CUMMINS INC. CMI Income Statement

Cummins inc. (CMI)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jul'18	Apr'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09	Sep'09	Jun'09	Mar'09	Sep'08	Jun'08
NET SALES (a) (Note 3)
5,011	5,578	5,768	6,221	6,004	6,126	5,943	6,132	5,570	5,476	5,285	5,078	4,589	4,503	4,187	4,528	4,291	4,766	4,620	5,015	4,709	5,090	4,890	4,835	4,406	4,588	4,266	4,525	3,922	4,292	4,118	4,452	4,472	4,921	4,626	4,641	3,860	4,139	3,401	3,208	2,478	3,400	2,530	2,431	2,439	3,693	3,887
Cost of sales
3,717	4,265	4,274	4,580	4,472	4,580	4,392	4,692	4,370	4,100	3,944	3,827	3,457	3,377	3,108	3,331	3,235	3,554	3,412	3,683	3,514	3,817	3,606	3,630	3,307	3,499	3,185	3,372	2,965	3,326	3,076	3,242	3,274	3,680	3,438	3,438	2,903	3,155	2,571	2,455	1,877	2,627	2,027	1,983	1,994	2,873	3,008
GROSS MARGIN
1,294	1,313	1,494	1,641	1,532	1,546	1,551	1,440	1,200	1,376	1,341	1,251	1,132	1,126	1,079	1,197	1,056	1,212	1,208	1,332	1,195	1,273	1,284	1,205	1,099	1,089	1,081	1,153	957	966	1,042	1,210	1,198	1,241	1,188	1,203	957	984	830	753	601	773	503	448	445	820	879
OPERATING EXPENSES AND INCOME
Selling, general and administrative expenses
546	632	600	629	593	643	604	613	577	643	633	606	547	572	513	524	490	508	530	537	517	568	529	513	485	425	464	484	444	390	456	487	475	496	489	463	389	423	375	354	335	348	304	287	300	388	370
Research, development and engineering expenses
238	271	242	251	237	244	229	219	210	208	213	175	158	159	157	155	166	177	197	166	195	187	198	179	190	181	173	177	182	174	186	187	181	179	164	157	129	123	103	96	92	108	90	79	85	113	104
Income (Loss) from Equity Method Investments
129	74	68	96	92	79	90	110	115	56	95	98	108	67	74	88	72	75	78	94	68	76	99	105	90	80	91	108	82	82	94	104	104	101	102	117	96	90	88	97	76	67	57	57	33	66	69
Loss Contingency, Loss in Period
-	-	-	-	-	-	-	-	-	-	-	-	-	-	99	39	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restructuring actions and other charges (Note 20)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4	22	7	66	-	-
Gain on sale of businesses (Note 2)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	68	-	-	-	-	-	-	-	-	-	-	-
Other operating (expense) income, net
-5	-11	-21	-9	5	-7	-5	4	2	5	32	18	5	-3	0	0	-2	-12	-2	0	-3	-13	3	-6	-1	-10	-11	10	1	-19	-1	8	2	25	2	0	-6	-3	-5	-4	-4	5	3	-11	2	-2	-6
OPERATING INCOME
634	354	699	848	799	731	803	722	530	586	622	586	540	459	384	567	470	229	557	723	548	581	659	612	513	553	524	610	414	465	493	648	648	745	639	768	529	525	435	396	246	385	147	121	29	383	468
Interest income
7	8	14	12	12	9	9	10	7	7	4	5	2	5	6	6	6	4	9	6	5	6	6	6	5	6	6	10	5	5	5	7	8	9	9	10	6	7	6	5	3	3	2	1	2	4	4
Interest expense
23	22	26	29	32	32	30	28	24	24	18	21	18	18	16	16	19	18	16	17	14	17	15	15	17	19	8	8	6	7	9	8	8	10	11	13	10	11	11	9	9	9	9	10	7	10	12
