Business Wire News

Cummins Reports First Quarter 2021 Results

  • First quarter revenues of $6.1 billion; GAAP1 Net Income of $603 million
  • First quarter EBITDA of 16.1 percent; Diluted EPS of $4.07
  • The company is raising its full year 2021 revenue guidance to be up 20 to 24 percent; up from 8 to 12 percent
  • EBITDA is now expected to be in the range of 15.5 to 16.0 percent; up from 15.0 to 15.5 percent

COLUMBUS, Ind.--(BUSINESS WIRE)--Cummins Inc. (NYSE: CMI) today reported results for the first quarter of 2021.


First quarter revenues of $6.1 billion increased 22 percent from the same quarter in 2020. Sales in North America increased 7 percent while international revenues increased 45 percent driven by strong demand across all global markets as well as new product sales in China and India.

“Demand accelerated in the first quarter, as the global economy continued to improve, driving strong sales growth across most businesses and regions and resulting in solid profitability. The strength and breadth of the rebound in demand has surpassed our original expectations and we have raised our full year outlook,” said Chairman and CEO Tom Linebarger. “While we are encouraged by the rising demand, the pace of recovery has placed a strain on global supply chains leading to increased costs and challenges in fulfilling end-user demand. The shortage of key components such as semiconductor chips has been the primary challenge, with adverse weather conditions impacting the US, and bottlenecks in global logistics further adding to order backlogs. The ability to supply is our key focus now and we are doing everything we can to mitigate the impact. I want to thank our global employees, especially those in our supply chain and manufacturing operations, and our suppliers for their extraordinary efforts to manage through these challenges and support our customers.”

Earnings before interest, taxes, depreciation and amortization (EBITDA) in the first quarter were $980 million (16.1 percent of sales), compared to $846 million (16.9 percent of sales) a year ago.

Net income attributable to Cummins in the first quarter was $603 million ($4.07 per diluted share) compared to $511 million ($3.41 per diluted share) in 2020. The tax rate in the first quarter was 22.0 percent including $4 million, or $0.03 per share, of favorable discrete items.

2021 Outlook:

Based on the current forecast, Cummins is raising its full year 2021 revenue guidance to 20 to 24 percent, an increase from 8 to 12 percent due to stronger demand across all markets. EBITDA is expected to be in the range of 15.5 to 16.0 percent, an increase from the prior range of 15.0 and 15.5 percent of sales, primarily due to increased demand. The Company expects to return 75 percent of Operating Cash Flow to shareholders in 2021 in the form of dividends and share repurchases.

“We are raising our guidance for 2021 on both revenue and profitability. We continue to take necessary precautions at all our facilities to mitigate the spread of COVID-19 and our focus remains on the health and safety of our employees. We are optimistic that continued vaccination distribution globally will reduce the impact of the virus in the second half of the year, but there is still a risk of an increase in cases and the potential for new virus variants that could result in lower customer demand, additional facility shutdowns or additional supply chain constraints in the future. Cummins is in a strong position to keep investing in future growth, bringing new technologies to customers and returning cash to shareholders,” said Chairman and CEO Tom Linebarger.

First Quarter 2021 Highlights:

  • The Company announced a global strategic partnership with Daimler to provide medium duty powertrain systems for Daimler Trucks and Buses, allowing both companies to be more competitive, drive global innovation, expand offerings to customers and reduce emissions.
  • Cummins continued its commitment to gender equality on International Women’s Day. With a goal of having 24 hours of continuous conversations on gender equity, more than 5,000 employees participated in 47 conversations hosted in 22 countries around the world. The Cummins Powers Women program also continued its progress by forming a new partnership with Promundo in Europe to prevent violence against women.
  • Cummins Vice Chairman, Tony Satterthwaite, testified before Congress in the Hearing on Transportation Technologies, reinforcing Cummins’ commitment to achieve a net zero carbon emissions future through continued innovation in advanced internal combustion, battery, and fuel cell technologies. Satterthwaite urged the government to make the infrastructure investments required to support the successful market adoption of zero carbon emission technologies.
  • The Company announced employees, contingent workers and their spouses and dependents (ages 16+) could receive the Pfizer-BioNTech COVID-19 vaccine at several locations across the United States. Cummins continues to collaborate with health officials around the world to provide employees with access to COVID-19 vaccines.

