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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cummins Inc | NYSE:CMI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
3.32 | 1.17% | 286.91 | 289.20 | 283.59 | 284.89 | 701,397 | 01:00:00 |
Indiana (State or other Jurisdiction of Incorporation) | 1-4949 (Commission File Number) | 35-0257090 (I.R.S. Employer Identification No.) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | The following exhibit is furnished pursuant to Item 2.02 herewith: |
CUMMINS INC. |
/s/ Marsha L. Hunt |
Marsha L. Hunt Vice President - Corporate Controller (Principal Accounting Officer) |
Three months ended | ||||||||
In millions, except per share amounts | June 28, 2015 | June 29, 2014 | ||||||
NET SALES | $ | 5,015 | $ | 4,835 | ||||
Cost of sales | 3,683 | 3,630 | ||||||
GROSS MARGIN | 1,332 | 1,205 | ||||||
OPERATING EXPENSES AND INCOME | ||||||||
Selling, general and administrative expenses | 537 | 513 | ||||||
Research, development and engineering expenses | 166 | 179 | ||||||
Equity, royalty and interest income from investees | 94 | 105 | ||||||
Other operating (expense) income, net | — | (6 | ) | |||||
OPERATING INCOME | 723 | 612 | ||||||
Interest income | 6 | 6 | ||||||
Interest expense | 17 | 15 | ||||||
Other (expense) income, net | (8 | ) | 39 | |||||
INCOME BEFORE INCOME TAXES | 704 | 642 | ||||||
Income tax expense | 208 | 170 | ||||||
CONSOLIDATED NET INCOME | 496 | 472 | ||||||
Less: Net income attributable to noncontrolling interests | 25 | 26 | ||||||
NET INCOME ATTRIBUTABLE TO CUMMINS INC. | $ | 471 | $ | 446 | ||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. | ||||||||
Basic | $ | 2.63 | $ | 2.44 | ||||
Diluted | $ | 2.62 | $ | 2.43 | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||
Basic | 179.2 | 182.8 | ||||||
Diluted | 179.6 | 183.2 | ||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.78 | $ | 0.625 |
Six months ended | ||||||||
In millions, except per share amounts | June 28, 2015 | June 29, 2014 | ||||||
NET SALES | $ | 9,724 | $ | 9,241 | ||||
Cost of sales | 7,197 | 6,937 | ||||||
GROSS MARGIN | 2,527 | 2,304 | ||||||
OPERATING EXPENSES AND INCOME | ||||||||
Selling, general and administrative expenses | 1,054 | 998 | ||||||
Research, development and engineering expenses | 361 | 369 | ||||||
Equity, royalty and interest income from investees | 162 | 195 | ||||||
Other operating (expense) income, net | (3 | ) | (7 | ) | ||||
OPERATING INCOME | 1,271 | 1,125 | ||||||
Interest income | 11 | 11 | ||||||
Interest expense | 31 | 32 | ||||||
Other income, net | 1 | 49 | ||||||
INCOME BEFORE INCOME TAXES | 1,252 | 1,153 | ||||||
Income tax expense | 352 | 323 | ||||||
CONSOLIDATED NET INCOME | 900 | 830 | ||||||
Less: Net income attributable to noncontrolling interests | 42 | 46 | ||||||
NET INCOME ATTRIBUTABLE TO CUMMINS INC. | $ | 858 | $ | 784 | ||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. | ||||||||
Basic | $ | 4.77 | $ | 4.27 | ||||
Diluted | $ | 4.76 | $ | 4.26 | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||
Basic | 179.9 | 183.5 | ||||||
Diluted | 180.3 | 183.9 | ||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 1.56 | $ | 1.25 |
In millions, except par value | June 28, 2015 | December 31, 2014 | ||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 1,760 | $ | 2,301 | ||||
