COLUMBUS, IN – Cummins Inc. reported for the second quarter its highest quarterly earnings as a percentage of sales in more than 25 years. Continued productivity improvements in the Company’s manufacturing operations, as well as strong performance in international markets, drove significant year-over-year gains across all the Company’s business segments.

Earnings Before Interest and Taxes (EBIT) was $401 million, or 12.5 percent of sales, up from $109 million or 4.5 percent of sales in the second quarter of 2009. EBIT also improved from 10.7 percent in the first quarter of 2010. For the first time ever, all four segments posted quarterly EBIT in excess of 10 percent of sales.

Sales of $3.21 billion in the second quarter were 32 percent higher than $2.43 billion in the same quarter in 2009. Net income attributable to Cummins Inc. in the second quarter more than quadrupled to $246 million, or $1.25 a share, compared to $56 million, or $0.28 a share, in the same period a year ago.

The sales gains were led by the Company’s Engine and Components segments, which each reported 45 percent sales improvements compared to the same period in 2009. Power Generation sales increased 16 percent, while Distribution sales rose 24 percent. The Company delivered these strong results even though the North American heavy duty truck market remains weak as result of the transition to new on-highway emissions standards at the beginning of the year.

Based on the Company’s performance in the first half of 2010 and its forecast for the rest of the year, Cummins today increased its financial guidance for 2010. The Company now expects to generate EBIT of 12 percent of sales on revenues of $13 billion.

“We had an outstanding quarter,” said Cummins Chairman and Chief Executive Officer Tim Solso. “The work we have done to strengthen our manufacturing operations during the downturn has resulted in significant productivity gains, and we continue to benefit from our leadership position in large and growing international markets such as China, India and Brazil.”

The Company’s non- U.S. markets continued to perform well, with sales up 51 percent outside the United States in the second quarter compared to a year ago. Sales outside the U.S. accounted for 64 percent of the Company’s revenue in the quarter.

The Company continued to return value to shareholders by repurchasing $123 million of its shares during the second quarter. The Company has now repurchased $310 million worth of stock under its current $500 million authorization.

Even with the stock repurchase, the Company improved its cash position from the first quarter of the year. The Company generated $301 million in cash from operations in the second quarter, compared to $245 million in the same period last year and $126 million in the first quarter.

“Our strong performance during the downturn has allowed us to make the investments necessary to position the Company for a period of long-term profitable growth as our markets continue to improve,” said Cummins President and Chief Operating Officer Tom Linebarger. “We are working hard to prepare for future growth, even as we continue to concentrate on managing the business through this challenging economic period.”

Source:http://www.cummins.com/cmi/content.jsp?siteId=1&langId=1033&menuId=4&overviewId=15&dataId=3056&menuIndex=0

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Milan – The Board of Directors of Pirelli & C. SpA, which met, reviewed and approved the half-year financial statements as of 30 June 2010.

The half showed a significant improvement in operating results compared with the corresponding period of the previous year, thanks in particular to growth in sales volumes of Pirelli Tyre, already observed starting from the last months of 2009, and to the continuous benefits deriving from operating efficiency actions started in 2008 and continued in the years that followed.

Overall, the group closed the half with revenues of 2,426.5 million euros, up 19.8% compared with the corresponding period of 2009, and operating income post restructuring charges of 193.4 million euros, with an increase of 62.8%. The EBIT margin improved to 8% from 5.9% in the first half of 2009. In the first half, the net result not including businesses classified as ‘discontinued operations’ more than doubled to 80.8 million euros compared with 30.3 million euros in the corresponding period of 2009.

The continued growth in volumes and the price/mix component, which more than compensated the rise in the cost of raw materials, allowed Pirelli Tyre to register a significant improvement in operating results. In the second quarter in particular Pirelli Tyre reported the best quarterly operating result in its history, amounting to 121.8 million euros (+54% compared with the same period in 2009), or 10% of sales (8% in the 2009 period), with revenues up 22.9% to 1,215.3 million euros. In the first half, EBIT post restructuring charges reached 217.3 million euros, up 59% compared with 136.8 million euros in the first half of 2009, with a margin of 9.3% (7.1% in the first half of 2009) on sales of 2,325.3 million euros (+21.4% compared with the first half of 2009).

