8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report: April 29, 2014

CUMMINS INC.

(Exact name of registrant as specified in its charter)

Indiana (State or other Jurisdiction of Incorporation) 1-4949 (Commission File Number) 35-0257090 (I.R.S. Employer Identification No.)

500 Jackson Street

P. O. Box 3005

Columbus, IN  47202-3005

(Principal Executive Office)  (Zip Code)

Registrant's telephone number, including area code:  (812) 377-5000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ]	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))

Item 2.02. Results of Operations and Financial Condition.

On April 29, 2014, Cummins Inc. (“Cummins,” “the Company,” “the registrant,” “we,” “our,” or “us”) issued the attached press release reporting its financial results for the first quarterof 2014, which is furnished herewith as Exhibit 99. The information furnished pursuant to this Item 2.02, including Exhibit 99, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

Item 9.01. Financial Statements and Exhibits.

(d) The following exhibit is furnished pursuant to Item 2.02 herewith: 

99-Press Release dated April 29, 2014

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 29, 2014

CUMMINS INC.

 /s/ Marsha L. Hunt

Marsha L. Hunt

Vice President - Corporate Controller
(Principal Accounting Officer)

CUMMINS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) (a)

	Three months ended
In millions, except per share amounts	March 30, 2014			December 31, 2013			March 31, 2013
NET SALES	$	4,406		$	4,588		$	3,922
Cost of sales	3,290			3,424			2,965
GROSS MARGIN	1,116			1,164			957
OPERATING EXPENSES AND INCOME
Selling, general and administrative expenses	502			500			444
Research, development and engineering expenses	190			181			182
Equity, royalty and interest income from investees (Note 1)	90			80			82
Other operating income (expense), net	(1		)	(10		)	1
OPERATING INCOME	513			553			414
Interest income	5			6			5
Interest expense	17			19			6
Other income, net	10			7			18
INCOME BEFORE INCOME TAXES	511			547			431
Income tax expense  (Note 2)	153			86			119
CONSOLIDATED NET INCOME	358			461			312
Less: Net income attributable to noncontrolling interests	20			29			30
NET INCOME ATTRIBUTABLE TO CUMMINS INC.	$	338		$	432		$	282
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.
Basic	$	1.83		$	2.33		$	1.50
Diluted	$	1.83		$	2.32		$	1.49
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic	184.3			185.7			188.4
Diluted	184.7			186.3			188.8
CASH DIVIDENDS DECLARED PER COMMON SHARE	$	0.625		$	0.625		$	0.50

(a)    Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America.

CUMMINS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited) (a)

In millions, except par value	March 30, 2014			December 31, 2013
ASSETS
Current assets
Cash and cash equivalents	$	2,178		$	2,699
Marketable securities	129			150
Total cash, cash equivalents and marketable securities	2,307			2,849
Accounts and notes receivable, net	2,949			2,649
Inventories	2,580			2,381
Prepaid expenses and other current assets	663			760
Total current assets	8,499			8,639
Long-term assets
Property, plant and equipment	6,563			6,410
Accumulated depreciation	(3,331		)	(3,254		)
Property, plant and equipment, net	3,232			3,156
Investments and advances related to equity method investees	966			931
Goodwill	464			461
Other intangible assets, net	357			357
Other assets	1,233			1,184
Total assets	$	14,751		$	14,728
LIABILITIES
Current liabilities
Loans payable	$	24		$	17
Accounts payable (principally trade)	1,887			1,557
Current maturities of long-term debt	37			51
Current portion of accrued product warranty	345			360
Accrued compensation, benefits and retirement costs	323			433
Deferred revenue	295			285
Taxes payable (including taxes on income)	69			99
Other accrued expenses	575			566
Total current liabilities	3,555			3,368
Long-term liabilities
Long-term debt	1,632			1,672
Pensions	232			232
Postretirement benefits other than pensions	347			356
Other liabilities and deferred revenue	1,251			1,230
Total liabilities	7,017			6,858
EQUITY
Cummins Inc. shareholders’ equity
Common stock, $2.50 par value, 500 shares authorized, 222.3 and 222.3 shares issued	2,101			2,099
Retained earnings	8,629			8,406
Treasury stock, at cost, 38.4 and 35.6 shares	(2,600		)	(2,195		)
Common stock held by employee benefits trust, at cost, 1.2 and 1.3 shares	(15		)	(16		)
Accumulated other comprehensive loss
Defined benefit postretirement plans	(607		)	(611		)
Other	(148		)	(173		)
Total accumulated other comprehensive loss	(755		)	(784		)
Total Cummins Inc. shareholders’ equity	7,360			7,510
Noncontrolling interests	374			360
Total equity	7,734			7,870
Total liabilities and equity	$	14,751		$	14,728