Marketable securities | 89 | 93 | ||||||
Total cash, cash equivalents and marketable securities | 1,849 | 2,394 | ||||||
Accounts and notes receivable, net | 3,422 | 2,946 | ||||||
Inventories | 2,986 | 2,866 | ||||||
Prepaid expenses and other current assets | 746 | 849 | ||||||
Total current assets | 9,003 | 9,055 | ||||||
Long-term assets | ||||||||
Property, plant and equipment | 7,151 | 7,123 | ||||||
Accumulated depreciation | (3,498 | ) | (3,437 | ) | ||||
Property, plant and equipment, net | 3,653 | 3,686 | ||||||
Investments and advances related to equity method investees | 995 | 981 | ||||||
Goodwill | 473 | 479 | ||||||
Other intangible assets, net | 339 | 343 | ||||||
Prepaid pensions | 784 | 637 | ||||||
Other assets | 631 | 595 | ||||||
Total assets | $ | 15,878 | $ | 15,776 | ||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Accounts payable (principally trade) | $ | 1,974 | $ | 1,881 | ||||
Loans payable | 70 | 86 | ||||||
Current portion of accrued product warranty | 405 | 363 | ||||||
Accrued compensation, benefits and retirement costs | 432 | 508 | ||||||
Deferred revenue | 402 | 401 | ||||||
Other accrued expenses | 739 | 759 | ||||||
Current maturities of long-term debt | 31 | 23 | ||||||
Total current liabilities | 4,053 | 4,021 | ||||||
Long-term liabilities | ||||||||
Long-term debt | 1,576 | 1,589 | ||||||
Postretirement benefits other than pensions | 351 | 369 | ||||||
Pensions | 291 | 289 | ||||||
Other liabilities and deferred revenue | 1,393 | 1,415 | ||||||
Total liabilities | $ | 7,664 | $ | 7,683 | ||||
EQUITY | ||||||||
Cummins Inc. shareholders’ equity | ||||||||
Common stock, $2.50 par value, 500 shares authorized, 222.3 and 222.3 shares issued | $ | 2,164 | $ | 2,139 | ||||
Retained earnings | 10,123 | 9,545 | ||||||
Treasury stock, at cost, 43.7 and 40.1 shares | (3,350 | ) | (2,844 | ) | ||||
Common stock held by employee benefits trust, at cost, 1.0 and 1.1 shares | (12 | ) | (13 | ) | ||||
Accumulated other comprehensive loss | (1,071 | ) | (1,078 | ) | ||||
Total Cummins Inc. shareholders’ equity | 7,854 | 7,749 | ||||||
Noncontrolling interests | 360 | 344 | ||||||
Total equity | $ | 8,214 | $ | 8,093 | ||||
Total liabilities and equity | $ | 15,878 | $ | 15,776 |
Six months ended | ||||||||
In millions | June 28, 2015 | June 29, 2014 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Consolidated net income | $ | 900 | $ | 830 | ||||
Adjustments to reconcile consolidated net income to net cash provided by operating activities | ||||||||
Depreciation and amortization | 254 | 217 | ||||||
Deferred income taxes | (63 | ) | (88 | ) | ||||
Equity in income of investees, net of dividends | (68 | ) | (108 | ) | ||||
Pension contributions in excess of expense | (122 | ) | (127 | ) | ||||
Other post-retirement benefits payments in excess of expense | (15 | ) | (14 | ) | ||||
Stock-based compensation expense | 17 | 21 | ||||||
Translation and hedging activities | 27 | (9 | ) | |||||
Changes in current assets and liabilities, net of acquisitions | ||||||||
Accounts and notes receivable | (426 | ) | (321 | ) | ||||
Inventories | (127 | ) | (223 | ) | ||||
Other current assets | 18 | 4 | ||||||
Accounts payable | 97 | 289 | ||||||
Accrued expenses | (21 | ) | 120 | |||||