On 23 June Pirelli was selected as sole Formula 1 tyre supplier for the 2011-2013 three-year period. Formula 1 will become an important driver to bring out further value from the Pirelli brand and for its commercial and industrial growth, without bringing about changes to the financial plans of the company. For the 2011-2013 period Pirelli also won exclusive supply of the GP2 World Championship Series, which, in addition to the GP3 Series Pirelli supplies already this year, makes Pirelli the official supplier of the most prestigious single-seater world championship competitions.
Within the context of the process of focusing on core industrial activities in the tyre sector, the Board of Directors of Pirelli & C. resolved upon, during the first half, a plan for separation of Pirelli RE, approved by the extraordinary shareholders’ meeting of 15 July 2010.

The transaction will improve the equity structure and the financial structure of the Pirelli group, will simplify the corporate structure of Pirelli & C., and will allow for a more immediate reading of the industrial strategy and of financial data of the Pirelli group by the market. As per IFRS principles, the ‘discontinued operations’ accounted for in the first half, in addition to the net result of Pirelli RE (a loss of 20.4 million euros in the first half) also include the accounting effects of the separation, referring to alignment to market value as of 30 June 2010 of the assets of Pirelli RE. The accounting effects deriving from that impact, negative for a total of 256.4 million euros, determine a consolidated net result for Pirelli & C. that is negative for 175.6 million euros, compared to a loss of 12.4 million euros in the first half of 2009. The attributable net loss was 165.5 million euros, compared with attributable net profit of 6.3 million euros in the same period of 2009.

In the first half, the net consolidated cash flow from operations was positive for 55.6 million euros (negative for 18.5 million euros in the first half of 2009), despite investments that nearly doubled compared with the same period in 2009 (135.5 million euros, compared with 65.4 million euros), particularly within the context of projects for increasing manufacturing capacity. The net financial position of the group as of 30 June 2010 was negative for 696.9 million euros, compared with -528.8 million euros at the end of December 2009 (-678.4 million euros as of 31 March 2010), with a difference essentially attributable to the cash out for restructuring (44.4 million euros) and dividends distributed (85.1 million euros).

Source: http://www.pirelli.com/press/2010/07/29/the-board-of-directors-approves-the-finacial-statements-as-of-30-june-2010/

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USA - Honda Aircraft Company, Inc., released a program update for its HondaJet advanced light jet program highlighting the milestone achievement of Power-On for its first conforming flight test aircraft. Also announced was the successful consolidation of fuselage and wing assemblies for the first static test aircraft, which will be subjected to static structural testing beginning in August.

The recently concluded Power-On tests for the first conforming aircraft included confirmation of power supply both from the on-board battery to the aircraft’s Power Distribution System and from the external Ground Power Unit to the Power Distribution System.

“The success of our Power-On tests is an important step in the completion of the first conforming flight test aircraft,” said Honda Aircraft Company President & CEO Michimasa Fujino. “With this significant milestone achieved, we are now focused on the integration of avionics and other electrical systems in anticipation of first flight later this year.”

Concurrently, consolidation has been achieved for the wing and fuselage assemblies of the first static test aircraft. The first static test aircraft incorporates over 1,800 strain gauges that will be used to evaluate the aircraft’s performance during stress testing.

Stress testing is being conducted at Honda Aircraft Company’s R&D facility on its Greensboro campus utilizing Honda’s advanced MTS FlexTest® structural test system. The system incorporates 61 hydraulic actuators and a 2,600-channel data acquisition system within a structural test fixture designed exclusively for HondaJet testing. The entire aircraft can be tested simultaneously to prove static and fatigue strength under various flight and ground load conditions. Honda’s test facility includes an environmental chamber to simulate hot-wet conditions, which is required testing for the validation of composite structures.

Stress testing already is well underway with the completion of testing of sub-component and control surfaces. These components have been successfully tested to ultimate load under FAA supervision at Honda’s Greensboro facility.

