Cummins (CMI) FY2016 results: revenue $17.5 billion, down 8.4% on the year
Cummins Inc. (CMI) reported revenue of $17.5 billion for fiscal 2016, the year ended 31 December 2016, down 8.4% on the year before. Net income was $1.4 billion, down 0.4%, and diluted earnings per share $8.23. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2019.
Revenue
$17.5 billion
-8.4% on the year
FY2009FY2016
Operating margin
10.7%
10.8% a year earlier
FY2009FY2016
Net income
$1.4 billion
-0.4% on the year
FY2009FY2016
Diluted EPS
$8.23
+5.0% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
17,509
19,110
19,221
-8.4%
Cost of revenue
13,057
14,163
14,360
-7.8%
Gross profit
4,452
4,947
4,861
-10.0%
Gross margin
25.4%
25.9%
25.3%
Research and development
636
735
754
-13.5%
Selling, general and administrative
2,099
2,092
2,095
+0.3%
Operating income
1,880
2,057
2,365
-8.6%
Operating margin
10.7%
10.8%
12.3%
Interest expense
69.0
65.0
64.0
+6.2%
Pre-tax income
1,930
2,025
2,434
-4.7%
Income tax
474
555
698
-14.6%
Effective tax rate
24.6%
27.4%
28.7%
Net income
1,394
1,399
1,651
-0.4%
Net margin
8.0%
7.3%
8.6%
Diluted EPS
$8.23
$7.84
$9.02
+5.0%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
1,939
2,065
2,266
-6.1%
Capital expenditure
531
744
743
-28.6%
Free cash flow
1,408
1,321
1,523
+6.6%
Free cash flow margin
8.0%
6.9%
7.9%
Cash from investing
-917
-918
-1,234
Cash from financing
-1,413
-1,650
-1,343
Depreciation and amortisation
530
514
455
+3.1%
Share-based compensation
32.0
24.0
36.0
+33.3%
Buybacks
778
900
670
-13.6%
Dividends paid
676
622
512
+8.7%
Diluted shares, weighted
169m
178m
183m
-5.1%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
6,875
7,406
7,749
-7.2%
Non-controlling interest
299
344
344
-13.1%
Debt
1,856
1,639
1,686
+13.2%
Other liabilities
5,981
5,745
5,997
+4.1%
Total liabilities and equity
15,011
15,134
15,776
-0.8%
Fixed assets
3,800
3,745
3,686
+1.5%
Goodwill
480
482
479
-0.4%
Intangible assets
332
328
343
+1.2%
Securities held for sale or to maturity
248
90.0
84.0
+175.6%
Cash and equivalents
1,120
1,711
2,301
-34.5%
Inventory
2,675
2,707
2,866
-1.2%
Other assets
6,356
6,071
6,017
+4.7%
Total assets
15,011
15,134
15,776
-0.8%
10-K for the year ended 31 December 2016, filed 11 February 2019: the filing.