$CMI
CUMMINS INC

2019 Q2 Form 10-Q Financial Statement

#000002617219000031 Filed on July 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q2
Revenue $6.221B
YoY Change 11.69%
Cost Of Revenue $4.580B
YoY Change 4.81%
Gross Profit $1.641B
YoY Change 36.75%
Gross Profit Margin 26.38%
Selling, General & Admin $629.0M
YoY Change 9.01%
% of Gross Profit 38.33%
Research & Development $251.0M
YoY Change 19.52%
% of Gross Profit 15.3%
Depreciation & Amortization $158.0M
YoY Change 2.6%
% of Gross Profit 9.63%
Operating Expenses $880.0M
YoY Change 11.82%
Operating Profit $848.0M
YoY Change 60.0%
Interest Expense $29.00M
YoY Change 20.83%
% of Operating Profit 3.42%
Other Income/Expense, Net $40.00M
YoY Change 300.0%
Pretax Income $871.0M
YoY Change 66.54%
Income Tax $186.0M
% Of Pretax Income 21.35%
Net Earnings $685.0M
YoY Change 110.77%
Net Earnings / Revenue 11.01%
Basic Earnings Per Share $4.29
Diluted Earnings Per Share $4.27
COMMON SHARES
Basic Shares Outstanding 157.4M shares
Diluted Shares Outstanding 158.0M shares

Balance Sheet

Concept 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.732B
YoY Change 24.87%
Cash & Equivalents $1.397B
Short-Term Investments $335.0M
Other Short-Term Assets $643.0M
YoY Change 15.23%
Inventory $3.896B
Prepaid Expenses
Receivables $4.179B
Other Receivables $0.00
Total Short-Term Assets $10.45B
YoY Change 13.57%
LONG-TERM ASSETS
Property, Plant & Equipment $4.077B
YoY Change 4.75%
Goodwill $1.125B
YoY Change 3.69%
Intangibles $901.0M
YoY Change -6.15%
Long-Term Investments $1.274B
YoY Change -1.09%
Other Assets $1.467B
YoY Change 61.56%
Total Long-Term Assets $9.804B
YoY Change 6.67%
TOTAL ASSETS
Total Short-Term Assets $10.45B
Total Long-Term Assets $9.804B
Total Assets $20.25B
YoY Change 10.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.991B
YoY Change 4.8%
Accrued Expenses $920.0M
YoY Change -48.4%
Deferred Revenue
YoY Change
Short-Term Debt $553.0M
YoY Change -14.79%
Long-Term Debt Due $46.00M
YoY Change -19.3%
Total Short-Term Liabilities $6.289B
YoY Change 7.84%
LONG-TERM LIABILITIES
Long-Term Debt $1.624B
YoY Change 3.37%
Other Long-Term Liabilities $1.234B
YoY Change -54.18%
Total Long-Term Liabilities $1.234B
YoY Change -71.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.289B
Total Long-Term Liabilities $1.234B
Total Liabilities $11.06B
YoY Change 9.53%
SHAREHOLDERS EQUITY
Retained Earnings $13.90B
YoY Change 19.38%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.082B
YoY Change 20.17%
Treasury Stock Shares 64.60M shares
Shareholders Equity $8.278B
YoY Change
Total Liabilities & Shareholders Equity $20.25B
YoY Change 10.12%

Cashflow Statement

Concept 2019 Q2
OPERATING ACTIVITIES
Net Income $685.0M
YoY Change 110.77%
Depreciation, Depletion And Amortization $158.0M
YoY Change 2.6%
Cash From Operating Activities $808.0M
YoY Change -790.6%
INVESTING ACTIVITIES
Capital Expenditures -$147.0M
YoY Change -304.17%
Acquisitions
YoY Change
Other Investing Activities -$193.0M
YoY Change 672.0%
Cash From Investing Activities -$340.0M
YoY Change 844.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -364.0M
YoY Change 600.0%
NET CHANGE
Cash From Operating Activities 808.0M
Cash From Investing Activities -340.0M
Cash From Financing Activities -364.0M
Net Change In Cash 104.0M
YoY Change -188.89%
FREE CASH FLOW
Cash From Operating Activities $808.0M
Capital Expenditures -$147.0M
Free Cash Flow $955.0M
YoY Change -605.29%

Facts In Submission

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CUMMINS INC.
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<div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">NOTE 1. NATURE OF OPERATIONS</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Cummins Inc. (“Cummins,” “we,” “our” or “us”) was founded in 1919 as Cummins Engine Company, a corporation in Columbus, Indiana, and one of the first diesel engine manufacturers. In 2001, we changed our name to Cummins Inc. </span><span style="font-family:inherit;font-size:10pt;">We are a global power leader that designs, manufactures, distributes and services diesel and natural gas engines and powertrain-related component products, including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, transmissions, electric power generation systems, batteries and electrified power systems. We sell our products to original equipment manufacturers (OEMs), distributors, dealers and other customers worldwide.</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;">We serve our customers through a network of approximately</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;"><span>600</span></span><span style="font-family:inherit;font-size:10pt;"> wholly-owned and independent distributor locations and over</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;"><span>7,600</span></span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;">dealer locations in more than</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;"><span>190</span></span><span style="font-family:inherit;font-size:10pt;"> countries and territories.</span></div>
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