Cummins (CMI) FY2015 results: revenue $19.1 billion, down 0.6% on the year
Cummins Inc. (CMI) reported revenue of $19.1 billion for fiscal 2015, the year ended 31 December 2015, down 0.6% on the year before. Net income was $1.4 billion, down 15.3%, and diluted earnings per share $7.84. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2016.
Revenue
$19.1 billion
-0.6% on the year
FY2008FY2015
Operating margin
10.8%
12.3% a year earlier
FY2008FY2015
Net income
$1.4 billion
-15.3% on the year
FY2008FY2015
Diluted EPS
$7.84
-13.1% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
19,110
19,221
17,301
-0.6%
Cost of revenue
14,163
14,360
13,021
-1.4%
Gross profit
4,947
4,861
4,280
+1.8%
Gross margin
25.9%
25.3%
24.7%
Research and development
735
754
713
-2.5%
Selling, general and administrative
2,092
2,095
1,817
-0.1%
Operating income
2,057
2,365
2,101
-13.0%
Operating margin
10.8%
12.3%
12.1%
Interest expense
65.0
64.0
41.0
+1.6%
Pre-tax income
2,025
2,434
2,119
-16.8%
Income tax
555
698
531
-20.5%
Effective tax rate
27.4%
28.7%
25.1%
Net income
1,399
1,651
1,483
-15.3%
Net margin
7.3%
8.6%
8.6%
Diluted EPS
$7.84
$9.02
$7.91
-13.1%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
2,065
2,266
2,089
-8.9%
Capital expenditure
744
743
676
+0.1%
Free cash flow
1,321
1,523
1,413
-13.3%
Free cash flow margin
6.9%
7.9%
8.2%
Cash from investing
-918
-1,234
n/a
Cash from financing
-1,650
-1,343
n/a
Depreciation and amortisation
514
455
407
+13.0%
Share-based compensation
24.0
36.0
37.0
-33.3%
Buybacks
900
670
381
+34.3%
Dividends paid
622
512
420
+21.5%
Diluted shares, weighted
178m
183m
187m
-2.6%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
7,406
7,749
7,510
-4.4%
Non-controlling interest
344
344
360
0.0%
Debt
1,639
1,686
1,740
-2.8%
Other liabilities
5,745
5,997
5,118
-4.2%
Total liabilities and equity
15,134
15,776
14,728
-4.1%
Fixed assets
3,745
3,686
3,156
+1.6%
Goodwill
482
479
461
+0.6%
Intangible assets
328
343
357
-4.4%
Securities held for sale or to maturity
90.0
84.0
55.0
+7.1%
Cash and equivalents
1,711
2,301
2,699
-25.6%
Inventory
2,707
2,866
2,381
-5.5%
Other assets
6,071
6,017
5,619
+0.9%
Total assets
15,134
15,776
14,728
-4.1%
10-K for the year ended 31 December 2015, filed 12 February 2016: the filing.