Interesting call! A few key statements up front:
"This fourth straight year of record sales and profits reinforces our value commitment to Cummins' shareholders. As of the end of 2007 our investors enjoyed a five-year average annual total return of 58%.
Other actions that reflect our commitment to growing shareholder value include a 67% increase in our dividend in the last 18 months and ongoing stock repurchase plans. Over the last 25 months, we have purchased almost $500 million in stock, and in December we announced plans to buyback another $500 million.
Our success in 2007 was driven by increased sales in all of our segments. The Power Generation, Distribution and Engine business segments once again delivered excellent results. They had record revenues, increased share in many of their markets, and offered innovative products and services that delighted Cummins' customers around the world."