1 Generally Accepted Accounting Principles in the U.S.

First quarter 2021 detail (all comparisons to same period in 2020):

Engine Segment

  • Sales - $2.5 billion, up 14 percent
  • Segment EBITDA - $354 million, or 14.4 percent of sales, compared to $365 million or 16.9 percent of sales
  • On-highway revenues increased 15 percent driven by strong demand in the North American truck and pickup markets and off-highway revenues increased 9 percent driven by strong demand in international construction markets
  • Sales increased 10 percent in North America and 24 percent in international markets

Distribution Segment

  • Sales - $1.8 billion, up 1 percent
  • Segment EBITDA - $160 million, or 8.7 percent of sales, compared to $158 million or 8.7 percent of sales
  • Revenues in North America were down 6 percent and international sales increased by 17 percent
  • Increased demand in power generation and engine markets offset by declines in parts and service as a result of supply chain constraints

Components Segment

  • Sales - $2.2 billion, up 43 percent
  • Segment EBITDA - $421 million, or 19.6 percent of sales, compared to $279 million or 18.6 percent of sales
  • Revenues in North America increased by 15 percent and international sales increased by 82 percent due to higher demand in China and India

Power Systems Segment

  • Sales - $1.0 billion, up 16 percent
  • Segment EBITDA - $126 million, or 12.3 percent of sales, compared to $77 million, or 8.7 percent of sales
  • Power generation revenues increased by 18 percent driven by growth in recreational vehicle and datacenter markets while industrial revenues increased 9 percent due to stronger demand in mining markets

New Power Segment

  • Sales - $35 million, up 250 percent
  • Segment EBITDA loss - $51 million
  • Revenues increased due to greater demand in transit and school bus markets in addition to the commissioning of electrolyzer projects and shipments of fuel cell systems to the rail market
  • Costs associated with the development of fuel cells and electrolyzers as well as products to support battery electric vehicles are contributing to EBITDA losses

About Cummins Inc.

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,825 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. To learn more about Cummins visit cummins.com.

Forward-looking disclosure statement

Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse results of our internal review into our emissions certification process and compliance with emission standards; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; policy changes in international trade; the U.K.'s exit from the European Union; changes in taxation; global legal and ethical compliance costs and risks; increasingly stringent environmental laws and regulations; future bans or limitations on the use of diesel-powered products; supply shortages and supplier financial risk, particularly from any of our single-sourced suppliers, including suppliers that may be impacted by the COVID-19 pandemic; market slowdown due to the impacts from the COVID-19 pandemic, other public health crises, epidemics or pandemics; impacts to manufacturing and supply chain abilities from an extended shutdown or disruption of our operations due to the COVID-19 pandemic; aligning our capacity and production with our demand, including impacts of COVID-19; large truck manufacturers and original equipment manufacturers customers discontinuing outsourcing their engine supply needs or experiencing financial distress, particularly related to the COVID-19 pandemic, bankruptcy or change in control; a slowdown in infrastructure development and/or depressed commodity prices; failure to realize expected results from our investment in Eaton Cummins Automated Transmission Technologies joint venture; the actions of, and income from, joint ventures and other investees that we do not directly control; product recalls; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; variability in material and commodity costs; product liability claims; our sales mix of products; protection and validity of our patent and other intellectual property rights; disruptions in global credit and financial markets as the result of the COVID-19 pandemic; labor relations or work stoppages; reliance on our executive leadership team and other key personnel; climate change and global warming; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions and divestitures and related uncertainties of entering such transactions; exposure to potential security breaches or other disruptions to our information technology systems and data security; political, economic and other risks from operations in numerous countries; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates, particularly those related to the sustained slowdown of the global economy due to the COVID-19 pandemic; the price and availability of energy; the outcome of pending and future litigation and governmental proceedings; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2020 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.

Presentation of Non-GAAP Financial Information

EBITDA is a non-GAAP measure used in this release and is defined and reconciled to what management believes to be the most comparable GAAP measure in a schedule attached to this release. Cummins presents this information as it believes it is useful to understanding the Company's operating performance, and because EBITDA is a measure used internally to assess the performance of the operating units.

Webcast information

Cummins management will host a teleconference to discuss these results today at 10 a.m. EST. This teleconference will be webcast and available on the Investor Relations section of the Cummins website at www.cummins.com. Participants wishing to view the visuals available with the audio are encouraged to sign-in a few minutes prior to the start of the teleconference.