(a)    Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America.

CUMMINS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) (a)

	Three months ended
In millions	March 30, 2014			March 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income	$	358		$	312
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	105			98
Gain on fair value adjustment for consolidated investees	(6		)	(7		)
Deferred income taxes	22			5
Equity in income of investees, net of dividends	(52		)	(36		)
Pension contributions in excess of expense	(100		)	(54		)
Other post-retirement benefits payments in excess of expense	(8		)	(8		)
Stock-based compensation expense	10			7
Excess tax benefits on stock-based awards	(5		)	(7		)
Translation and hedging activities	(3		)	(5		)
Changes in current assets and liabilities, net of acquisitions
Accounts and notes receivable	(232		)	(29		)
Inventories	(135		)	(177		)
Other current assets	2			158
Accounts payable	302			204
Accrued expenses	(95		)	(142		)
Changes in other liabilities and deferred revenue	50			47
Other, net	50			62
NET CASH PROVIDED BY OPERATING ACTIVITIES	263			428
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(107		)	(114		)
Investments in internal use software	(14		)	(12		)
Investments in and advances to equity investees	(6		)	(24		)
Acquisitions of businesses, net of cash acquired	(90		)	(17		)
Investments in marketable securities—acquisitions	(84		)	(133		)
Investments in marketable securities—liquidations	108			187
Cash flows from derivatives not designated as hedges	5			(30		)
Other, net	1			—
Net cash used in investing activities	(187		)	(143		)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings	7			—
Payments on borrowings and capital lease obligations	(25		)	(27		)
Net borrowings (payments) under short-term credit agreements	(39		)	15
Distributions to noncontrolling interests	(13		)	(19		)
Dividend payments on common stock	(115		)	(95		)
Repurchases of common stock	(419		)	—
Excess tax benefits on stock-based awards	5			7
Other, net	(3		)	16
Net cash used in financing activities	(602		)	(103		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	5			(68		)
Net increase (decrease) in cash and cash equivalents	(521		)	114
Cash and cash equivalents at beginning of year	2,699			1,369
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	2,178		$	1,483

(a)    Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America.

CUMMINS INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(Unaudited)

