Cummins Inc. Q4 FY2023 results: revenue $8.5 billion, up 9.9% on the year

Cummins Inc. (CMI) reported revenue of $8.5 billion for Q4 FY2023, the quarter ended 31 December 2023, up 9.9% on the same quarter a year earlier. Net income was -$1.4 billion, and diluted earnings per share $-10.04. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2024.

Revenue$8.5 billionup 9.9%

Net income-$1.4 billion

Diluted EPS$-10.04

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	8,543	8,431	n/a	n/a
Cost of revenue	6,542	6,360	n/a	n/a
Gross profit	2,001	2,071	n/a	n/a
Gross margin	23.4%	24.6%	n/a
Research and development	390	376	n/a	n/a
Selling, general and administrative	876	831	n/a	n/a
Operating income	-1,212	950	n/a	n/a
Operating margin	-14.2%	11.3%	n/a
Interest expense	92.0	97.0	n/a	n/a
Pre-tax income	-1,230	878	n/a	n/a
Income tax	163	188	n/a	n/a
Effective tax rate	n/a	21.4%	n/a
Net income	-1,431	656	n/a	n/a
Net margin	-16.8%	7.8%	n/a
Diluted EPS	-$10.04	$4.59	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	1,459	1,529	n/a	n/a
Capital expenditure	519	280	n/a	n/a
Free cash flow	940	1,249	n/a	n/a
Free cash flow margin	11.0%	14.8%	n/a
Depreciation and amortisation	264	257	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	238	238	n/a	n/a
Dividend per share	$1.68	$1.68	n/a	n/a
Diluted shares, weighted	143m	143m	n/a	n/a
Shares outstanding at period end	142m	142m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	32,005	32,097	n/a	n/a
Cash and equivalents	2,179	2,387	n/a	n/a
Inventory	5,677	5,906	n/a	n/a
Goodwill	2,499	2,379	n/a	n/a
Long-term debt including finance leases	4,802	4,950	n/a	n/a
Borrowings, as the company tags them	6,696	7,464	n/a	n/a
Operating lease liabilities	374	373	n/a	n/a
Shareholders' equity	8,850	10,658	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	8,431	8,543	8,403	8,796	8,456	8,447	8,174	8,643	8,317	8,536	8,398	9,457
Cost of revenue	6,360	6,542	6,362	6,603	6,285	6,413	6,019	6,362	6,188	6,585	6,155	6,992
Gross profit	2,071	2,001	2,041	2,193	2,171	2,034	2,155	2,281	2,129	1,951	2,243	2,465
Gross margin	25%	23%	24%	25%	26%	24%	26%	26%	26%	23%	27%	26%
R&D	376	390	369	379	359	356	344	357	345	350	358	385
SG&A	831	876	839	828	807	801	771	779	789	786	845	893
Operating income	950	-1,212	923	1,045	1,050	732	1,134	1,226	852	813	949	1,279
Operating margin	11%	-14%	11%	12%	12%	9%	14%	14%	10%	10%	11%	14%
Interest expense	97.0	92.0	89.0	109	83.0	89.0	77.0	87.0	83.0	82.0	76.0	80.0
Pre-tax income	878	-1,230	2,221	977	1,043	662	1,117	1,225	830	791	934	1,293
Tax rate	21%	n/a	9%	23%	19%	33%	24%	24%	33%	22%	27%	25%
Net income	656	-1,431	1,993	726	809	418	824	890	536	593	654	932
Net margin	8%	-17%	24%	8%	10%	5%	10%	10%	6%	7%	8%	10%
Diluted EPS	$4.59	-$10.04	$14.03	$5.26	$5.86	$3.22	$5.96	$6.43	$3.86	$4.25	$4.71	$6.73
Operating cash flow	1,529	1,459	276	-851	640	1,422	-3.0	785	1,305	1,534	309	1,499
Capital expenditure	280	519	169	240	259	540	162	231	298	544	189	249
Free cash flow	1,249	940	107	-1,091	381	882	-165	554	1,007	990	120	1,250
Buybacks	0.0	0.0	n/a	n/a	n/a	n/a	0.0	0.0	n/a	n/a	243	225
Dividends paid	238	238	239	230	250	250	251	251	276	277	276	276
Shares outstanding	142m	142m	137m	137m	137m	137m	138m	138m	138m	138m	138m	138m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 12 February 2024, accession 0000026172-24-000012: the filing on EDGAR. All of Cummins Inc.'s filings: EDGAR company page.

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