 

CUMMINS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME

(Unaudited) (a)

 

 

Three months ended

In millions, except per share amounts

 

April 4,

2021

 

March 29,

2020

NET SALES

 

$

6,092

 

 

$

5,011

 

Cost of sales

 

 

4,606

 

 

 

3,717

 

GROSS MARGIN

 

 

1,486

 

 

 

1,294

 

OPERATING EXPENSES AND INCOME

 

 

 

 

Selling, general and administrative expenses

 

 

574

 

 

 

546

 

Research, development and engineering expenses

 

 

260

 

 

 

238

 

Equity, royalty and interest income from investees

 

 

166

 

 

 

129

 

Other operating expense, net

 

 

(8

)

 

 

(5

)

OPERATING INCOME

 

 

810

 

 

 

634

 

Interest expense

 

 

28

 

 

 

23

 

Other income, net

 

 

1

 

 

 

44

 

INCOME BEFORE INCOME TAXES

 

 

783

 

 

 

655

 

Income tax expense

 

 

172

 

 

 

127

 

CONSOLIDATED NET INCOME

 

 

611

 

 

 

528

 

Less: Net income attributable to noncontrolling interests

 

 

8

 

 

 

17

 

NET INCOME ATTRIBUTABLE TO CUMMINS INC.

 

$

603

 

 

$

511

 

 

 

 

 

 

EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.

 

 

 

 

Basic

 

$

4.10

 

 

$

3.42

 

Diluted

 

$

4.07

 

 

$

3.41

 

 

 

 

 

 

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING

 

 

 

 

Basic

 

 

147.0

 

 

 

149.3

 

Diluted

 

 

148.3

 

 

 

149.7

 

 

 

 

 

 

(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America.

 

 

 

 

CUMMINS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited) (a)

 

 

 

 

 

In millions, except par value

 

April 4,

2021

 

December 31,

2020

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

2,958

 

 

$

3,401

 

Marketable securities

 

 

397

 

 

 

461

 

Total cash, cash equivalents and marketable securities

 

 

3,355

 

 

 

3,862

 

Accounts and notes receivable, net

 

 

4,209

 

 

 

3,820

 

Inventories

 

 

3,753

 

 

 

3,425

 

Prepaid expenses and other current assets

 

 

805

 

 

 

790

 

Total current assets

 

 

12,122

 

 

 

11,897

 

Long-term assets

 

 

 

 

Property, plant and equipment, net

 

 

4,196

 

 

 

4,255

 

Investments and advances related to equity method investees

 

 

1,592

 

 

 

1,441

 

Goodwill

 

 

1,290

 

 

 

1,293

 

Other intangible assets, net

 

 

964

 

 

 

963

 

Pension assets

 

 

1,085

 

 

 

1,042

 

Other assets

 

 

1,713

 

 

 

1,733

 

Total assets

 

$

22,962

 

 

$

22,624

 

 

 

 

 

 

LIABILITIES

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable (principally trade)

 

$

3,279

 

 

$

2,820

 

Loans payable

 

 

93

 

 

 

169

 

Commercial paper

 

 

317

 

 

 

323

 

Accrued compensation, benefits and retirement costs

 

 

393

 

 

 

484

 

Current portion of accrued product warranty

 

 

623

 

 

 

674

 

Current portion of deferred revenue

 

 

773

 

 

 

691

 

Other accrued expenses

 

 

1,121

 

 

 

1,112

 

Current maturities of long-term debt

 

 

61

 

 

 

62

 

Total current liabilities

 

 

6,660

 

 

 

6,335

 

Long-term liabilities

 

 

 

 

Long-term debt

 

 

3,620

 

 

 

3,610

 

Pensions and other postretirement benefits

 

 

621

 

 

 

630

 

Accrued product warranty

 

 

692

 

 

 

672

 

Deferred revenue

 

 

828

 

 

 

840

 

Other liabilities

 

 

1,510

 

 

 

1,548

 

Total liabilities

 

$

13,931

 

 

$

13,635

 

 

 

 

 

 

EQUITY

 

 

 

 

Cummins Inc. shareholders’ equity

 

 

 

 

Common stock, $2.50 par value, 500 shares authorized, 222.4 and 222.4 shares issued

 

$

2,393

 

 

$

2,404

 

Retained earnings

 

 

15,825

 

 

 

15,419

 

Treasury stock, at cost, 76.2 and 74.8 shares

 