		In millions	Engine			Components			Power Generation			Distribution				Non-segment Items(1)			Total
		Three months ended March 30, 2014
		External sales	$	2,090		$	922		$	452		$	942			$	—		$	4,406
		Intersegment sales	473			308			187			8				(976		)	—
		Total sales	2,563			1,230			639			950				(976		)	4,406
		Depreciation and amortization(2)	51			26			12			16				—			105
		Research, development and engineering expenses	116			53			19			2				—			190
		Equity, royalty and interest income from investees	32			9			8			41				—			90
		Interest income	2			1			1			1				—			5
		Segment EBIT	269			167			25			76			(3)	(9		)	528
		Segment EBIT as a percentage of total sales	10.5		%	13.6		%	3.9		%	8.0		%					12.0		%
		Three months ended December 31, 2013
		External sales	$	2,131		$	859		$	533		$	1,065			$	—		$	4,588
		Intersegment sales	431			276			226			8				(941		)	—
		Total sales	2,562			1,135			759			1,073				(941		)	4,588
		Depreciation and amortization(2)	49			25			13			14				—			101
		Research, development and engineering expenses	106			53			20			2				—			181
		Equity, royalty and interest income from investees	30			7			2			41				—			80
		Interest income	3			1			1			1				—			6
		Segment EBIT	235			140			46			107				38			566
		Segment EBIT as a percentage of total sales	9.2		%	12.3		%	6.1		%	10.0		%					12.3		%
		Three months ended March 31, 2013
		External sales	$	1,885		$	722		$	539		$	776			$	—		$	3,922
		Intersegment sales	418			296			207			2				(923		)	—
		Total sales	2,303			1,018			746			778				(923		)	3,922
		Depreciation and amortization(2)	52			24			12			10				—			98
		Research, development and engineering expenses	105			57			18			2				—			182
		Equity, royalty and interest income from investees	23			7			7			45				—			82
		Interest income	2			1			2			—				—			5
		Segment EBIT	195			119			51			95			(3)	(23		)	437
		Segment EBIT as a percentage of total sales	8.5		%	11.7		%	6.8		%	12.2		%					11.1		%
(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 March 30, 2014, December 31, 2013 and March 31, 2013.
(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 for the three months ended March 30, 2014, included a $6 million gain on the fair value adjustment resulting from the acquisition of a controlling interest in Cummins Mid-South LLC. Distribution segment EBIT for the three months ended March 31, 2013, included a $7 million gain on the fair value adjustment resulting from the acquisition of a controlling interest in Cummins Northwest LLC.

CUMMINS INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(Unaudited)

A reconciliation of our segment information to the corresponding amounts in the Condensed Consolidated Statements of Income is shown in the table below:

	Three months ended
In millions	March 30, 2014		December 31, 2013		March 31, 2013
Total EBIT	$	528	$	566	$	437
Less: Interest expense	17		19		6
Income before income taxes	$	511	$	547	$	431

CUMMINS INC. AND SUBSIDIARIES

SELECTED FOOTNOTE DATA

(Unaudited)

NOTE 1.  EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES

Equity, royalty and interest income from investees included in our Condensed Consolidated Statements of Income for the reporting periods was as follows:

	Three months ended
In millions	March 30, 2014			December 31, 2013			March 31, 2013
Distribution Entities
North American distributors	$	32		$	31		$	35
Komatsu Cummins Chile, Ltda.	6			8			5
All other distributors	1			—			—
Manufacturing Entities
Dongfeng Cummins Engine Company, Ltd.	14			18			12
Chongqing Cummins Engine Company, Ltd.	11			14			12
Beijing Foton Cummins Engine Co., Ltd. (Light-duty)	6			3			1
Shanghai Fleetguard Filter Co., Ltd.	3			2			3
Tata Cummins, Ltd.	2			1			1
Cummins Westport, Inc.	1			(1		)	—
Beijing Foton Cummins Engine Co., Ltd. (Heavy-duty)	(6		)	(7		)	(3		)
All other manufacturers	9			2			7
Cummins share of net income	79			71			73
Royalty and interest income	11			9			9
Equity, royalty and interest income from investees	$	90		$	80		$	82

NOTE 2.  INCOME TAXES

Our effective tax rate for the year is expected to approximate 28.5 percent, excluding any one-time items that may arise.  The research tax credit expired December 31, 2013 and has not yet been renewed by Congress. Our tax rate is generally less than the 35 percent U.S. statutory income tax rate primarily due to lower tax rates on foreign income.  The effective tax rate for the three months ended March 30, 2014, was 29.9 percent.  This tax rate includes a $12 million discrete tax expense primarily attributable to state deferred tax adjustments, as well as a $5 million discrete net tax benefit resulting from a $70 million dividend paid from China earnings generated prior to 2012.

