Cummins (CMI) FY2017 results: revenue $20.4 billion, up 16.7% on the year
Cummins Inc. (CMI) reported revenue of $20.4 billion for fiscal 2017, the year ended 31 December 2017, up 16.7% on the year before. Net income was $999 million, down 28.3%, and diluted earnings per share $5.97. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2019.
Revenue
$20.4 billion
+16.7% on the year
FY2010FY2017
Operating margin
11.4%
10.7% a year earlier
FY2010FY2017
Net income
$999 million
-28.3% on the year
FY2010FY2017
Diluted EPS
$5.97
-27.5% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
20,428
17,509
19,110
+16.7%
Cost of revenue
15,338
13,057
14,163
+17.5%
Gross profit
5,090
4,452
4,947
+14.3%
Gross margin
24.9%
25.4%
25.9%
Research and development
754
636
735
+18.6%
Selling, general and administrative
2,429
2,099
2,092
+15.7%
Operating income
2,334
1,880
2,057
+24.1%
Operating margin
11.4%
10.7%
10.8%
Interest expense
81.0
69.0
65.0
+17.4%
Pre-tax income
2,365
1,930
2,025
+22.5%
Income tax
1,371
474
555
+189.2%
Effective tax rate
58.0%
24.6%
27.4%
Net income
999
1,394
1,399
-28.3%
Net margin
4.9%
8.0%
7.3%
Diluted EPS
$5.97
$8.23
$7.84
-27.5%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
2,277
1,939
2,065
+17.4%
Capital expenditure
506
531
744
-4.7%
Free cash flow
1,771
1,408
1,321
+25.8%
Free cash flow margin
8.7%
8.0%
6.9%
Cash from investing
-1,052
-917
-918
Cash from financing
-1,074
-1,413
-1,650
Depreciation and amortisation
583
530
514
+10.0%
Share-based compensation
41.0
32.0
24.0
+28.1%
Buybacks
451
778
900
-42.0%
Dividends paid
701
676
622
+3.7%
Dividend per share
$4.21
n/a
n/a
Diluted shares, weighted
167m
169m
178m
-1.2%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
7,259
6,875
7,406
+5.6%
Non-controlling interest
905
299
344
+202.7%
Debt
2,006
1,856
1,639
+8.1%
Other liabilities
7,905
5,981
5,745
+32.2%
Total liabilities and equity
18,075
15,011
15,134
+20.4%
Fixed assets
3,927
3,800
3,745
+3.3%
Goodwill
1,082
480
482
+125.4%
Intangible assets
973
332
328
+193.1%
Investments
198
n/a
n/a
Securities held for sale or to maturity
n/a
248
90.0
Cash and equivalents
1,369
1,120
1,711
+22.2%
Inventory
3,166
2,675
2,707
+18.4%
Other assets
7,360
6,356
6,071
+15.8%
Total assets
18,075
15,011
15,134
+20.4%
10-K for the year ended 31 December 2017, filed 11 February 2019: the filing.