Cummins Reports Strong Second Quarter Profits
Cummins Reports Strong Second Quarter Profits
* Continues to deliver strong margins despite challenging economic
environment
* Expects full-year revenues of $18 billion, EBIT of 14.25 to 14.75 percent
Business Wire
COLUMBUS, Ind. -- July 31, 2012
Cummins Inc. (NYSE: CMI) today reported strong profits for the second quarter
of 2012.
Second quarter revenue of $4.45 billion decreased 4 percent from the same
quarter in 2011. Excluding the impact of divestitures and currency movements,
revenues were flat year over year. Growth in North America offset weakness in
international markets, particularly China and Brazil.
Earnings before interest and taxes (EBIT) was $669 million or 15.0 percent of
sales. Excluding gains from divestitures, EBIT was $663 million or 14.9
percent of sales compared to $707 million or 15.2 percent of sales in the
second quarter of 2011.
Net income attributable to Cummins in the second quarter of 2012 was $469
million ($2.47 per diluted share) compared to $505 million in the same period
a year ago ($2.60 per diluted share). Excluding gains from divestitures, the
Company reported earnings of $2.45 per share compared to $2.41 in the second
quarter of 2011.
“The Company continued to deliver strong profits despite the weakening global
economic conditions,” said Tom Linebarger, Chairman and Chief Executive
Officer. “Second quarter gross margins were at record levels as we continue to
drive improvements in productivity and quality. Looking forward, as the global
economy improves, our growth opportunities remain strong.”
Based on the current forecast, Cummins expects full year revenues to be $18
billion, with EBIT in the range of 14.25 to 14.75 percent of sales.
Other recent highlights:
* Cummins increased its dividend by 25 percent.
* The Company repurchased 1.8 million shares of common stock.
* Cummins Emission Solutions and Cummins Parts business each recently
received supplier Quality Achievement awards from PACCAR for 2011
performance.
* The Company was recognized by Chrysler Group LLC as the 2012
Sustainability Supplier of the Year.
* The Company completed the acquisition of the emission control assets of
Hilite International.
Second quarter 2012 detail (all comparisons to same period in 2011)
Engine Segment
* Sales – $2.8 billion, down 2 percent
* Segment EBIT – $376 million, or 13.2 percent of sales, compared to $377
million or 13.0 percent of sales
* Improved demand in North American heavy duty truck, medium duty truck and
light duty truck and construction markets offset by lower sales to China
construction, Brazilian truck and North American oil and gas markets
Components
* Sales - $1.0 billion, flat
* Segment EBIT - $116 million, or 11.2 percent of sales, compared to $120
million or 11.6 percent of sales
* Increased demand in North American on-highway markets and higher product
content in Brazil offset by lower demand in Europe and China and the
impact of divestitures completed in 2011
Power Generation
* Sales – $909 million, flat
* Segment EBIT – $94 million, or 10.3 percent of sales, compared to $105
million or 11.6 percent of sales
* Higher revenues in North America offsetting lower demand in Europe, China
and Latin America
Distribution
* Sales – $794 million, up 1 percent
* Segment EBIT – $92 million, or 11.6 percent of sales, compared to $106
million or 13.5 percent of sales
* Revenue increase driven by strong parts and service growth in several
regions offsetting weaker demand in North American oil and gas market and
power generation in the Middle East
About Cummins
Cummins Inc., a global power leader, is a corporation of complementary
business units that design, manufacture, distribute and service diesel and
natural gas engines and related technologies, including fuel systems,
controls, air handling, filtration, emission solutions and electrical power
generation systems. Headquartered in Columbus, Indiana, (USA) Cummins employs
approximately 44,000 people worldwide and serves customers in approximately
190 countries and territories through a network of more than 600 company-owned
and independent distributor locations and approximately 6,500 dealer
locations. Cummins earned $1.85 billion on sales of $18.0 billion in 2011.
