Cummins (CMI) FY2014 results: revenue $19.2 billion, up 11.1% on the year
Cummins Inc. (CMI) reported revenue of $19.2 billion for fiscal 2014, the year ended 31 December 2014, up 11.1% on the year before. Net income was $1.7 billion, up 11.3%, and diluted earnings per share $9.02. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2015.
Revenue
$19.2 billion
+11.1% on the year
FY2007FY2014
Operating margin
12.3%
12.1% a year earlier
FY2007FY2014
Net income
$1.7 billion
+11.3% on the year
FY2007FY2014
Diluted EPS
$9.02
+14.0% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
19,221
17,301
17,334
+11.1%
Cost of revenue
14,360
13,021
12,918
+10.3%
Gross profit
4,861
4,280
4,416
+13.6%
Gross margin
25.3%
24.7%
25.5%
Research and development
754
713
728
+5.8%
Selling, general and administrative
2,095
1,817
1,808
+15.3%
Operating income
2,365
2,101
2,254
+12.6%
Operating margin
12.3%
12.1%
13.0%
Interest expense
64.0
41.0
32.0
+56.1%
Pre-tax income
2,434
2,119
2,271
+14.9%
Income tax
698
531
533
+31.5%
Effective tax rate
28.7%
25.1%
23.5%
Net income
1,651
1,483
1,645
+11.3%
Net margin
8.6%
8.6%
9.5%
Diluted EPS
$9.02
$7.91
$8.67
+14.0%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
2,266
2,089
1,532
+8.5%
Capital expenditure
743
676
690
+9.9%
Free cash flow
1,523
1,413
842
+7.8%
Free cash flow margin
7.9%
8.2%
4.9%
Cash from investing
-1,234
n/a
n/a
Cash from financing
-1,343
n/a
n/a
Depreciation and amortisation
455
407
361
+11.8%
Share-based compensation
36.0
37.0
36.0
-2.7%
Buybacks
670
381
256
+75.9%
Dividends paid
512
420
340
+21.9%
Diluted shares, weighted
183m
187m
190m
-2.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
7,749
7,510
6,603
+3.2%
Non-controlling interest
344
360
371
-4.4%
Debt
1,686
1,740
775
-3.1%
Other liabilities
5,997
5,118
4,799
+17.2%
Total liabilities and equity
15,776
14,728
12,548
+7.1%
Fixed assets
3,686
3,156
2,724
+16.8%
Goodwill
479
461
445
+3.9%
Intangible assets
343
357
369
-3.9%
Securities held for sale or to maturity
84.0
55.0
49.0
+52.7%
Cash and equivalents
2,301
2,699
1,369
-14.7%
Inventory
2,866
2,381
2,221
+20.4%
Other assets
6,017
5,619
5,371
+7.1%
Total assets
15,776
14,728
12,548
+7.1%
10-K for the year ended 31 December 2014, filed 17 February 2015: the filing.