Other income, net
37	23	68	40	66	2	23	11	10	27	14	29	24	62	8	18	8	-3	11	-8	9	42	19	39	10	7	6	1	18	10	-2	14	2	14	-8	-3	-3	9	8	0	17	-5	6	-13	-3	-7	-3
INCOME BEFORE INCOME TAXES
655	363	755	871	845	710	805	715	523	596	622	599	548	508	382	575	465	212	561	704	548	612	669	642	511	547	528	613	431	473	487	661	650	758	629	762	522	530	438	392	257	374	146	99	21	370	457
Income Tax Expense (Benefit)
127	65	139	186	176	100	107	161	198	905	165	158	143	112	82	148	132	34	169	208	144	145	230	170	153	86	154	172	119	75	117	166	175	186	157	225	157	139	129	122	87	84	36	29	7	123	147
CONSOLIDATED NET INCOME
528	298	616	685	669	610	698	554	325	-309	457	441	405	396	300	427	333	178	392	496	404	467	439	472	358	461	374	441	312	398	370	495	475	572	472	537	365	391	309	270	170	290	110	70	14	247	310
Less: Net income attributable to noncontrolling interests
17	-2	-6	10	6	31	6	9	0	-35	4	17	9	18	11	21	12	17	12	25	17	23	16	26	20	29	19	27	30	29	18	26	20	24	20	32	22	29	26	24	21	20	15	14	7	18	17
NET INCOME ATTRIBUTABLE TO CUMMINS INC.
511	300	622	675	663	579	692	545	325	-274	453	424	396	378	289	406	321	161	380	471	387	444	423	446	338	432	355	414	282	369	352	469	455	548	452	505	343	362	283	246	149	270	95	56	7	229	293
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.
Basic (in dollars per share)
3.42	2.04	3.99	4.29	4.22	3.61	4.29	3.33	1.97	-1.62	2.72	2.53	2.36	2.25	1.72	2.41	1.87	0.94	2.15	2.63	2.14	2.45	2.32	2.44	1.83	2.32	1.91	2.20	1.50	1.96	1.87	2.47	2.39	2.87	2.35	2.61	1.75	1.84	1.45	1.25	0.75	1.37	0.48	0.28	0.04	1.18	1.50
Diluted (in dollars per share)
3.41	2.04	3.97	4.27	4.20	3.59	4.28	3.32	1.96	-1.63	2.71	2.53	2.36	2.24	1.72	2.40	1.87	0.94	2.14	2.62	2.14	2.44	2.32	2.43	1.83	2.32	1.90	2.20	1.49	1.96	1.86	2.47	2.38	2.85	2.35	2.60	1.75	1.84	1.44	1.25	0.75	1.36	0.48	0.28	0.04	1.17	1.49
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic (in shares)
149	-	155	157	157	-	161	163	164	-	166	167	167	-	167	168	171	-	177	179	180	-	182	182	184	-	186	187	188	-	188	189	190	-	192	193	195	-	195	196	198	-	197	197	196	194	195
Dilutive effect of stock compensation awards (in shares)
0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	1	1
Diluted (in shares)
149	-	156	158	157	-	161	164	165	-	167	167	168	-	168	169	172	-	177	179	181	-	182	183	184	-	186	188	188	-	189	190	190	-	192	194	196	-	196	197	198	-	197	197	197	196	196
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)
-	-	-	-	-	-	-	-	-	-	1.08	1.02	1.02	-	1.02	0.97	0.97	-	0.97	0.78	0.78	-	0.78	0.62	0.62	-	0.62	0.50	0.50	-	0.50	0.40	0.40	-	0.40	0.26	0.26	-	0.26	0.17	0.17	-	0.17	0.17	0.17	0.17	0.12
Sales to nonconsolidated equity investees
257	309	280	317	285	316	314	340	297	339	285	283	267	235	275	276	242	253	274	357	325	-	518	546	592	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-