not protect Indiana citizens. Perhaps justifiable they should force all the management of the farms to live on the farm itself and not live probably far away from there. Would be interesting to investigate the housing locations of those working at and managing the corporate farms.

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