 

(8,172

)

 

 

(7,779

)

Accumulated other comprehensive loss

 

 

(1,937

)

 

 

(1,982

)

Total Cummins Inc. shareholders’ equity

 

 

8,109

 

 

 

8,062

 

Noncontrolling interests

 

 

922

 

 

 

927

 

Total equity

 

$

9,031

 

 

$

8,989

 

Total liabilities and equity

 

$

22,962

 

 

$

22,624

 

 

 

 

 

 

(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America

 

 

CUMMINS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) (a)

 

 

Three months ended

In millions

 

April 4,

2021

 

March 29,

2020

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

Consolidated net income

 

$

611

 

 

$

528

 

Adjustments to reconcile consolidated net income to net cash provided by operating activities

 

 

 

 

Depreciation and amortization

 

 

170

 

 

 

168

 

Deferred income taxes

 

 

8

 

 

 

(11

)

Equity in income of investees, net of dividends

 

 

(136

)

 

 

(78

)

Pension and OPEB expense

 

 

20

 

 

 

27

 

Pension contributions and OPEB payments

 

 

(51

)

 

 

(60

)

Share-based compensation expense

 

 

8

 

 

 

4

 

Restructuring payments

 

 

 

 

 

(48

)

Loss (gain) on corporate owned life insurance

 

 

32

 

 

 

(17

)

Foreign currency remeasurement and transaction exposure

 

 

1

 

 

 

3

 

Changes in current assets and liabilities

 

 

 

 

Accounts and notes receivable

 

 

(374

)

 

 

107

 

Inventories

 

 

(336

)

 

 

(171

)

Other current assets

 

 

(24

)

 

 

79

 

Accounts payable

 

 

465

 

 

 

171

 

Accrued expenses

 

 

(24

)

 

 

(321

)

Changes in other liabilities

 

 

 

 

 

28

 

Other, net

 

 

(31

)

 

 

(30

)

Net cash provided by operating activities

 

 

339

 

 

 

379

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

Capital expenditures

 

 

(87

)

 

 

(75

)

Investments in internal use software

 

 

(11

)

 

 

(8

)

Investments in and advances to equity investees

 

 

(24

)

 

 

(7

)

Investments in marketable securities—acquisitions

 

 

(143

)

 

 

(116

)

Investments in marketable securities—liquidations

 

 

207

 

 

 

95

 

Cash flows from derivatives not designated as hedges

 

 

14

 

 

 

6

 

Other, net

 

 

19

 

 

 

6

 

Net cash used in investing activities

 

 

(25

)

 

 

(99

)

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

Net (payments) borrowings of commercial paper

 

 

(6

)

 

 

957

 

Payments on borrowings and finance lease obligations

 

 

(16

)

 

 

(10

)

Net (payments) borrowings under short-term credit agreements

 

 

(102

)

 

 

25

 

Distributions to noncontrolling interests

 

 

(13

)

 

 

(13

)

Dividend payments on common stock

 

 

(197

)

 

 

(195

)

Repurchases of common stock

 

 

(418

)

 

 

(550

)

Proceeds from issuing common stock

 

 

18

 

 

 

13

 

Other, net

 

 

(11

)

 

 

7

 

Net cash (used in) provided by financing activities

 

 

(745

)

 

 

234

 

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

 

 

(12

)

 

 

48

 

Net (decrease) increase in cash and cash equivalents

 

 

(443

)

 

 

562

 

Cash and cash equivalents at beginning of year

 

 

3,401

 

 

 

1,129

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

$

2,958

 

 

$

1,691

 

 

 

 

 

 

(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America.

CUMMINS INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(Unaudited)

 
In millions

 

Engine

 

Distribution

 

Components

 

Power Systems

 

New Power

 

Total Segments

 

Intersegment

Eliminations (1)

 

Total

Three months ended April 4, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment sales

 

$

2,459

 

 

$

1,835

 

 

$

2,152

 

 

$

1,022

 

 

$

35

 

 

$

7,503

 

 

$

(1,411

)

 

$

6,092

 

Less: Intersegment sales

 

564

 

 

8

 

 

428

 

 

410

 

 

1

 

 

1,411

 

 

(1,411

)

 

 

External sales

 

1,895

 

 

1,827

 

 

1,724

 

 

612

 

 

34

 

 

6,092

 

 

 

 

6,092

 

Research, development and engineering expenses

 

