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 | December 31, 2015 | December 31, 2014 | ||||||
NET SALES | $ | 4,766 | $ | 5,090 | ||||
Cost of sales | 3,554 | 3,817 | ||||||
GROSS MARGIN | 1,212 | 1,273 | ||||||
OPERATING EXPENSES AND INCOME | ||||||||
Selling, general and administrative expenses | 508 | 568 | ||||||
Research, development and engineering expenses | 177 | 187 | ||||||
Equity, royalty and interest income from investees | 75 | 76 | ||||||
Impairment of light-duty diesel assets | 211 | — | ||||||
Restructuring actions and other charges | 90 | — | ||||||
Other operating expense, net | (72 | ) | (13 | ) | ||||
OPERATING INCOME | 229 | 581 | ||||||
Interest income | 4 | 6 | ||||||
Interest expense | 18 | 17 | ||||||
Other (expense) income, net | (3 | ) | 42 | |||||
INCOME BEFORE INCOME TAXES | 212 | 612 | ||||||
Income tax expense | 34 | 145 | ||||||
CONSOLIDATED NET INCOME | 178 | 467 | ||||||
Less: Net income attributable to noncontrolling interests | 17 | 23 | ||||||
NET INCOME ATTRIBUTABLE TO CUMMINS INC. | $ | 161 | $ | 444 | ||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. | ||||||||
Basic | $ | 0.92 | $ | 2.45 | ||||
Diluted | $ | 0.92 | $ | 2.44 | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||
Basic | 175.5 | 181.4 | ||||||
Diluted | 175.8 | 181.9 | ||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.975 | $ | 0.78 | ||||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |
Years ended December 31, | ||||||||
In millions, except per share amounts | 2015 | 2014 | ||||||
NET SALES | $ | 19,110 | $ | 19,221 | ||||
Cost of sales | 14,163 | 14,360 | ||||||
GROSS MARGIN | 4,947 | 4,861 | ||||||
OPERATING EXPENSES AND INCOME | ||||||||
Selling, general and administrative expenses | 2,092 | 2,095 | ||||||
Research, development and engineering expenses | 735 | 754 | ||||||
Equity, royalty and interest income from investees | 315 | 370 | ||||||
Impairment of light-duty diesel assets | 211 | — | ||||||
Restructuring actions and other charges | 90 | — | ||||||
Other operating expense, net | (77 | ) | (17 | ) | ||||
OPERATING INCOME | 2,057 | 2,365 | ||||||
Interest income | 24 | 23 | ||||||
Interest expense | 65 | 64 | ||||||
Other income, net | 9 | 110 | ||||||
INCOME BEFORE INCOME TAXES | 2,025 | 2,434 | ||||||
Income tax expense | 555 | 698 | ||||||
CONSOLIDATED NET INCOME | 1,470 | 1,736 | ||||||
Less: Net income attributable to noncontrolling interests | 71 | 85 | ||||||
NET INCOME ATTRIBUTABLE TO CUMMINS INC. | $ | 1,399 | $ | 1,651 | ||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. | ||||||||
Basic | $ | 7.86 | $ | 9.04 | ||||
Diluted | $ | 7.84 | $ | 9.02 | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||
Basic | 178.0 | 182.7 | ||||||
Diluted | 178.4 | 183.1 | ||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 3.51 | $ | 2.81 | ||||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |
In millions, except par value | December 31, 2015 | December 31, 2014 | ||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 1,711 | $ | 2,301 | ||||
Marketable securities | 100 | 93 | ||||||
Total cash, cash equivalents and marketable securities | 1,811 | 2,394 | ||||||
Accounts and notes receivable, net | 2,820 | 2,946 | ||||||
Inventories | 2,707 | 2,866 | ||||||
Prepaid expenses and other current assets | 609 | 849 | ||||||
Total current assets | 7,947 | 9,055 | ||||||
Long-term assets | ||||||||
Property, plant and equipment, net | 3,745 | 3,686 | ||||||
Investments and advances related to equity method investees | 975 | 981 | ||||||
Goodwill and other intangible assets, net | 810 | 822 | ||||||
Other assets | 1,657 | 1,220 | ||||||
Total assets | $ | 15,134 | $ | 15,764 | ||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Accounts payable (principally trade) | $ | 1,706 | $ | 1,881 | ||||