Our tax rate for the three month period ended December 31, 2013 was 15.7 percent. We recorded $70 million or $0.38 per share of tax benefits in the fourth quarter of 2013. The income tax provision for the fourth quarter of 2013 was net of the following items:

One-time impacts of foreign legal entity restructuring actions	$	16
One-time impacts of reconciliation of state income tax provision to tax return	17
Lower operating rate primarily resulting from recognition of state and federal research and development credits and the recurring impacts of foreign legal entity restructuring actions	37
Total	$	70

Our effective tax rate for the three months ended March 31, 2013, was 27.6 percent. This tax rate included a discrete tax benefit of $28 million attributable to the 2012 research credit reinstated in January 2013 as well as a discrete tax expense of $17 million, which primarily related to the write-off of a deferred tax asset deemed unrecoverable. The increase in the three month effective tax rate from 2013 to 2014 is attributable primarily to one-time discrete tax benefits in 2013 that did not repeat in 2014 and changes in U.S. state tax legislation that unfavorably impacted our 2014 effective tax rate.

NOTE 3. ACQUISITION

Cummins Mid-South LLC

On February 14, 2014, we acquired the remaining 62.2 percent interest in Cummins Mid-South LLC (Mid-South) from the former distributor principal. The preliminary purchase consideration was $116 million, which included $32 million in cash and an additional $61 million paid to eliminate outstanding debt. The remaining$23 million will be paid in future periods, subject to customary purchase price adjustments. The acquisition was accounted for as a business combination and the results of the acquired entity were included in the Distribution operating segment subsequent to the acquisition date. As a result of this transaction, first quarter 2014 Distribution segment results included a $6 million gain, as we were required to re-measure our pre-existing 37.8 percent ownership interest in Mid-South to fair value. The transaction generated $3 million of goodwill based on the preliminary purchase price allocation. Net sales for Mid-South were $368 million for the year ended December 31, 2013. This amount is not fully incremental to our consolidated sales as the amount would be reduced by the elimination of sales to the previously unconsolidated entity.

CUMMINS INC. AND SUBSIDIARIES

FINANICAL MEASURES THAT SUPPLEMENT GAAP

(Unaudited)

Earnings before interest, taxes and noncontrolling interests

We define EBIT as earnings before interest expense, income tax expense and noncontrolling interests in income of consolidated subsidiaries (EBIT).  We use EBIT to assess and measure the performance of our operating segments and also as a component in measuring our variable compensation programs.  This measure is not in accordance with, or an alternative for, accounting principles generally accepted in the United States of America and may not be consistent with measures used by other companies. It should be considered supplemental data. Below is a reconciliation of EBIT to “Net income attributable to Cummins Inc.,” for each of the applicable periods:

	Three months ended
In millions	March 30, 2014			December 31, 2013			March 31, 2013
Earnings before interest expense and income taxes	$	528		$	566		$	437
EBIT as a percentage of net sales	12.0		%	12.3		%	11.1		%
Less
Interest expense	17			19			6
Income tax expense	153			86			119
Consolidated net income	358			461			312
Less
Net income attributable to noncontrolling interests	20			29			30
Net income attributable to Cummins Inc.	$	338		$	432		$	282
Net income attributable to Cummins Inc. as a percentage of net sales	7.7		%	9.4		%	7.2		%

CUMMINS INC. AND SUBSIDIARIES

BUSINESS UNIT SALES DATA

(Unaudited)

Engine segment net sales by market

2014
In millions	Q1		Q2		Q3		Q4		YTD
Heavy-duty truck	$	722	$	—	$	—	$	—	$	722
Medium-duty truck and bus	601		—		—		—		601
Light-duty automotive and RV	361		—		—		—		361
Industrial	700		—		—		—		700
Stationary power	179		—		—		—		179
Total sales	$	2,563	$	—	$	—	$	—	$	2,563
2013
In millions	Q1		Q2		Q3		Q4		YTD
Heavy-duty truck	$	654	$	723	$	690	$	638	$	2,705
Medium-duty truck and bus	448		595		570		572		2,185
Light-duty automotive and RV	260		345		330		365		1,300
Industrial	714		762		709		811		2,996
Stationary power	227		231		193		176		827
Total sales	$	2,303	$	2,656	$	2,492	$	2,562	$	10,013

Unit shipments by engine classification (including unit shipments to Power Generation)

