Engine maker Cummins Inc. said Tuesday its board has approved a $1 billion share buyback program, which it will commence once it has completed an earlier $1 billion program, that was approved in July 2014. The company unveiled the program at an investor meeting during which it discussed its plans to drive profitable growth. The company said challenging conditions in some of its markets will reduce 2016 revenue by 5% versus 2015. The company is planning cost cuts, as well as investments in select opportunities and deals. Shares fell 2% in afternoon trade, and are down 28% in the year so far, while the S&P 500 has gained about 1.5%.
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