Loans payable | 24 | 86 | ||||||
Accrued expenses | 2,073 | 2,054 | ||||||
Total current liabilities | 3,803 | 4,021 | ||||||
Long-term liabilities | ||||||||
Long-term debt | 1,576 | 1,577 | ||||||
Other liabilities | 2,005 | 2,073 | ||||||
Total liabilities | $ | 7,384 | $ | 7,671 | ||||
EQUITY | ||||||||
Cummins Inc. shareholders’ equity | ||||||||
Common stock, $2.50 par value, 500 shares authorized, 222.4 and 222.3 shares issued | $ | 2,178 | $ | 2,139 | ||||
Retained earnings | 10,322 | 9,545 | ||||||
Treasury stock, at cost, 47.2 and 40.1 shares | (3,735 | ) | (2,844 | ) | ||||
Common stock held by employee benefits trust, at cost, 0.9 and 1.1 shares | (11 | ) | (13 | ) | ||||
Accumulated other comprehensive loss | (1,348 | ) | (1,078 | ) | ||||
Total Cummins Inc. shareholders’ equity | 7,406 | 7,749 | ||||||
Noncontrolling interests | 344 | 344 | ||||||
Total equity | $ | 7,750 | $ | 8,093 | ||||
Total liabilities and equity | $ | 15,134 | $ | 15,764 | ||||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |
Years ended December 31, | ||||||||
In millions | 2015 | 2014 | ||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 2,059 | $ | 2,266 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital expenditures | (744 | ) | (743 | ) | ||||
Investments in internal use software | (55 | ) | (55 | ) | ||||
Investments in and advances to equity investees | (7 | ) | (60 | ) | ||||
Acquisitions of businesses, net of cash acquired | (117 | ) | (436 | ) | ||||
Investments in marketable securities—acquisitions | (282 | ) | (275 | ) | ||||
Investments in marketable securities—liquidations | 270 | 336 | ||||||
Cash flows from derivatives not designated as hedges | 8 | (14 | ) | |||||
Other, net | 9 | 13 | ||||||
Net cash used in investing activities | (918 | ) | (1,234 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from borrowings | 44 | 55 | ||||||
Payments on borrowings and capital lease obligations | (76 | ) | (94 | ) | ||||
Net payments under short-term credit agreements | (41 | ) | (40 | ) | ||||
Distributions to noncontrolling interests | (49 | ) | (83 | ) | ||||
Dividend payments on common stock | (622 | ) | (512 | ) | ||||
Repurchases of common stock | (900 | ) | (670 | ) | ||||
Other, net | — | 1 | ||||||
Net cash used in financing activities | (1,644 | ) | (1,343 | ) | ||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (87 | ) | (87 | ) | ||||
Net decrease in cash and cash equivalents | (590 | ) | (398 | ) | ||||
Cash and cash equivalents at beginning of year | 2,301 | 2,699 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 1,711 | $ | 2,301 | ||||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |
In millions | Engine | Distribution | Components | Power Generation | Non-segment Items (1) | Total | ||||||||||||||||||||
Three months ended December 31, 2015 | ||||||||||||||||||||||||||
External sales | $ | 1,793 | $ | 1,699 | $ | 906 | $ | 368 | $ | — | $ | 4,766 | ||||||||||||||
Intersegment sales | 735 | 8 | 330 | 286 | (1,359 | ) | — | |||||||||||||||||||
Total sales | 2,528 | 1,707 | 1,236 | 654 | (1,359 | ) | 4,766 | |||||||||||||||||||
Depreciation and amortization(2) | 61 | 27 | 27 | 15 | — | 130 | ||||||||||||||||||||
Research, development and engineering expenses | 107 | 2 | 53 | 15 | — | 177 | ||||||||||||||||||||
Equity, royalty and interest income from investees | 44 | 18 | 9 | 4 | — | 75 | ||||||||||||||||||||
Interest income | 2 | 1 | 1 | — | — | 4 | ||||||||||||||||||||
Segment EBIT (excluding impairment of light-duty diesel assets and restructuring actions and other charges) | $ | 189 | (5) | $ | 111 | (6) | $ | 175 | $ | 27 | $ | 29 | $ | 531 | ||||||||||||
Impairment of light-duty diesel assets(3) | 202 | — | 9 | — | — | 211 | ||||||||||||||||||||
