Cummins (CMI) FY2018 results: revenue $23.8 billion, up 16.4% on the year
Cummins Inc. (CMI) reported revenue of $23.8 billion for fiscal 2018, the year ended 31 December 2018, up 16.4% on the year before. Net income was $2.1 billion, up 114.3%, and diluted earnings per share $13.15. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2019.
Revenue
$23.8 billion
+16.4% on the year
FY2011FY2018
Operating margin
11.7%
11.4% a year earlier
FY2011FY2018
Net income
$2.1 billion
+114.3% on the year
FY2011FY2018
Diluted EPS
$13.15
+120.3% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
23,771
20,428
17,509
+16.4%
Cost of revenue
18,034
15,338
13,057
+17.6%
Gross profit
5,737
5,090
4,452
+12.7%
Gross margin
24.1%
24.9%
25.4%
Research and development
902
754
636
+19.6%
Selling, general and administrative
2,437
2,429
2,099
+0.3%
Operating income
2,786
2,334
1,880
+19.4%
Operating margin
11.7%
11.4%
10.7%
Interest expense
114
81.0
69.0
+40.7%
Pre-tax income
2,753
2,365
1,930
+16.4%
Income tax
566
1,371
474
-58.7%
Effective tax rate
20.6%
58.0%
24.6%
Net income
2,141
999
1,394
+114.3%
Net margin
9.0%
4.9%
8.0%
Diluted EPS
$13.15
$5.97
$8.23
+120.3%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
2,378
2,277
1,939
+4.4%
Capital expenditure
709
506
531
+40.1%
Free cash flow
1,669
1,771
1,408
-5.8%
Free cash flow margin
7.0%
8.7%
8.0%
Cash from investing
-974
-1,052
-917
Cash from financing
-1,400
-1,074
-1,413
Depreciation and amortisation
611
583
530
+4.8%
Share-based compensation
53.0
41.0
32.0
+29.3%
Buybacks
1,140
451
778
+152.8%
Dividends paid
718
701
676
+2.4%
Dividend per share
$4.44
$4.21
n/a
+5.5%
Diluted shares, weighted
163m
167m
169m
-2.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
7,348
7,259
6,875
+1.2%
Non-controlling interest
911
905
299
+0.7%
Debt
2,476
2,006
1,856
+23.4%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
8,327
7,905
5,981
+5.3%
Total liabilities and equity
19,062
18,075
15,011
+5.5%
Fixed assets
4,096
3,927
3,800
+4.3%
Goodwill
1,126
1,082
480
+4.1%
Intangible assets
909
973
332
-6.6%
Investments
222
198
n/a
+12.1%
Securities held for sale or to maturity
n/a
n/a
248
Cash and equivalents
1,303
1,369
1,120
-4.8%
Inventory
3,759
3,166
2,675
+18.7%
Other assets
7,647
7,360
6,356
+3.9%
Total assets
19,062
18,075
15,011
+5.5%
10-K for the year ended 31 December 2018, filed 11 February 2019: the filing.