Cummins (CMI) FY2019 results: revenue $23.6 billion, down 0.8% on the year
Cummins Inc. (CMI) reported revenue of $23.6 billion for fiscal 2019, the year ended 31 December 2019, down 0.8% on the year before. Net income was $2.3 billion, up 5.6%, and diluted earnings per share $14.48. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2020.
Revenue
$23.6 billion
-0.8% on the year
FY2012FY2019
Operating margin
11.5%
11.7% a year earlier
FY2012FY2019
Net income
$2.3 billion
+5.6% on the year
FY2012FY2019
Diluted EPS
$14.48
+10.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
23,571
23,771
20,428
-0.8%
Cost of revenue
17,591
18,034
15,338
-2.5%
Gross profit
5,980
5,737
5,090
+4.2%
Gross margin
25.4%
24.1%
24.9%
Research and development
1,001
902
754
+11.0%
Selling, general and administrative
2,454
2,437
2,429
+0.7%
Operating income
2,700
2,786
2,334
-3.1%
Operating margin
11.5%
11.7%
11.4%
Interest expense
109
114
81.0
-4.4%
Pre-tax income
2,834
2,753
2,365
+2.9%
Income tax
566
566
1,371
0.0%
Effective tax rate
20.0%
20.6%
58.0%
Net income
2,260
2,141
999
+5.6%
Net margin
9.6%
9.0%
4.9%
Diluted EPS
$14.48
$13.15
$5.97
+10.1%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
3,181
2,378
2,277
+33.8%
Capital expenditure
700
709
506
-1.3%
Free cash flow
2,481
1,669
1,771
+48.7%
Free cash flow margin
10.5%
7.0%
8.7%
Cash from investing
-1,150
-974
-1,052
Cash from financing
-2,095
-1,400
-1,074
Depreciation and amortisation
672
611
583
+10.0%
Share-based compensation
49.0
53.0
41.0
-7.5%
Buybacks
1,271
1,140
451
+11.5%
Dividends paid
761
718
701
+6.0%
Dividend per share
$4.90
$4.44
$4.21
+10.4%
Diluted shares, weighted
156m
163m
167m
-4.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
7,507
7,348
7,259
+2.2%
Non-controlling interest
958
911
905
+5.2%
Debt
2,367
2,476
2,006
-4.4%
Operating lease liabilities
370
0.0
n/a
Other liabilities
8,535
8,327
7,905
+2.5%
Total liabilities and equity
19,737
19,062
18,075
+3.5%
Fixed assets
4,245
4,096
3,927
+3.6%
Goodwill
1,286
1,126
1,082
+14.2%
Intangible assets
1,003
909
973
+10.3%
Investments
341
222
198
+53.6%
Cash and equivalents
1,129
1,303
1,369
-13.4%
Inventory
3,486
3,759
3,166
-7.3%
Other assets
8,247
7,647
7,360
+7.8%
Total assets
19,737
19,062
18,075
+3.5%
10-K for the year ended 31 December 2019, filed 11 February 2020: the filing.