Restructuring actions and other charges(4) | 26 | 23 | 13 | 19 | 9 | 90 | ||||||||||||||||||||
Segment EBIT | $ | (39 | ) | (5) | $ | 88 | (6) | $ | 153 | $ | 8 | $ | 20 | $ | 230 | |||||||||||
Segment EBIT (excluding impairment of light-duty diesel assets and restructuring actions and other charges) as a percentage of total sales | 7.5 | % | 6.5 | % | 14.2 | % | 4.1 | % | 11.1 | % | ||||||||||||||||
Segment EBIT as a percentage of total sales | (1.5 | )% | 5.2 | % | 12.4 | % | 1.2 | % | 4.8 | % | ||||||||||||||||
Three months ended December 31, 2014 | ||||||||||||||||||||||||||
External sales | $ | 1,988 | $ | 1,682 | $ | 970 | $ | 450 | $ | — | $ | 5,090 | ||||||||||||||
Intersegment sales | 851 | 12 | 351 | 310 | (1,524 | ) | — | |||||||||||||||||||
Total sales | 2,839 | 1,694 | 1,321 | 760 | (1,524 | ) | 5,090 | |||||||||||||||||||
Depreciation and amortization(2) | 54 | 28 | 27 | 15 | — | 124 | ||||||||||||||||||||
Research, development and engineering expenses | 103 | 2 | 60 | 22 | — | 187 | ||||||||||||||||||||
Equity, royalty and interest income from investees | 30 | 28 | 9 | 9 | — | 76 | ||||||||||||||||||||
Interest income | 3 | 2 | 1 | — | — | 6 | ||||||||||||||||||||
Segment EBIT | 315 | 158 | (6) | 160 | 22 | (7) | (26 | ) | 629 | |||||||||||||||||
Segment EBIT as a percentage of total sales | 11.1 | % | 9.3 | % | 12.1 | % | 2.9 | % | 12.4 | % | ||||||||||||||||
(1 | ) | Includes intersegment sales, intersegment profit in inventory eliminations and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended December 31, 2015 and December 31, 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 | ) | See Note 2, "IMPAIRMENT OF LIGHT-DUTY DIESEL ASSETS," for additional information. | ||||||||||||||||||||||||
(4 | ) | See Note 3, "RESTRUCTURING ACTIONS AND OTHER CHARGES," for additional information. | ||||||||||||||||||||||||
(5 | ) | Engine segment EBIT included an accrual for a loss contingency of $60 million. See Note 4, "LOSS CONTINGENCY," for additional information. | ||||||||||||||||||||||||
(6 | ) | Distribution segment EBIT included gains of $1 million and $35 million on the fair value adjustments resulting from the acquisition of the controlling interests in North American distributors for the three months ended December 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||||||||
(7 | ) | Power Generation segment EBIT for the three months ended December 31, 2014, included actions taken to reduce its future cost structure. Costs associated with these actions were $32 million and are primarily related to the closure of a plant in Germany. |
In millions | Engine | Distribution | Components | Power Generation | Non-segment Items (1) | Total | ||||||||||||||||||||
Year ended December 31, 2015 | ||||||||||||||||||||||||||
External sales | $ | 7,540 | $ | 6,198 | $ | 3,745 | $ | 1,627 | $ | — | $ | 19,110 | ||||||||||||||
Intersegment sales | 2,909 | 31 | 1,427 | 1,113 | (5,480 | ) | — | |||||||||||||||||||
Total sales | 10,449 | 6,229 | 5,172 | 2,740 | (5,480 | ) | 19,110 | |||||||||||||||||||
Depreciation and amortization(2) | 239 | 105 | 109 | 58 | — | 511 | ||||||||||||||||||||
Research, development and engineering expenses | 428 | 10 | 236 | 61 | — | 735 | ||||||||||||||||||||
Equity, royalty and interest income from investees | 171 | 78 | 35 | 31 | — | 315 | ||||||||||||||||||||
Interest income | 13 | 4 | 4 | 3 | — | 24 | ||||||||||||||||||||
Segment EBIT (excluding impairment of light-duty diesel assets and restructuring actions and other charges) | $ | 1,035 | (5) | $ | 435 | (6) | $ | 749 | $ | 175 | $ | (3 | ) | $ | 2,391 | |||||||||||
Impairment of light-duty diesel assets(3) | 202 | — | 9 | — | — | 211 | ||||||||||||||||||||
Restructuring actions and other charges(4) | 26 | 23 | 13 | 19 | 9 | 90 | ||||||||||||||||||||
