Cummins saw stiff drop in sales, profit in 2020, but exceeded market expectations
The Indiana-based manufacturer said sales in North America declined 21% last year, but its sales in China reached record levels, up 25% from the previous year.
Financial Results
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Allison Transmission expects revenue, profit to rebound this year
Allison Transmission’s fourth-quarter financial performance exceeded analysts’ revenue expectations but fell short of profitability forecasts.
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Carmel-based CNO acquires employee benefits administrator for $50M
The benefits administrator, DirectPath LLC, offers a variety of technology-driven services for employees and employers.
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Mall giant Simon saw profit drop last year due to pandemic
Indianapolis-based Simon said it lost about 20% of its total shopping days last year at its U.S. malls because of government-mandated shutdowns related to the pandemic.
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Simon, partners plan to shake up merchandise mix at J.C. Penney
Simon Property Group, which is expected to acquire J.C. Penney out of bankruptcy with partners in an agreement approved Monday, reported third-quarter results that fell short of Wall Street expectations.
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Articles
First Internet Bank reports record quarterly, annual profits
Fishers-based First Internet saw its stock price climb to a one-year high in after-hours trading after the bank released its financial report Wednesday.
Calumet Specialty Products posts $56M quarterly loss
The Indianapolis-based company, which makes specialty hydrocarbon and fuels products, said it is seeing business conditions improve compared with earlier months of the pandemic.
Carmel-based CNO Financial sees profit soar in third quarter
Carmel-based CNO Financial Group Inc. saw a sharp increase in profit during the third quarter, partly because its customers deferred seeking medical care and, as a result, submitted fewer health insurance claims.
Allison Transmission’s sales, profit improve from previous quarter’s plunge
Although its financial performance hasn’t yet recovered to pre-pandemic levels, the Indianapolis-based manufacturer’s third-quarter financial results exceeded analysts’ expectations.
Cummins stock surges to record on better-than-expected third-quarter results
The Columbus-based engine maker’s third-quarter revenue and net income rebounded better from pandemic-related lags than analysts had expected.
First Internet Bancorp reports record quarterly profit
The Fishers-based parent of First Internet Bancorp had a milestone quarter thanks to a boom in mortgage activity, the company reported Wednesday afternoon.
Beech Grove Ponderosa, once a sales superstar, closes due to pandemic
The Beech Grove location’s owner, Fishers-based CMR Partners LLP, has also closed its three other Ponderosa locations since mid-July.
Simon Property misses Wall Street expectations as profit sinks
The Indianapolis-based shopping mall operator said all of its U.S. properties have reopened, with the exception of a handful in California that were forced to close for a second time on July 15 because of government mandates.
Cummins exceeds expectations despite historic drop in quarterly revenue
Cummins said it expects sales to improve in the third quarter, although the pandemic continues to create considerable uncertainty.
Indianapolis-based Hurco suffers largest quarterly loss since 2002
The Indianapolis-based machine tool manufacturer said shutdowns related to the COVID-19 pandemic had a dramatic effect on its sales.
Allison Transmission sees first-quarter profit, revenue decline
The Indianapolis-based manufacturer took a blow in the first quarter due to the pandemic, but still turned in results that exceeded analyst expectations.
Allegion sees quarterly profit tumble due to COVID-19-related costs
The security-products maker, whose North American headquarters are in Carmel, exceeded analyst expectations despite a $96.3 million impairment charge because of COVID-19-related uncertainty.
KAR rethinks strategy for startup after it loses $125M in two years
Auto auction giant KAR Global’s bet on a phone app that facilitates dealer-to-dealer car sales has cost it a fortune over the past two years—so much so that KAR now is retooling its strategy for the fast-growing division.
Calumet Specialty Products CEO set to leave company
Calumet CEO Tim Go, who has spearheaded turnaround efforts at the Indianapolis-based oil refiner and maker of specialty petroleum products, will leave his post at the end of May.
Allison Transmission’s 4Q performance beats analyst expectations
Indianapolis-based Allison Transmission Holdings Inc. on Wednesday reported lower fourth quarter revenue and earnings than a year ago, but the results beat Wall Street predictions.
Kite Realty beats analyst expectations with 4Q performance
The Indianapolis-based real estate investment trust beat Wall Street predictions in two key financial categories in the fourth quarter.
Cummins sees 4Q sales drop, expects bigger revenue decrease this year
The Columbus-based engine-maker said it expects sales to drop another 8% to 12% in 2020, it expects its full-year 2020 revenue to decline between 8% and 12%, mostly because of lower truck production in North America, Europe, China and India
Calumet fined $250,000 for financial reporting inaccuracies
The fine settles U.S. Securities and Exchange Commission charges that the Indianapolis-based fuel-products refiner issued inaccurate information about its 2017 financial performance.
Kite Realty Group sells off 14 properties for $415 million
The divestitures are part of what the company calls Project Focus, a previously-announced project to sell off non-core assets and pay down debt.