2014
Units	Q1	Q2	Q3	Q4	YTD
Midrange	118,900	—	—	—	118,900
Heavy-duty	28,800	—	—	—	28,800
High-horsepower	3,400	—	—	—	3,400
Total units	151,100	—	—	—	151,100
2013
Units	Q1	Q2	Q3	Q4	YTD
Midrange	94,600	121,900	113,800	115,700	446,000
Heavy-duty	24,900	28,300	26,500	25,700	105,400
High-horsepower	4,200	3,600	3,500	3,500	14,800
Total units	123,700	153,800	143,800	144,900	566,200

Component segment sales by business 

2014
In millions	Q1		Q2		Q3		Q4		YTD
Emission Solutions	$	543	$	—	$	—	$	—	$	543
Turbo Technologies	313		—		—		—		313
Filtration	265		—		—		—		265
Fuel systems	109		—		—		—		109
Total sales	$	1,230	$	—	$	—	$	—	$	1,230
2013
In millions	Q1		Q2		Q3		Q4		YTD
Emission Solutions	$	400	$	444	$	458	$	489	$	1,791
Turbo Technologies	266		294		263		292		1,115
Filtration	255		271		248		254		1,028
Fuel systems	97		108		103		100		408
Total sales	$	1,018	$	1,117	$	1,072	$	1,135	$	4,342

CUMMINS INC. AND SUBSIDIARIES

BUSINESS UNIT SALES DATA

(Unaudited)

Power Generation segment sales by business

2014
In millions	Q1		Q2		Q3		Q4		YTD
Power products	$	373	$	—	$	—	$	—	$	373
Power systems	137		—		—		—		137
Alternators	105		—		—		—		105
Power solutions	24		—		—		—		24
Total sales	$	639	$	—	$	—	$	—	$	639
2013
In millions	Q1		Q2		Q3		Q4		YTD
Power products	$	409	$	474	$	421	$	421	$	1,725
Power systems	179		187		122		168		656
Alternators	126		125		126		119		496
Power solutions	32		28		43		51		154
Total sales	$	746	$	814	$	712	$	759	$	3,031

Distribution segment sales by business

2014
In millions	Q1		Q2		Q3		Q4		YTD
Parts and filtration	$	382	$	—	$	—	$	—	$	382
Power generation	193		—		—		—		193
Engines	174		—		—		—		174
Service	201		—		—		—		201
Total sales	$	950	$	—	$	—	$	—	$	950
2013
In millions	Q1		Q2		Q3		Q4		YTD
Parts and filtration	$	322	$	369	$	377	$	397	$	1,465
Power generation	163		241		234		293		931
Engines	152		183		170		208		713
Service	141		161		163		175		640
Total sales	$	778	$	954	$	944	$	1,073	$	3,749

EX-99

Contact:

Carole Casto

Executive Director - Corporate Communications

(317) 610-2480

carole.casto@cummins.com

Cummins announces results for the first quarter of 2014; Improving demand in North America drives revenue growth

• First quarter revenues of $4.4 billion, EBIT of 12.0 percent of sales

• Full year revenue expected to grow between 6 and 10 percent and EBIT to be in the range of 12.75 to 13.25 percent of sales

COLUMBUS, IND. - Cummins Inc. (NYSE: CMI) today reported results for the first quarter of 2014.

First quarter revenue of $4.4 billion increased 12 percent from the same quarter in 2013. The increase year-over-year was driven by stronger demand in on-highway markets and distributor acquisitions in North America.

Revenues in North America increased 25 percent while international sales were flat compared to the first quarter a year ago. Within international markets, weakness in India, Australia, Mexico and Brazil offset higher revenues in China and Europe.

Earnings before interest and taxes (EBIT) were $528 million for the first quarter or 12.0 percent of sales. This compares to $437 million or 11.1 percent of sales a year ago.

Net income attributable to Cummins in the first quarter was $338 million ($1.83 per diluted share), compared to $282 million ($1.49 per diluted share) in the first quarter of 2013.