Segment EBIT | $ | 807 | (5) | $ | 412 | (6) | $ | 727 | $ | 156 | $ | (12 | ) | $ | 2,090 | |||||||||||
Segment EBIT (excluding impairment of light-duty diesel assets and restructuring actions and other charges) as a percentage of total sales | 9.9 | % | 7.0 | % | 14.5 | % | 6.4 | % | 12.5 | % | ||||||||||||||||
Segment EBIT as a percentage of total sales | 7.7 | % | 6.6 | % | 14.1 | % | 5.7 | % | 10.9 | % | ||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||
External sales | $ | 8,437 | $ | 5,135 | $ | 3,791 | $ | 1,858 | $ | — | $ | 19,221 | ||||||||||||||
Intersegment sales | 2,525 | 39 | 1,327 | 1,038 | (4,929 | ) | — | |||||||||||||||||||
Total sales | 10,962 | 5,174 | 5,118 | 2,896 | (4,929 | ) | 19,221 | |||||||||||||||||||
Depreciation and amortization(2) | 207 | 86 | 106 | 53 | — | 452 | ||||||||||||||||||||
Research, development and engineering expenses | 438 | 9 | 230 | 77 | — | 754 | ||||||||||||||||||||
Equity, royalty and interest income from investees | 147 | 148 | 36 | 39 | — | 370 | ||||||||||||||||||||
Interest income | 12 | 4 | 4 | 3 | — | 23 | ||||||||||||||||||||
Segment EBIT | 1,225 | 491 | (6) | 684 | 168 | (7) | (70 | ) | 2,498 | |||||||||||||||||
Segment EBIT as a percentage of total sales | 11.2 | % | 9.5 | % | 13.4 | % | 5.8 | % | 13.0 | % | ||||||||||||||||
(1 | ) | Includes intersegment sales, intersegment profit in inventory eliminations and unallocated corporate expenses. There were no significant unallocated corporate expenses for the years ended December 31, 2015 and December 31, 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 $3 million and $3 million for the years ended December 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||
(3 | ) | See Note 2, "IMPAIRMENT OF LIGHT-DUTY DIESEL ASSETS," for additional information. | ||||||||||||||||||||||||
(4 | ) | See Note 3, "RESTRUCTURING ACTIONS AND OTHER CHARGES," for additional information. | ||||||||||||||||||||||||
(5 | ) | Engine segment EBIT included an accrual for a loss contingency of $60 million. See Note 4, "LOSS CONTINGENCY," for additional information. | ||||||||||||||||||||||||
(6 | ) | Distribution segment EBIT included gains of $18 million and $73 million on the fair value adjustments resulting from the acquisition of the controlling interests in North American distributors for the years ended December 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||||||||
(7 | ) | Power Generation segment EBIT for the year ended December 31, 2014, included actions taken to reduce its future cost structure. Costs associated with these actions were $32 million and are primarily related to the closure of a plant in Germany. |
Three months ended | Years ended | |||||||||||||||
In millions | December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||||||
Total segment EBIT | $ | 230 | $ | 629 | $ | 2,090 | $ | 2,498 | ||||||||
Less: Interest expense | 18 | 17 | 65 | 64 | ||||||||||||
Income before income taxes | $ | 212 | $ | 612 | $ | 2,025 | $ | 2,434 |
Three months ended | Years ended | |||||||||||||||
In millions | December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||||||
Distribution Entities | ||||||||||||||||
North American distributors | $ | 6 | $ | 18 | $ | 33 | $ | 107 | ||||||||
Komatsu Cummins Chile, Ltda. | 8 | 7 | 31 | 29 | ||||||||||||
All other distributors | 1 | 2 | 3 | 4 | ||||||||||||
Manufacturing Entities | ||||||||||||||||
Beijing Foton Cummins Engine Co., Ltd. | 15 | (8 | ) | 62 | (2 | ) | ||||||||||
Dongfeng Cummins Engine Company, Ltd. | 11 | 16 | 51 | 67 | ||||||||||||
Chongqing Cummins Engine Company, Ltd. | 9 | 12 | 41 | 51 | ||||||||||||
All other manufacturers | 11 | 20 | 52 | 74 | ||||||||||||
Cummins share of net income | 61 | 67 | 273 | 330 | ||||||||||||