Press releases can be found on the Web at www.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 for the second quarter of 2012, as well as the full year. 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: the adoption and implementation of global emission standards; the
price and availability of energy; the pace of infrastructure development;
increasing global competition among our customers; general economic, business
and financing conditions; governmental action; changes in our customers’
business strategies; competitor pricing activity; expense volatility; labor
relations; and other risks detailed from time to time in our Securities and
Exchange Commission filings, including particularly in the Risk Factors
section of our 2011 Annual Report on Form 10-K. 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 Securities and Exchange Commission, 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
Net income attributable to Cummins excluding gain on divestitures and EBIT are
non-GAAP measures used in this release, and are 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
EBIT 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. EDT. 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 INCOME
(Unaudited) (a)
Three months ended
July 1, April 1, June 26,
In millions, except per share amounts 2012 2012 2011
NET SALES $ 4,452 $ 4,472 $ 4,641
Cost of sales 3,242 3,274 3,438
GROSS MARGIN 1,210 1,198 1,203
OPERATING EXPENSES AND INCOME
Selling, general and administrative 487 475 463
expenses
Research, development and engineering 187 181 157
expenses
Equity, royalty and interest income 104 104 117
from investees (Note 1)
Gain on sale of businesses 6 - 68
Other operating income (expense), net 2 2 -
OPERATING INCOME 648 648 768
Interest income 7 8 10
Interest expense 8 8 13
Other income (expense), net 14 2 (3 )
INCOME BEFORE INCOME TAXES 661 650 762
Income tax expense (Note 2) 166 175 225
CONSOLIDATED NET INCOME 495 475 537
Less: Net income attributable to 26 20 32
noncontrolling interests
NET INCOME ATTRIBUTABLE TO CUMMINS INC. $ 469 $ 455 $ 505
EARNINGS PER COMMON SHARE ATTRIBUTABLE
TO CUMMINS INC.
Basic $ 2.47 $ 2.39 $ 2.61
Diluted $ 2.47 $ 2.38 $ 2.60
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic 189.8 190.4 193.8
Diluted 190.1 190.8 194.4
CASH DIVIDENDS DECLARED PER COMMON SHARE $ 0.40 $ 0.40 $ 0.2625
(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 INCOME
(Unaudited) (a)
Six months ended
In millions, except per share amounts July 1, 2012 June 26, 2011
NET SALES $ 8,924 $ 8,501
Cost of sales 6,516 6,341
GROSS MARGIN 2,408 2,160
OPERATING EXPENSES AND INCOME
Selling, general and administrative 962 852
expenses
Research, development and engineering 368 286
expenses
Equity, royalty and interest income from 208 213
investees (Note 1)
Gain on sale of businesses 6 68
Other operating income (expense), net 4 (6 )
OPERATING INCOME 1,296 1,297
Interest income 15 16
Interest expense 16 23
Other income (expense), net 16 (6 )
INCOME BEFORE INCOME TAXES 1,311 1,284
Income tax expense (Note 2) 341 382
CONSOLIDATED NET INCOME 970 902
Less: Net income attributable to 46 54
noncontrolling interests
NET INCOME ATTRIBUTABLE TO CUMMINS INC. $ 924 $ 848
EARNINGS PER COMMON SHARE ATTRIBUTABLE
TO CUMMINS INC.
Basic $ 4.86 $ 4.36
Diluted $ 4.85 $ 4.34
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic 190.1 194.6
Diluted 190.5 195.2
CASH DIVIDENDS DECLARED PER COMMON SHARE $ 0.80 $ 0.525
(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 July 1, 2012 December 31, 2011
ASSETS
Current assets
Cash and cash equivalents $ 1,145 $ 1,484
Marketable securities 261 277
Total cash, cash equivalents and 1,406 1,761
marketable securities
Accounts and notes receivable, net 2,620 2,526
Inventories 2,581 2,141
Prepaid expenses and other current 639 663
assets
Total current assets 7,246 7,091
Long-term assets
Property, plant and equipment 5,475 5,245
Accumulated depreciation (3,051 ) (2,957 )
Property, plant and equipment, net 2,424 2,288
Investments and advances related to 890 838
equity method investees
Goodwill 345 339