While the assembly and testing of aircraft continue, Honda is nearing completion of the superstructure for the HondaJet production facility on its Greensboro campus and will next begin the installation of electrical and plumbing within the facility. The 250,000 ft2 production facility is scheduled for total completion in early 2011, at which time pre-production preparations and training of production staff will begin. The HondaJet production facility also will house Flight Safety International Level-D, full-motion flight simulators for training of all HondaJet pilots and crew.

Following its appearance at this year’s EAA AirVenture Oshkosh, the proof-of-concept HondaJet will travel to Lexington, Ohio, to participate in the Honda Indy 200 Mid-Ohio IRL race on August 8. Celebrating Honda’s challenging spirit and its passion for speed, the HondaJet will perform a demonstration flight above the track prior to the start of the race. The annual Ohio stop on the Indy Racing League tour is conducted at the Mid-Ohio Sports Car Course, which features a 2.25-mile, 13-turn circuit that is considered one of the most challenging race circuits in the U.S. With a top speed of 420 kts (483 mph), the HondaJet is sure to become the fastest Honda in the history of the event.

Source: http://www.honda.com/newsandviews/article.aspx?id=5555

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Tokyo, Japan- Hitachi Automotive Systems, Ltd. announced that it will expect to meet shipment volume for requests of its customers. Hitachi Automotive systems, a wholly owned subsidiary of Hitachi, Ltd. (NYSE:HIT / TSE:6501), had recently faced delays in the shipment of engine control units (ECU), a key device in automotive engine systems. However, in strong collaboration with STMicroelectronics (NYSE: STM), a supplier of a custom IC that is a core component in ECUs, Hitachi Automotive Systems now expects to meet procurement volume requirements, starting from August of this year. As a result, it will be able to ship the required volumes of ECUs with no further delays. In the past few months, Hitachi and ST have jointly faced the challenge to keep up with unprecedented booming demand in the automotive market via close communication and cooperation, though recent stories in some medias regarding ST’s role in meeting its commitments, may have been misleading.

Like much of the industry, our supply chain has been challenged by the rapid recovery in our end markets. In this situation, ST has been a fair and honest partner.Based on the long-standing and close cooperation with STMicroelectronics in the procurement of custom ICs, Hitachi Automotive Systems will continue to devote itself to ensuring a stable supply of ECUs and other automotive devices.

Source: http://www.hitachi.com/New/cnews/100728.html

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Japan: Over the three days from July 30 to August 1, 2010 in Jakarta, Yamaha Motor Co., Ltd. will join Yamaha Motor group companies in Indonesia*1 and Indonesia’s Ministry of Youth and Sport to host the 2nd YAMAHA ASEAN CUP U-13 FOOTBALL Indonesia 2010, an international football tournament for the ASEAN region.

This tournament will be competed by six under-13 teams representing the four countries of Indonesia, Malaysia, Thailand and Vietnam (two each from the host country Indonesia and the 2008 winning country, Vietnam). The six teams will be divided into two groups by lottery and compete in a round robin. The teams finishing 1st and 2nd in these two round robins will qualify to compete in the final tournament.

As a company with a corporate mission of Creating Kando*2, Yamaha Motor carries out activities to popularize, promote, and support a range of sports, including motor and marine sports as well as rugby and football, both at home and abroad. These activities are a direct reflection of the “spirit of challenge” that we value so highly in our corporate culture as well as our commitment to youth development and social contribution.

In the important ASEAN market with its Yamaha production bases, Yamaha Motor has been holding the YAMAHA ASEAN CUP RACE since 2003 as a one-make race aimed at strengthening the Yamaha brand image and with the hopes of establishing a symbol of our corporate activities in the region. Since 2008, we have been organizing the YAMAHA ASEAN CUP U-13 FOOTBALL tournament for under-13 football players along with the Yamaha ASEAN CUP RACE together with the Yamaha Motor group companies in the region.

Source: http://www.yamaha-motor.co.jp/global/news/2010/0727/football.html

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