Changes in other liabilities and deferred revenue | 133 | 116 | ||||||
Other, net | (35 | ) | (6 | ) | ||||
Net cash provided by operating activities | 569 | 701 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital expenditures | (247 | ) | (245 | ) | ||||
Investments in internal use software | (22 | ) | (26 | ) | ||||
Investments in and advances to equity investees | (17 | ) | (11 | ) | ||||
Acquisitions of businesses, net of cash acquired | (15 | ) | (193 | ) | ||||
Investments in marketable securities—acquisitions | (173 | ) | (179 | ) | ||||
Investments in marketable securities—liquidations | 155 | 179 | ||||||
Cash flows from derivatives not designated as hedges | 5 | 4 | ||||||
Other, net | 14 | 8 | ||||||
Net cash used in investing activities | (300 | ) | (463 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from borrowings | 12 | 17 | ||||||
Payments on borrowings and capital lease obligations | (31 | ) | (39 | ) | ||||
Net payments under short-term credit agreements | (10 | ) | (48 | ) | ||||
Distributions to noncontrolling interests | (14 | ) | (32 | ) | ||||
Dividend payments on common stock | (280 | ) | (229 | ) | ||||
Repurchases of common stock | (514 | ) | (430 | ) | ||||
Other, net | 8 | 5 | ||||||
Net cash used in financing activities | (829 | ) | (756 | ) | ||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 19 | 38 | ||||||
Net decrease in cash and cash equivalents | (541 | ) | (480 | ) | ||||
Cash and cash equivalents at beginning of year | 2,301 | 2,699 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 1,760 | $ | 2,219 |
In millions | Engine | Distribution | Components | Power Generation | Non-segment Items (1) | Total | ||||||||||||||||||||
Three months ended June 28, 2015 | ||||||||||||||||||||||||||
External sales | $ | 2,058 | $ | 1,487 | $ | 1,017 | $ | 453 | $ | — | $ | 5,015 | ||||||||||||||
Intersegment sales | 739 | 8 | 380 | 294 | (1,421 | ) | — | |||||||||||||||||||
Total sales | 2,797 | 1,495 | 1,397 | 747 | (1,421 | ) | 5,015 | |||||||||||||||||||
Depreciation and amortization(2) | 60 | 25 | 28 | 13 | — | 126 | ||||||||||||||||||||
Research, development and engineering expenses | 91 | 3 | 57 | 15 | — | 166 | ||||||||||||||||||||
Equity, royalty and interest income from investees | 57 | 21 | 8 | 8 | — | 94 | ||||||||||||||||||||
Interest income | 3 | 1 | 1 | 1 | — | 6 | ||||||||||||||||||||
Segment EBIT | 341 | 113 | 223 | 57 | (13 | ) | 721 | |||||||||||||||||||
Segment EBIT as a percentage of total sales | 12.2 | % | 7.6 | % | 16.0 | % | 7.6 | % | 14.4 | % | ||||||||||||||||
Three months ended June 29, 2014 | ||||||||||||||||||||||||||
External sales | $ | 2,178 | $ | 1,229 | $ | 953 | $ | 475 | $ | — | $ | 4,835 | ||||||||||||||
Intersegment sales | 566 | 9 | 327 | 268 | (1,170 | ) | — | |||||||||||||||||||
Total sales | 2,744 | 1,238 | 1,280 | 743 | (1,170 | ) | 4,835 | |||||||||||||||||||
Depreciation and amortization(2) | 52 | 20 | 26 | 13 | — | 111 | ||||||||||||||||||||
Research, development and engineering expenses | 105 | 3 | 53 | 18 | — | 179 | ||||||||||||||||||||
Equity, royalty and interest income from investees | 45 | 42 | 9 | 9 | — | 105 | ||||||||||||||||||||
Interest income | 4 | — | 1 | 1 | — | 6 | ||||||||||||||||||||
Segment EBIT | 311 | 126 | (3) | 185 | 61 | (26 | ) | 657 | ||||||||||||||||||