Other intangible assets, net 268 227
Other assets 996 885
Total assets $ 12,169 $ 11,668
LIABILITIES
Current liabilities
Loans payable $ 58 $ 28
Accounts payable (principally trade) 1,634 1,546
Current portion of accrued product 407 422
warranty
Accrued compensation, benefits and 340 511
retirement costs
Deferred revenue 208 208
Taxes payable (including taxes on 258 282
income)
Other accrued expenses 665 660
Total current liabilities 3,570 3,657
Long-term liabilities
Long-term debt 653 658
Pensions 118 205
Postretirement benefits other than 425 432
pensions
Other liabilities and deferred revenue 966 885
Total liabilities 5,732 5,837
EQUITY
Cummins Inc. shareholders’ equity
Common stock, $2.50 par value, 500
shares authorized, 222.4 and 222.2 2,036 2,001
shares issued
Retained earnings 6,810 6,038
Treasury stock, at cost, 32.0 and 30.2 (1,777 ) (1,587 )
shares
Common stock held by employee benefits (20 ) (22 )
trust, at cost, 1.6 and 1.8 shares
Accumulated other comprehensive loss
Defined benefit postretirement (703 ) (724 )
plans
Other (243 ) (214 )
Total accumulated other (946 ) (938 )
comprehensive loss
Total Cummins Inc. 6,103 5,492
shareholders’ equity
Noncontrolling interests 334 339
Total equity 6,437 5,831
Total liabilities $ 12,169 $ 11,668
and equity
(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)
Six months ended
In millions July 1, 2012 June 26, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income $ 970 $ 902
Adjustments to reconcile consolidated net
income to net cash provided by operating
activities
Depreciation and amortization 171 159
Gain on sale of businesses (6 ) (68 )
Deferred income taxes (39 ) 87
Equity in income of investees, net (25 ) 2
of dividends
Pension contributions in excess of (52 ) (47 )
expense
Other post-retirement benefits (7 ) (10 )
payments in excess of expense
Stock-based compensation expense 21 18
Excess tax benefits on stock-based (11 ) (4 )
awards
Translation and hedging activities 7 (6 )
Changes in current assets and liabilities,
net of acquisitions and divestitures:
Accounts and notes receivable (116 ) (513 )
Inventories (439 ) (290 )
Other current assets (47 ) 11
Accounts payable 61 307
Accrued expenses (173 ) 169
Changes in other liabilities and deferred 103 58
revenue
Other, net (21 ) (31 )
Net cash provided by operating activities 397 744
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (266 ) (215 )
Investments in internal use software (40 ) (22 )
Investments in and advances to equity (40 ) (20 )
investees
Proceeds from sale of business, net of cash - 111
sold
Acquisition of businesses, net of cash (12 ) -
acquired
Investments in marketable (276 ) (361 )
securities—acquisitions
Investments in marketable 280 343
securities—liquidations
Cash flows from derivatives not designated 1 6
as hedges
Other, net 3 7
Net cash used in investing activities (350 ) (151 )
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings 46 60
Payments on borrowings and capital lease (75 ) (94 )
obligations
Net borrowings under short-term credit 3 11
agreements
Distributions to noncontrolling interests (32 ) (26 )
Dividend payments on common stock (152 ) (102 )
Repurchases of common stock (196 ) (373 )
Excess tax benefits on stock-based awards 11 4
Other, net 9 7
Net cash used in financing activities (386 ) (513 )
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND - 8
CASH EQUIVALENTS
Net increase (decrease) in cash and cash (339 ) 88
equivalents
Cash and cash equivalents at beginning of 1,484 1,023
year
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,145 $ 1,111
(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)
Engine Components Power Distribution Non-segment Total
Generation Items^(1)
In millions
Three months
ended July 1,
2012
External sales $ 2,381 $ 710 $ 572 $ 789 $ - $ 4,452
Intersegment 460 326 337 5 (1,128 ) -
sales
Total 2,841 1,036 909 794 (1,128 ) 4,452
sales
Depreciation and 47 19 11 8 - 85
amortization^(2)
Research,
development and 115 51 19 2 - 187
engineering
expenses
Equity, royalty
and interest 37 8 10 49 - 104
income from
investees