Royalty and interest income | 14 | 9 | 42 | 40 | ||||||||||||
Equity, royalty and interest income from investees | $ | 75 | $ | 76 | $ | 315 | $ | 370 |
Three months ended | ||||||||||||||||||
December 31, 2015 | December 31, 2014 | |||||||||||||||||
In millions | Net Income | Diluted EPS | Net Income | Diluted EPS | ||||||||||||||
Net income attributable to Cummins Inc. | $ | 161 | $ | 0.92 | $ | 444 | $ | 2.44 | ||||||||||
Add | ||||||||||||||||||
Impairment of light-duty diesel assets (1) | 133 | 0.75 | — | — | ||||||||||||||
Restructuring actions and other charges (1) | 61 | 0.35 | 21 | (2) | 0.12 | |||||||||||||
Loss contingency (1) | 38 | 0.22 | — | — | ||||||||||||||
Less | ||||||||||||||||||
Federal research tax credit | 25 | 0.15 | — | — | ||||||||||||||
Net income attributable to Cummins Inc. excluding special items | $ | 368 | $ | 2.09 | $ | 465 | $ | 2.56 | ||||||||||
Years ended | ||||||||||||||||||
December 31, 2015 | December 31, 2014 | |||||||||||||||||
In millions | Net Income | Diluted EPS | Net Income | Diluted EPS | ||||||||||||||
Net income attributable to Cummins Inc. | $ | 1,399 | $ | 7.84 | $ | 1,651 | $ | 9.02 | ||||||||||
Add | ||||||||||||||||||
Impairment of light-duty diesel assets (1) | 133 | 0.75 | — | — | ||||||||||||||
Restructuring actions and other charges (1) | 61 | 0.34 | 21 | (2) | 0.11 | |||||||||||||
Loss contingency (1) | 38 | 0.21 | — | — | ||||||||||||||
Net income attributable to Cummins Inc. excluding special items | $ | 1,631 | $ | 9.14 | $ | 1,672 | $ | 9.13 | ||||||||||
(1 | ) | See the respective previous footnotes for additional information. | ||||||||||||||||
(2 | ) | In the fourth quarter of 2014, we recorded a plant closing and initiated other actions totaling $32 million ($21 million after tax). |
Three months ended | Years ended | |||||||||||||||
In millions | December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||||||
Earnings before interest expense, income taxes and special items | $ | 591 | $ | 661 | $ | 2,451 | $ | 2,530 | ||||||||
Earnings before interest expense, income taxes and special items as a percentage of net sales | 12.4 | % | 13.0 | % | 12.8 | % | 13.2 | % | ||||||||
Less | ||||||||||||||||
Impairment of light-duty diesel assets | 211 | — | 211 | — | ||||||||||||
Restructuring actions and other charges | 90 | — | 90 | — | ||||||||||||
Loss contingency | 60 | — | 60 | — | ||||||||||||
Plant closing and other actions | — | 32 | — | 32 | ||||||||||||
Earnings before interest expense and income taxes | $ | 230 | $ | 629 | $ | 2,090 | $ | 2,498 | ||||||||
EBIT as a percentage of net sales | 4.8 | % | 12.4 | % | 10.9 | % | 13.0 | % | ||||||||
Less | ||||||||||||||||
Interest expense | 18 | 17 | 65 | 64 | ||||||||||||
Income tax expense | 34 | 145 | 555 | 698 | ||||||||||||
Consolidated net income | 178 | 467 | 1,470 | 1,736 | ||||||||||||
Less | ||||||||||||||||
Net income attributable to noncontrolling interests | 17 | 23 | 71 | 85 | ||||||||||||
Net income attributable to Cummins Inc. | $ | 161 | $ | 444 | $ | 1,399 | $ | 1,651 | ||||||||
Net income attributable to Cummins Inc. as a percentage of net sales | 3.4 | % | 8.7 | % | 7.3 | % | 8.6 | % |
2015 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Heavy-duty truck | $ | 757 | $ | 875 | $ | 784 | $ | 700 | $ | 3,116 | ||||||||||
Medium-duty truck and bus | 608 | 674 | 585 | 640 | 2,507 | |||||||||||||||
Light-duty automotive | 381 | 354 | 339 | 401 | 1,475 | |||||||||||||||
Industrial | 616 | 624 | 617 | 601 | 2,458 | |||||||||||||||
Stationary power | 234 | 270 | 203 | 186 | 893 | |||||||||||||||
Total sales | $ | 2,596 | $ | 2,797 | $ | 2,528 | $ | 2,528 | $ | 10,449 | ||||||||||
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 | 107,400 | 116,600 | 456,400 | ||||||||||
