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February 20, 2013 8:55 AM, EST
Cummins Revises Down Its 4Q, Full-Year Earnings

Engine maker Cummins Inc. said Wednesday it has revised its previously announced fourth-quarter and full-year 2012 operating results down by $20 million, with net income reduced by $12 million, or 7 cents per share.

The revision resulted from legal matters “reflecting a recent adverse court ruling in a commercial contract dispute,” Cummins said in a statement, though it did not specify what the ruling was.

The revision did not alter the company’s operating segment results as previously reported. Cummins reported its fourth-quarter earnings on Feb. 6.

Its revised fourth quarter profit before interest and taxes was $532 million, excluding $52 million in restructuring costs. Net income was $369 million, or $1.95 per share, including 19 cents per share in restructuring costs and a one-time tax benefit of 21 cents per share.

Net income for the full year was $1.65 billion, or $8.67 per share, down from $1.85 billion, or $9.55, in 2011. Excluding restructuring costs of 18 cents per share and a 2 cents per share gain on the sale of its exhaust business, Cummins said its full-year net income was $1.68 billion, or $8.83 per share.