Segment EBIT as a percentage of total sales | 11.3 | % | 10.2 | % | 14.5 | % | 8.2 | % | 13.6 | % | ||||||||||||||||
(1 | ) | Includes intersegment sales and profit in inventory eliminations and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended June 28, 2015 and June 29, 2014. | ||||||||||||||||||||||||
(2 | ) | Depreciation and amortization as shown on a segment basis excludes the amortization of debt discount and deferred costs included in the Condensed Consolidated Statements of Income as "Interest expense." | ||||||||||||||||||||||||
(3 | ) | Distribution segment EBIT included gains of $14 million on the fair value adjustments resulting from the acquisitions of the controlling interests in North American distributors for the three months ended June 29, 2014. |
In millions | Engine | Distribution | Components | Power Generation | Non-segment Items (1) | Total | ||||||||||||||||||||
Six months ended June 28, 2015 | ||||||||||||||||||||||||||
External sales | $ | 3,947 | $ | 2,956 | $ | 1,948 | $ | 873 | $ | — | $ | 9,724 | ||||||||||||||
Intersegment sales | 1,446 | 15 | 748 | 554 | (2,763 | ) | — | |||||||||||||||||||
Total sales | 5,393 | 2,971 | 2,696 | 1,427 | (2,763 | ) | 9,724 | |||||||||||||||||||
Depreciation and amortization(2) | 118 | 52 | 54 | 29 | — | 253 | ||||||||||||||||||||
Research, development and engineering expenses | 205 | 6 | 118 | 32 | — | 361 | ||||||||||||||||||||
Equity, royalty and interest income from investees | 87 | 41 | 17 | 17 | — | 162 | ||||||||||||||||||||
Interest income | 5 | 2 | 2 | 2 | — | 11 | ||||||||||||||||||||
Segment EBIT | 594 | 201 | 418 | 106 | (36 | ) | 1,283 | |||||||||||||||||||
Segment EBIT as a percentage of total sales | 11.0 | % | 6.8 | % | 15.5 | % | 7.4 | % | 13.2 | % | ||||||||||||||||
Six months ended June 29, 2014 | ||||||||||||||||||||||||||
External sales | $ | 4,268 | $ | 2,171 | $ | 1,875 | $ | 927 | $ | — | $ | 9,241 | ||||||||||||||
Intersegment sales | 1,039 | 17 | 635 | 455 | (2,146 | ) | — | |||||||||||||||||||
Total sales | 5,307 | 2,188 | 2,510 | 1,382 | (2,146 | ) | 9,241 | |||||||||||||||||||
Depreciation and amortization(2) | 103 | 36 | 52 | 25 | — | 216 | ||||||||||||||||||||
Research, development and engineering expenses | 221 | 5 | 106 | 37 | — | 369 | ||||||||||||||||||||
Equity, royalty and interest income from investees | 77 | 83 | 18 | 17 | — | 195 | ||||||||||||||||||||
Interest income | 6 | 1 | 2 | 2 | — | 11 | ||||||||||||||||||||
Segment EBIT | 580 | 202 | (3) | 352 | 86 | (35 | ) | 1,185 | ||||||||||||||||||
Segment EBIT as a percentage of total sales | 10.9 | % | 9.2 | % | 14.0 | % | 6.2 | % | 12.8 | % | ||||||||||||||||
(1 | ) | Includes intersegment sales and profit in inventory eliminations and unallocated corporate expenses. There were no significant unallocated corporate expenses for the six months ended June 28, 2015 and June 29, 2014. | ||||||||||||||||||||||||
(2 | ) | Depreciation and amortization as shown on a segment basis excludes the amortization of debt discount and deferred costs included in the Condensed Consolidated Statements of Income as "Interest expense." The amortization of debt discount and deferred costs were $1 million and $1 million for the six months ended June 28, 2015 and June 29, 2014, respectively. | ||||||||||||||||||||||||