Heavy-duty | 28,700 | 32,800 | 28,600 | 24,300 | 114,400 | ||||||||||
High-horsepower | 3,500 | 3,700 | 3,200 | 3,400 | 13,800 | ||||||||||
Total units | 144,600 | 156,500 | 139,200 | 144,300 | 584,600 | ||||||||||
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 | $ | 604 | $ | 648 | $ | 2,423 | ||||||||||
Engines | 321 | 318 | 323 | 332 | 1,294 | |||||||||||||||
Power generation | 298 | 272 | 323 | 397 | 1,290 | |||||||||||||||
Service | 284 | 307 | 301 | 330 | 1,222 | |||||||||||||||
Total sales | $ | 1,476 | $ | 1,495 | $ | 1,551 | $ | 1,707 | $ | 6,229 | ||||||||||
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 | $ | 607 | $ | 600 | $ | 2,499 | ||||||||||
Turbo technologies | 301 | 307 | 266 | 267 | 1,141 | |||||||||||||||
Filtration | 255 | 266 | 240 | 249 | 1,010 | |||||||||||||||
Fuel systems | 130 | 145 | 127 | 120 | 522 | |||||||||||||||
Total sales | $ | 1,299 | $ | 1,397 | $ | 1,240 | $ | 1,236 | $ | 5,172 | ||||||||||
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 | $ | 551 | $ | 533 | $ | 2,238 | ||||||||||
Alternators | 98 | 92 | 86 | 82 | 358 | |||||||||||||||
Power solutions | 39 | 44 | 22 | 39 | 144 | |||||||||||||||
Total sales | $ | 680 | $ | 747 | $ | 659 | $ | 654 | $ | 2,740 | ||||||||||
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 |
• | Fourth quarter 2015 revenues of $4.8 billion, EBIT of 11.1 percent of sales excluding restructuring and impairment charges |
• | Full Year 2015 revenues of $19.1 billion and EBIT of 12.5 percent, excluding restructuring and impairment charges |
• | The company expects revenues to decline between 5 and 9 percent in 2016 and EBIT to be in the range of 11.6 to 12.2 percent of sales |
• | The Company increased its dividend by 25 percent and repurchased 7.2 million shares |
• | For the eighth consecutive year, Cummins was named one of the world’s most ethical companies by the Ethisphere Institute |
• | Diversity Inc named Cummins as one of the Top 50 companies for diversity for the seventh consecutive year |
• | The Company was named as a winner of the Golden Peacock Award for Excellence in Corporate Governance |
• | Cummins was named to the 2015 Dow Jones North American Sustainability Index for the tenth consecutive year |
• | Sales - $2.5 billion, down 11 percent |
• | Segment EBIT - $189 million, or 7.5 percent of sales, compared to $315 million or 11.1 percent of sales |
• | Segment EBIT reflects a $60 million charge for a loss contingency |
• | Weak demand in global industrial markets and a decline in heavy duty truck production in North America were partially offset by strong demand in North American medium-duty truck and bus markets |
• | Sales - $1.7 billion, up 1 percent |
• | Segment EBIT - $111 million, or 6.5 percent of sales, compared to $158 million or 9.3 percent of sales |
• | Increased revenues from acquisitions were partially offset by a 6 percent negative impact from currency and a 2 percent decline in organic sales |
• | Sales - $1.2 billion, down 6 percent |
• | Segment EBIT - $175 million , or 14.2 percent of sales, compared to $160 million or 12.1 percent of sales |
• | Reduced sales in on-highway markets in North America and Brazil along with a negative foreign currency impact of 4 percent, were partially offset by increased revenue from China |
• | Sales - $654 million, down 14 percent |
• | Segment EBIT - $27 million, or 4.1 percent of sales, compared to $54 million, or 7.1 percent of sales |
• | Revenue declined in North America by 12 percent and by 15 percent in international markets. Currency movements negatively impacting revenue by 3 percent. Growth in India and Europe, was more than offset by declines in all other regions. |
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