92

 

 

13

 

 

75

 

 

57

 

 

23

 

 

260

 

 

 

 

260

 

Equity, royalty and interest income from investees

 

113

 

 

17

 

 

19

 

 

12

 

 

5

 

 

166

 

 

 

 

166

 

Interest income

 

3

 

 

1

 

 

1

 

 

1

 

 

 

 

6

 

 

 

 

6

 

EBITDA (2)

 

354

 

 

160

 

 

421

 

 

126

 

 

(51

)

 

1,010

 

 

(30

)

 

980

 

Depreciation and amortization (3)

 

51

 

 

30

 

 

48

 

 

35

 

 

5

 

 

169

 

 

 

 

169

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA as a percentage of segment sales

 

14.4

%

 

8.7

%

 

19.6

%

 

12.3

%

 

NM

 

 

13.5

%

 

 

 

16.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 29, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment sales

 

$

2,158

 

 

$

1,814

 

 

$

1,502

 

 

$

884

 

 

$

10

 

 

$

6,368

 

 

$

(1,357

)

 

$

5,011

 

Less: Intersegment sales

 

579

 

 

7

 

 

387

 

 

384

 

 

 

 

1,357

 

 

(1,357

)

 

 

External sales

 

1,579

 

 

1,807

 

 

1,115

 

 

500

 

 

10

 

 

5,011

 

 

 

 

5,011

 

Research, development and engineering expenses

 

80

 

 

7

 

 

68

 

 

54

 

 

29

 

 

238

 

 

 

 

238

 

Equity, royalty and interest income from investees

 

78

 

 

21

 

 

21

 

 

9

 

 

 

 

129

 

 

 

 

129

 

Interest income

 

4

 

 

1

 

 

1

 

 

1

 

 

 

 

7

 

 

 

 

7

 

EBITDA (2)

 

365

 

 

158

 

 

279

 

 

77

 

 

(43

)

 

836

 

 

10

 

 

846

 

Depreciation and amortization (3)

 

53

 

 

31

 

 

48

 

 

32

 

 

4

 

 

168

 

 

 

 

168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA as a percentage of segment sales

 

16.9

%

 

8.7

%

 

18.6

%

 

8.7

%

 

NM

 

 

13.1

%

 

 

 

16.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

"NM" - not meaningful information

(1) Includes intersegment sales, intersegment profit in inventory eliminations and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended April 4, 2021 and March 29, 2020.

(2) EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests.

(3) Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in the Condensed Consolidated Statements of Net Income as "Interest expense." The amortization of debt discount and deferred costs was $1 million and less than $1 million for the three months ended April 4, 2021 and March 29, 2020, respectively. A portion of depreciation expense is included in "Research, development and engineering expenses."

CUMMINS INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Unaudited)

A reconciliation of our segment information to the corresponding amounts in the Condensed Consolidated Statements of Net Income is shown in the table below:

 

 

Three months ended

In millions

 

April 4,

2021

 

March 29,

2020

TOTAL SEGMENT EBITDA

 

$

1,010

 

 

$

836

 

Add:

 

 

 

 

Intersegment elimination

 

(30

)

 

10

 

TOTAL EBITDA

 

980

 

 

846

 

Less:

 

 

 

 

Interest expense

 

28

 

 

23

 

Depreciation and amortization

 

169

 

 

168

 

INCOME BEFORE INCOME TAXES

 

783

 

 

655

 

Less: Income tax expense

 

172

 

 

127

 

CONSOLIDATED NET INCOME

 

611

 

 

528

 

Less: Net income attributable to noncontrolling interests

 

8

 

 

17

 

NET INCOME ATTRIBUTABLE TO CUMMINS INC.

 

$

603

 

 

$

511

 

 

 

 

 

 

CUMMINS INC. AND SUBSIDIARIES
SELECT FOOTNOTE DATA
(Unaudited)

EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES

Equity, royalty and interest income from investees included in our Condensed Consolidated Statements


Contacts

Jon Mills
Cummins Inc.
Phone: 317-658-4540
This email address is being protected from spambots. You need JavaScript enabled to view it.


Read full story here

Read Article On Business Wire


Author:This email address is being protected from spambots. You need JavaScript enabled to view it.

Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.

Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.

Corporate Offices

Technology Systems Corporation
8502 SW Kansas Ave
Stuart, FL 34997

Phone: +1 772.221.7720

 

Search