The report is lousy but it is much better underneath.
The conventional consensus is these factors will produce a weaker market for farm equipment in 2006. December sales are a reflection of cash flow and tax planning, but do not reflect the outlook for the coming year.
He was a very dedicated, exceptionally knowledgeable analyst. He was not some dotcom kid.
You're seeing a radically changed company, a radically improved company. There's recognition that Cummins is a changed company and a far better company than it has been at any time in the last few decades.
The farm business is soft, and the construction and lawn and garden are carrying the company right now.
You've got to give them credit. They're showing better levels of profitability on lower volumes.
(Cummins) had higher revenue and slightly lower profitability for the quarter, but even so it's a very fine quarter. Without the tax benefits, the company didn't match expectations or match up to the stock's performance of the past few weeks, which has apparently disappointed some on the market.
Anything Deere can do to reduce its debt burden when the market is soft makes sense.
The volume was slightly higher than we were expecting. And they're passing through costs.
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