Cummins (CMI) FY2011 results: revenue $18.0 billion, up 36.5% on the year
Cummins Inc. (CMI) reported revenue of $18.0 billion for fiscal 2011, the year ended 31 December 2011, up 36.5% on the year before. Net income was $1.8 billion, up 77.7%, and diluted earnings per share $9.55. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2012.
Revenue
$18.0 billion
+36.5% on the year
FY2007FY2011
Operating margin
14.9%
12.1% a year earlier
FY2007FY2011
Net income
$1.8 billion
+77.7% on the year
FY2007FY2011
Diluted EPS
$9.55
+80.9% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
18,048
13,226
10,800
+36.5%
Cost of revenue
13,459
10,058
8,631
+33.8%
Gross profit
4,589
3,168
2,169
+44.9%
Gross margin
25.4%
24.0%
20.1%
Research and development
629
414
362
+51.9%
Selling, general and administrative
1,837
1,487
1,239
+23.5%
Operating income
2,681
1,602
682
+67.4%
Operating margin
14.9%
12.1%
6.3%
Interest expense
44.0
40.0
35.0
+10.0%
Pre-tax income
2,671
1,617
640
+65.2%
Income tax
725
477
156
+52.0%
Effective tax rate
27.1%
29.5%
24.4%
Net income
1,848
1,040
428
+77.7%
Net margin
10.2%
7.9%
4.0%
Diluted EPS
$9.55
$5.28
$2.16
+80.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
2,073
1,006
1,137
+106.1%
Capital expenditure
622
364
310
+70.9%
Free cash flow
1,451
642
827
+126.0%
Free cash flow margin
8.0%
4.9%
7.7%
Cash from investing
n/a
-651
-509
Cash from financing
n/a
-267
-141
Depreciation and amortisation
325
320
326
+1.6%
Share-based compensation
42.0
22.0
20.0
+90.9%
Buybacks
629
241
20.0
+161.0%
Dividends paid
255
172
141
+48.3%
Diluted shares, weighted
194m
197m
198m
-1.8%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
5,492
4,670
3,773
+17.6%
Non-controlling interest
339
326
247
+4.0%
Short-term borrowings
n/a
n/a
37.0
Debt
783
791
561
-1.0%
Other liabilities
5,054
4,615
4,198
+9.5%
Total liabilities and equity
11,668
10,402
8,816
+12.2%
Fixed assets
2,288
2,041
1,886
+12.1%
Goodwill
339
367
364
-7.6%
Intangible assets
227
222
228
+2.3%
Investments
n/a
n/a
190
Securities held for sale or to maturity
87.0
n/a
n/a
Cash and equivalents
1,484
1,023
930
+45.1%
Inventory
2,141
1,977
1,341
+8.3%
Other assets
5,102
4,772
3,877
+6.9%
Total assets
11,668
10,402
8,816
+12.2%
10-K for the year ended 31 December 2011, filed 21 February 2012: the filing.