(3 | ) | Distribution segment EBIT included gains of $20 million on the fair value adjustments resulting from the acquisitions of the controlling interests in North American distributors for the six months ended June 29, 2014. |
Three months ended | Six months ended | |||||||||||||||
In millions | June 28, 2015 | June 29, 2014 | June 28, 2015 | June 29, 2014 | ||||||||||||
Total EBIT | $ | 721 | $ | 657 | $ | 1,283 | $ | 1,185 | ||||||||
Less: Interest expense | 17 | 15 | 31 | 32 | ||||||||||||
Income before income taxes | $ | 704 | $ | 642 | $ | 1,252 | $ | 1,153 |
Three months ended | Six months ended | |||||||||||||||
In millions | June 28, 2015 | June 29, 2014 | June 28, 2015 | June 29, 2014 | ||||||||||||
Distribution Entities | ||||||||||||||||
North American distributors | $ | 8 | $ | 30 | $ | 18 | $ | 62 | ||||||||
Komatsu Cummins Chile, Ltda. | 8 | 8 | 15 | 14 | ||||||||||||
All other distributors | — | 1 | 1 | 2 | ||||||||||||
Manufacturing Entities | ||||||||||||||||
Dongfeng Cummins Engine Company, Ltd. | 15 | 22 | 29 | 36 | ||||||||||||
Beijing Foton Cummins Engine Co., Ltd. (Light-duty) | 15 | 8 | 23 | 14 | ||||||||||||
Chongqing Cummins Engine Company, Ltd. | 11 | 15 | 23 | 26 | ||||||||||||
Beijing Foton Cummins Engine Co., Ltd. (Heavy-duty) | 7 | (7 | ) | 6 | (13 | ) | ||||||||||
All other manufacturers | 21 | 19 | 28 | 34 | ||||||||||||
Cummins share of net income | 85 | 96 | 143 | 175 | ||||||||||||
Royalty and interest income | 9 | 9 | 19 | 20 | ||||||||||||
Equity, royalty and interest income from investees | $ | 94 | $ | 105 | $ | 162 | $ | 195 |
Six months ended | |||||||||||||||||
June 28, 2015 | June 29, 2014 | ||||||||||||||||
In millions | Net Income | Diluted EPS | Net Income | Diluted EPS | |||||||||||||
Net income attributable to Cummins Inc. | $ | 858 | $ | 4.76 | $ | 784 | $ | 4.26 | |||||||||
Less | |||||||||||||||||
Tax items | 18 | 0.10 | — | — | |||||||||||||
Net income attributable to Cummins Inc. excluding special items | $ | 840 | $ | 4.66 | $ | 784 | $ | 4.26 |
Three months ended | Six months ended | |||||||||||||||
In millions | June 28, 2015 | June 29, 2014 | June 28, 2015 | June 29, 2014 | ||||||||||||
Earnings before interest expense and income taxes | $ | 721 | $ | 657 | $ | 1,283 | $ | 1,185 | ||||||||
EBIT as a percentage of net sales | 14.4 | % | 13.6 | % | 13.2 | % | 12.8 | % | ||||||||
Less | ||||||||||||||||
Interest expense | 17 | 15 | 31 | 32 | ||||||||||||
Income tax expense | 208 | 170 | 352 | 323 | ||||||||||||
Consolidated net income | 496 | 472 | 900 | 830 | ||||||||||||
Less | ||||||||||||||||
Net income attributable to noncontrolling interests | 25 | 26 | 42 | 46 | ||||||||||||
Net income attributable to Cummins Inc. | $ | 471 | $ | 446 | $ | 858 | $ | 784 | ||||||||
Net income attributable to Cummins Inc. as a percentage of net sales | 9.4 | % | 9.2 | % | 8.8 | % | 8.5 | % |
2015 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Heavy-duty truck | $ | 757 | $ | 875 | $ | — | $ | — | $ | 1,632 | ||||||||||
Medium-duty truck and bus | 608 | 674 | — | — | 1,282 | |||||||||||||||
Light-duty automotive | 381 | 354 | — | — | 735 | |||||||||||||||
Industrial | 616 | 624 | — | — | 1,240 | |||||||||||||||
Stationary power | 234 | 270 | — | — | 504 | |||||||||||||||
Total sales | $ | 2,596 | $ | 2,797 | $ | — | $ | — | $ | 5,393 | ||||||||||
