Cummins (CMI) FY2012 results: revenue $17.3 billion, down 4.0% on the year
Cummins Inc. (CMI) reported revenue of $17.3 billion for fiscal 2012, the year ended 31 December 2012, down 4.0% on the year before. Net income was $1.6 billion, down 11.0%, and diluted earnings per share $8.67. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2013.
Revenue
$17.3 billion
-4.0% on the year
FY2007FY2012
Operating margin
13.0%
14.9% a year earlier
FY2007FY2012
Net income
$1.6 billion
-11.0% on the year
FY2007FY2012
Diluted EPS
$8.67
-9.2% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
17,334
18,048
13,226
-4.0%
Cost of revenue
12,918
13,459
10,058
-4.0%
Gross profit
4,416
4,589
3,168
-3.8%
Gross margin
25.5%
25.4%
24.0%
Research and development
728
629
414
+15.7%
Selling, general and administrative
1,808
1,837
1,487
-1.6%
Operating income
2,254
2,681
1,602
-15.9%
Operating margin
13.0%
14.9%
12.1%
Interest expense
32.0
44.0
40.0
-27.3%
Pre-tax income
2,271
2,671
1,617
-15.0%
Income tax
533
725
477
-26.5%
Effective tax rate
23.5%
27.1%
29.5%
Net income
1,645
1,848
1,040
-11.0%
Net margin
9.5%
10.2%
7.9%
Diluted EPS
$8.67
$9.55
$5.28
-9.2%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
1,532
2,073
1,006
-26.1%
Capital expenditure
690
622
364
+10.9%
Free cash flow
842
1,451
642
-42.0%
Free cash flow margin
4.9%
8.0%
4.9%
Cash from investing
n/a
n/a
-651
Cash from financing
n/a
n/a
-267
Depreciation and amortisation
361
325
320
+11.1%
Share-based compensation
36.0
42.0
22.0
-14.3%
Buybacks
256
629
241
-59.3%
Dividends paid
340
255
172
+33.3%
Diluted shares, weighted
190m
194m
197m
-2.0%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
6,603
5,492
4,670
+20.2%
Non-controlling interest
371
339
326
+9.4%
Debt
775
783
791
-1.0%
Other liabilities
4,799
5,054
4,615
-5.0%
Total liabilities and equity
12,548
11,668
10,402
+7.5%
Fixed assets
2,724
2,288
2,041
+19.1%
Goodwill
445
339
367
+31.3%
Intangible assets
369
227
222
+62.6%
Securities held for sale or to maturity
49.0
87.0
n/a
-43.7%
Cash and equivalents
1,369
1,484
1,023
-7.7%
Inventory
2,221
2,141
1,977
+3.7%
Other assets
5,371
5,102
4,772
+5.3%
Total assets
12,548
11,668
10,402
+7.5%
10-K for the year ended 31 December 2012, filed 20 February 2013: the filing.