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. 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.