2014 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Heavy-duty truck | $ | 718 | $ | 769 | $ | 801 | $ | 784 | $ | 3,072 | ||||||||||
Medium-duty truck and bus | 575 | 605 | 599 | 652 | 2,431 | |||||||||||||||
Light-duty automotive | 391 | 392 | 396 | 388 | 1,567 | |||||||||||||||
Industrial | 669 | 739 | 768 | 775 | 2,951 | |||||||||||||||
Stationary power | 210 | 239 | 252 | 240 | 941 | |||||||||||||||
Total sales | $ | 2,563 | $ | 2,744 | $ | 2,816 | $ | 2,839 | $ | 10,962 | ||||||||||
2013 | ||||||||||||||||||||
In millions | YTD | |||||||||||||||||||
Heavy-duty truck | $ | 2,618 | ||||||||||||||||||
Medium-duty truck and bus | 2,064 | |||||||||||||||||||
Light-duty automotive | 1,465 | |||||||||||||||||||
Industrial | 2,921 | |||||||||||||||||||
Stationary power | 945 | |||||||||||||||||||
Total sales | $ | 10,013 |
2015 | |||||||||||||||
Units | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||
Mid-range | 112,400 | 120,000 | — | — | 232,400 | ||||||||||
Heavy-duty | 28,700 | 32,800 | — | — | 61,500 | ||||||||||
High-horsepower | 3,500 | 3,700 | — | — | 7,200 | ||||||||||
Total units | 144,600 | 156,500 | — | — | 301,100 | ||||||||||
2014 | |||||||||||||||
Units | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||
Mid-range | 118,900 | 118,700 | 117,700 | 115,900 | 471,200 | ||||||||||
Heavy-duty | 28,800 | 30,300 | 32,300 | 30,700 | 122,100 | ||||||||||
High-horsepower | 3,400 | 3,900 | 3,900 | 3,600 | 14,800 | ||||||||||
Total units | 151,100 | 152,900 | 153,900 | 150,200 | 608,100 |
2015 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Parts and filtration | $ | 573 | $ | 598 | $ | — | $ | — | $ | 1,171 | ||||||||||
Engines | 321 | 318 | — | — | 639 | |||||||||||||||
Power generation | 298 | 272 | — | — | 570 | |||||||||||||||
Service | 284 | 307 | — | — | 591 | |||||||||||||||
Total sales | $ | 1,476 | $ | 1,495 | $ | — | $ | — | $ | 2,971 | ||||||||||
2014 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Parts and filtration | $ | 382 | $ | 461 | $ | 491 | $ | 590 | $ | 1,924 | ||||||||||
Engines | 174 | 249 | 270 | 368 | 1,061 | |||||||||||||||
Power generation | 193 | 278 | 279 | 413 | 1,163 | |||||||||||||||
Service | 201 | 250 | 252 | 323 | 1,026 | |||||||||||||||
Total sales | $ | 950 | $ | 1,238 | $ | 1,292 | $ | 1,694 | $ | 5,174 |
2015 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Emission Solutions | $ | 613 | $ | 679 | $ | — | $ | — | $ | 1,292 | ||||||||||
Turbo Technologies | 301 | 307 | — | — | 608 | |||||||||||||||
Filtration | 255 | 266 | — | — | 521 | |||||||||||||||
Fuel systems | 130 | 145 | — | — | 275 | |||||||||||||||
Total sales | $ | 1,299 | $ | 1,397 | $ | — | $ | — | $ | 2,696 | ||||||||||
2014 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Emission Solutions | $ | 543 | $ | 582 | $ | 598 | $ | 620 | $ | 2,343 | ||||||||||
Turbo Technologies | 313 | 307 | 297 | 305 | 1,222 | |||||||||||||||
Filtration | 265 | 275 | 268 | 267 | 1,075 | |||||||||||||||
Fuel systems | 109 | 116 | 124 | 129 | 478 | |||||||||||||||
Total sales | $ | 1,230 | $ | 1,280 | $ | 1,287 | $ | 1,321 | $ | 5,118 |
2015 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Power systems | $ | 543 | $ | 611 | $ | — | $ | — | $ | 1,154 | ||||||||||
Alternators | 98 | 92 | — | — | 190 | |||||||||||||||
