2013 Q1 Form 10-Q Financial Statement

#000110465913035765 Filed on May 01, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q2
Revenue $3.922B $4.472B
YoY Change -3.64%
Cost Of Revenue $2.965B $3.274B
YoY Change -4.77%
Gross Profit $957.0M $1.198B
YoY Change -0.42%
Gross Profit Margin 24.4% 26.79%
Selling, General & Admin $444.0M $475.0M
YoY Change 2.59%
% of Gross Profit 46.39% 39.65%
Research & Development $182.0M $181.0M
YoY Change 15.29%
% of Gross Profit 19.02% 15.11%
Depreciation & Amortization $98.00M $85.00M
YoY Change 6.25%
% of Gross Profit 10.24% 7.1%
Operating Expenses $626.0M $656.0M
YoY Change 5.81%
Operating Profit $414.0M $648.0M
YoY Change 11.15%
Interest Expense $6.000M $8.000M
YoY Change -92.73%
% of Operating Profit 1.45% 1.23%
Other Income/Expense, Net $18.00M $2.000M
YoY Change 100.0%
Pretax Income $431.0M $650.0M
YoY Change -14.7%
Income Tax $119.0M $175.0M
% Of Pretax Income 27.61% 26.92%
Net Earnings $312.0M $475.0M
YoY Change -5.94%
Net Earnings / Revenue 7.96% 10.62%
Basic Earnings Per Share $1.50 $2.39
Diluted Earnings Per Share $1.49 $2.38
COMMON SHARES
Basic Shares Outstanding 188.4M shares 190.4M shares
Diluted Shares Outstanding 188.8M shares 190.8M shares

Balance Sheet

Concept 2013 Q1 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.679B $1.569B
YoY Change 6.45%
Cash & Equivalents $1.483B $1.317B
Short-Term Investments $196.0M $252.0M
Other Short-Term Assets $658.0M $682.0M
YoY Change 12.17%
Inventory $2.387B $2.382B
Prepaid Expenses
Receivables $2.496B $2.684B
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.220B $7.317B
YoY Change 2.52%
LONG-TERM ASSETS
Property, Plant & Equipment $2.769B $2.391B
YoY Change 12.94%
Goodwill $444.0M
YoY Change
Intangibles $366.0M
YoY Change
Long-Term Investments $944.0M $903.0M
YoY Change 18.66%
Other Assets $1.013B $916.0M
YoY Change 24.8%
Total Long-Term Assets $5.536B $4.802B
YoY Change 14.99%
TOTAL ASSETS
Total Short-Term Assets $7.220B $7.317B
Total Long-Term Assets $5.536B $4.802B
Total Assets $12.76B $12.12B
YoY Change 7.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.554B $1.731B
YoY Change 2.67%
Accrued Expenses $1.192B $1.358B
YoY Change -10.13%
Deferred Revenue
YoY Change
Short-Term Debt $13.00M $33.00M
YoY Change -44.07%
Long-Term Debt Due $54.00M
YoY Change
Total Short-Term Liabilities $3.257B $3.630B
YoY Change -2.24%
LONG-TERM LIABILITIES
Long-Term Debt $736.0M $650.0M
YoY Change -7.41%
Other Long-Term Liabilities $1.718B $1.481B
YoY Change 7.24%
Total Long-Term Liabilities $2.454B $2.131B
YoY Change 2.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.257B $3.630B
Total Long-Term Liabilities $2.454B $2.131B
Total Liabilities $5.711B $6.109B
YoY Change -0.75%
SHAREHOLDERS EQUITY
Retained Earnings $7.530B
YoY Change
Common Stock $2.064B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.827B
YoY Change
Treasury Stock Shares 32.50M shares
Shareholders Equity $6.655B $6.010B
YoY Change
Total Liabilities & Shareholders Equity $12.76B $12.12B
YoY Change 7.12%

Cashflow Statement

Concept 2013 Q1 2012 Q2
OPERATING ACTIVITIES
Net Income $312.0M $475.0M
YoY Change -5.94%
Depreciation, Depletion And Amortization $98.00M $85.00M
YoY Change 6.25%
Cash From Operating Activities $428.0M $21.00M
YoY Change -96.8%
INVESTING ACTIVITIES
Capital Expenditures $114.0M $126.0M
YoY Change -192.65%
Acquisitions $17.00M $5.000M
YoY Change
Other Investing Activities -$1.000M
YoY Change -101.59%
Cash From Investing Activities -$143.0M -$102.0M
YoY Change 39.73%
FINANCING ACTIVITIES
Cash Dividend Paid $95.00M $77.00M
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $8.000M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -103.0M -113.0M
YoY Change -54.98%
NET CHANGE
Cash From Operating Activities 428.0M 21.00M
Cash From Investing Activities -143.0M -102.0M
Cash From Financing Activities -103.0M -113.0M
Net Change In Cash 182.0M -194.0M
YoY Change -158.43%
FREE CASH FLOW
Cash From Operating Activities $428.0M $21.00M
Capital Expenditures $114.0M $126.0M
Free Cash Flow $314.0M -$105.0M
YoY Change -113.26%

Facts In Submission

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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">NOTE 1</font></b><font style="FONT-SIZE: 10pt;" size="2">.&#160; <b>NATURE OF OPERATIONS</b></font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Cummins Inc. (&#8220;Cummins,&#8221; &#8220;we,&#8221; &#8220;our&#8221; or &#8220;us&#8221;) was founded in 1919 as a corporation in Columbus,&#160;Indiana, as one of the first diesel engine manufacturers.&#160; We are a global power leader that designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products, including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems and electric power generation systems.&#160; We sell our products to original equipment manufacturers (OEMs), distributors and other customers worldwide.&#160; We serve our customers through a network of approximately 600 company-owned and independent distributor locations and approximately 6,500 dealer locations in more than 190 countries and territories.</font></p> </div>
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