Cummins Reaffirms 3Q, Full-Year Earnings Guidance

September 27, 2005 11:10 AM, EDT

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iesel engine manufacturer Cummins Inc reaffirmed its 2005 full-year earnings guidance of $10.10 to $10.30 a share and its third-quarter guidance of $2.40 to 2.50 a share.

At an investors conference in New York, Cummins also said it will begin to repurchase shares of common stock with the intent to buy back $100 million worth of Cummins stock within two years.

he company intends to repay $250 million in 9.5% notes in December 2006, the first call date for the debt.

The notes, which were issued in November 2002, will be repaid using cash generated from operations, Cummins said in a statement.