Power solutions | 39 | 44 | — | — | 83 | |||||||||||||||
Total sales | $ | 680 | $ | 747 | $ | — | $ | — | $ | 1,427 | ||||||||||
2014 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Power systems | $ | 510 | $ | 586 | $ | 598 | $ | 606 | $ | 2,300 | ||||||||||
Alternators | 105 | 126 | 115 | 103 | 449 | |||||||||||||||
Power solutions | 24 | 31 | 41 | 51 | 147 | |||||||||||||||
Total sales | $ | 639 | $ | 743 | $ | 754 | $ | 760 | $ | 2,896 | ||||||||||
2013 | ||||||||||||||||||||
In millions | YTD | |||||||||||||||||||
Power systems | $ | 2,381 | ||||||||||||||||||
Alternators | 496 | |||||||||||||||||||
Power solutions | 154 | |||||||||||||||||||
Total sales | $ | 3,031 |
• | Second quarter revenues of $5.0 billion, EBIT of 14.4 percent of sales |
• | Full year revenue expected to grow between 2 and 4 percent and EBIT to be in the range of 13.5 to 14.0 percent of sales |
• | For the ninth consecutive year, Cummins was named one of the Top 50 Companies for Diversity by Diversity Inc. |
• | The Company announced new environmental sustainability goals and pledged to reach an annual reduction of 3.5 million metric tons of carbon dioxide (CO2) by 2020, which equates to 350 million gallons of fuel. |
• | John Wall, Cummins’ Vice President - Chief Technical Officer, was honored by the California Air Resources Board with the Haagen-Smit Clean Air Award, which recognizes outstanding lifetime achievement in air-quality research, science and technology. |
• | For the fourth consecutive year, Cummins was recognized as a Top 25 Supply Chain company by Gartner. |
• | Cummins announced that John Wall, Vice President - Chief Technical Officer, will be retiring after nearly 30 years with the Company and that Jennifer Rumsey, Vice President of Engineering for Cummins’ Engine Business, will take Wall’s place. |
• | The Company announced a 25 percent increase in its quarterly dividend. |
• | Sales - $2.8 billion, up 2 percent. |
• | Segment EBIT - $341 million, or 12.2 percent of sales, compared to $311 million or 11.3 percent of sales. |
• | Strong demand in North American truck and bus markets was partially offset by weaker demand in global industrial markets and lower truck demand in Brazil. |
• | Sales - $1.5 billion, up 21 percent, down 6 percent excluding acquisitions. |
• | Segment EBIT - $113 million, or 7.6 percent of sales, compared to $126 million or 10.2 percent of sales. |
• | Currency movements negatively impacted sales by 6 percent. |
• | Results in the second quarter of 2014 included a gain of $14 million related to the acquisition of distributors in North America. |
• | Sales - $1.4 billion, up 9 percent. |
• | Segment EBIT - $223 million, or 16.0 percent of sales, compared to $185 million or 14.5 percent of sales. |
• | Stronger demand in on-highway markets in North America, Europe, and China more than offset weakness in Brazil. |
• | Sales - $747 million, up 1 percent. |
• | Segment EBIT - $57 million, or 7.6 percent of sales, compared to $61 million, or 8.2 percent of sales. |
• | Increased international sales in the Middle East, Asia Pacific and India more than offset lower sales in North America and a 4 percent reduction in revenues due to currency movements. |
1 Year Cummins Chart |
1 Month Cummins Chart |
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