Cummins (CMI) FY2013 results: revenue $17.3 billion, down 0.2% on the year
Cummins Inc. (CMI) reported revenue of $17.3 billion for fiscal 2013, the year ended 31 December 2013, down 0.2% on the year before. Net income was $1.5 billion, down 9.8%, and diluted earnings per share $7.91. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2014.
Revenue
$17.3 billion
-0.2% on the year
FY2007FY2013
Operating margin
12.1%
13.0% a year earlier
FY2007FY2013
Net income
$1.5 billion
-9.8% on the year
FY2007FY2013
Diluted EPS
$7.91
-8.8% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
17,301
17,334
18,048
-0.2%
Cost of revenue
13,021
12,918
13,459
+0.8%
Gross profit
4,280
4,416
4,589
-3.1%
Gross margin
24.7%
25.5%
25.4%
Research and development
713
728
629
-2.1%
Selling, general and administrative
1,817
1,808
1,837
+0.5%
Operating income
2,101
2,254
2,681
-6.8%
Operating margin
12.1%
13.0%
14.9%
Interest expense
41.0
32.0
44.0
+28.1%
Pre-tax income
2,119
2,271
2,671
-6.7%
Income tax
531
533
725
-0.4%
Effective tax rate
25.1%
23.5%
27.1%
Net income
1,483
1,645
1,848
-9.8%
Net margin
8.6%
9.5%
10.2%
Diluted EPS
$7.91
$8.67
$9.55
-8.8%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
2,089
1,532
2,073
+36.4%
Capital expenditure
676
690
622
-2.0%
Free cash flow
1,413
842
1,451
+67.8%
Free cash flow margin
8.2%
4.9%
8.0%
Depreciation and amortisation
407
361
325
+12.7%
Share-based compensation
37.0
36.0
42.0
+2.8%
Buybacks
381
256
629
+48.8%
Dividends paid
420
340
255
+23.5%
Diluted shares, weighted
187m
190m
194m
-1.2%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
7,510
6,603
5,492
+13.7%
Non-controlling interest
360
371
339
-3.0%
Debt
1,740
775
783
+124.5%
Other liabilities
5,118
4,799
5,054
+6.6%
Total liabilities and equity
14,728
12,548
11,668
+17.4%
Fixed assets
3,156
2,724
2,288
+15.9%
Goodwill
461
445
339
+3.6%
Intangible assets
357
369
227
-3.3%
Securities held for sale or to maturity
55.0
49.0
87.0
+12.2%
Cash and equivalents
2,699
1,369
1,484
+97.2%
Inventory
2,381
2,221
2,141
+7.2%
Other assets
5,619
5,371
5,102
+4.6%
Total assets
14,728
12,548
11,668
+17.4%
10-K for the year ended 31 December 2013, filed 18 February 2014: the filing.