“We delivered good incremental margins in the first quarter as demand in on-highway markets in North America improved. We are also well on track to deliver the expected benefits from our North American distributor acquisitions as we execute our plans and end market demand improves. Conditions in a number of international markets remain very weak, particularly in India and Australia, leading to lower demand for power generation and mining equipment ,” said Chairman and CEO Tom Linebarger. “We continue to release exciting new products that will drive future profitable growth and we repurchased 3 million shares in the first quarter, consistent with our commitment to return 50 percent of full year operating cash flow to shareholders through a combination of dividends and share repurchase.”

Based on the current forecast, Cummins expects full year 2014 revenues to grow between 6% and 10%, up from its previous forecast of growth of between 4% and 8%, due largely to improving demand in North America. EBIT is expected to be in the range of 12.75 to 13.25 percent of sales.

Other recent highlights:

• For the seventh consecutive year, Cummins has been named one of the world's most ethical companies by The Ethisphere Institute;

• FORTUNE magazine named Cummins one of America’s Most Admired Companies; and

• Cummins became the first company to receive EPA Tier4 Final certification for high-horsepower generator sets.

First quarter 2014 detail (all comparisons to same period in 2013)

Engine Segment

• Sales - $2.6 billion, up 11 percent

• Segment EBIT - $269 million, or 10.5 percent of sales, compared to $195 million or 8.5 percent of sales

• Increased demand in on-highway markets in North America offset weakness in global mining and power generation markets

Components Segment

• Sales - $1.2 billion, up 21 percent

• Segment EBIT - $167 million, or 13.6 percent of sales, compared to $119 million or 11.7 percent of sales

• Higher demand in on-highway markets in North America, Europe and China more than offset weaker demand in Brazil

Power Generation Segment

• Sales - $639 million, down 14 percent

• Segment EBIT - $25 million, or 3.9 percent of sales, compared to $51 million or 6.8 percent of sales

• Lower revenues in most markets particularly India, North America and Asia Pacific

Distribution Segment

• Sales - $950 million, up 22 percent overall and up 1 percent excluding acquisitions

• Segment EBIT - $76 million, or 8.0 percent of sales, compared to $95 million or 12.2 percent of sales, with currency being the largest driver of the reduction in earnings

• Higher revenues were primarily driven by acquisitions and stronger demand for parts and service in the North America and Asia Pacific regions.

About Cummins

Cummins Inc., a global power leader, is a corporation of complementary business units that design, manufacture, distribute and service diesel and natural gas engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana, (USA) Cummins currently employs approximately 48,000 people worldwide and serves customers in approximately 190 countries and territories through a network of approximately 600 company-owned and independent distributor locations and approximately 6,800 dealer locations. Cummins earned $1.48 billion on sales of $17.3 billion in 2013. Press releases can be found on the Web at www.cummins.com. Follow Cummins on Twitter at @Cummins and on YouTube at CumminsInc.

Forward-looking disclosure statement

Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward looking statements include, without limitation, statements relating to our plans and expectations for our revenues for the full year of 2014. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: the adoption and implementation of global emission standards; the price and availability of energy; the pace of infrastructure development; increasing global competition among our customers; general economic, business and financing conditions; governmental action; changes in our customers’ business strategies; competitor pricing activity; expense volatility; labor relations; and other risks detailed from time to time in our Securities and Exchange Commission filings, including particularly in the Risk Factors section of our 2013 Annual Report on Form 10-K. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.

Presentation of Non-GAAP Financial Information

EBIT is a non-GAAP measure used in this release, and is defined and reconciled to what management believes to be the most comparable GAAP measure in a schedule attached to this release. Cummins presents this information as it believes it is useful to understanding the Company's operating performance, and because EBIT is a measure used internally to assess the performance of the operating units.

Webcast information

Cummins management will host a teleconference to discuss these results today at 10 a.m. EST. This teleconference will be webcast and available on the Investor Relations section of the Cummins website at  www.cummins.com . Participants wishing to view the visuals available with the audio are encouraged to sign-in a few minutes prior to the start of the teleconference.