Interest income 3 1 3 - - 7
Segment EBIT 376 116 94 92 (9 ) 669
Three months
ended April 1,
2012
External sales $ 2,412 $ 774 $ 516 $ 770 $ - $ 4,472
Intersegment 447 325 264 5 (1,041 ) -
sales
Total 2,859 1,099 780 775 (1,041 ) 4,472
sales
Depreciation and 47 19 11 7 - 84
amortization^(2)
Research,
development and 111 51 18 1 - 181
engineering
expenses
Equity, royalty
and interest 38 8 10 48 - 104
income from
investees
Interest income 4 1 2 1 - 8
Segment EBIT 381 143 76 94 (36 ) 658
Three months
ended June 26,
2011
External sales $ 2,476 $ 741 $ 649 $ 775 $ - $ 4,641
Intersegment 424 291 260 10 (985 ) -
sales
Total 2,900 1,032 909 785 (985 ) 4,641
sales
Depreciation and 44 18 11 5 - 78
amortization^(2)
Research,
development and 102 43 12 - - 157
engineering
expenses
Equity, royalty
and interest 49 9 13 46 - 117
income from
investees
Interest income 6 1 3 - - 10
Segment EBIT 377 120 105 106 67 775
Six months ended
July 1, 2012
External sales $ 4,793 $ 1,484 $ 1,088 $ 1,559 $ - $ 8,924
Intersegment 907 651 601 10 (2,169 ) -
sales
Total 5,700 2,135 1,689 1,569 (2,169 ) 8,924
sales
Depreciation and 94 38 22 15 - 169
amortization^(2)
Research,
development and 226 102 37 3 - 368
engineering
expenses
Equity, royalty
and interest 75 16 20 97 - 208
income from
investees
Interest income 7 2 5 1 - 15
Segment EBIT 757 259 170 186 (45 ) 1,327
Six months ended
June 26, 2011
External sales $ 4,482 $ 1,401 $ 1,206 $ 1,412 $ - $ 8,501
Intersegment 809 555 498 15 (1,877 ) -
sales
Total 5,291 1,956 1,704 1,427 (1,877 ) 8,501
sales
Depreciation and 89 36 21 11 - 157
amortization^(2)
Research,
development and 182 80 23 1 - 286
engineering
expenses
Equity, royalty
and interest 91 17 21 84 - 213
income from
investees
Interest income 9 2 4 1 - 16
Segment EBIT 667 225 194 195 26 1,307
Includes intersegment sales and profit in inventory eliminations and
unallocated corporate expenses. The three and six months ended July 1,
2012, include a $6 million gain ($4 million after-tax) related to
adjustments from our 2011 divestitures. There were no significant
unallocated corporate expenses for the three months ended April 1,
2012. The three and six months ended June 26, 2011, include a $68
^(1) million gain ($37 million after-tax) related to the sale of certain
assets and liabilities of our exhaust business from the Components
segment. The gains have been excluded from segment results as they were
not considered in our evaluation of operating results for the three and
six months ended July 1, 2012 and June 26, 2011. There were no other
significant unallocated corporate expenses for the three and six months
ended July 1, 2012 and June 26, 2011.
Depreciation and amortization as shown on a segment basis excludes the
^(2) amortization of debt discount that is included in the Condensed
Consolidated Statements of Income as “Interest expense.”
CUMMINS INC. AND SUBSIDIARIES
RECONCILIATION OF SEGMENT INFORMATION
(Unaudited)
A reconciliation of our segment information to the corresponding amounts in
the
Condensed Consolidated Statements of Income is shown in the table below:
Three months ended Six months ended
July 1, April 1, June 26, July 1, June 26,
In millions 2012 2012 2011 2012 2011
Segment EBIT $ 669 $ 658 $ 775 $ 1,327 $ 1,307
Less
Interest expense 8 8 13 16 23
Income before income $ 661 $ 650 $ 762 $ 1,311 $ 1,284
taxes
CUMMINS INC. AND SUBSIDIARIES
SELECTED FOOTNOTE DATA
(Unaudited)
NOTE 1. EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES
Equity, royalty and interest income from investees included in our Condensed
Consolidated Statements
of Income for the interim reporting periods was as follows:
Three months ended Six months ended
July 1, April 1, June 26, July 1, June 26,
In millions 2012 2012 2011 2012 2011
Distribution Entities
North American $ 38 $ 40 $ 35 $ 78 $ 65
distributors
Komatsu Cummins Chile, 6 5 6 11 10
Ltda.
All other distributors 2 1 1 3 2
Manufacturing Entities
Chongqing Cummins 17 18 19 35 31
Engine Company, Ltd.
Dongfeng Cummins Engine 17 16 26 33 49
Company, Ltd.
Cummins Westport, Inc. 4 5 3 9 4
Shanghai Fleetguard 4 3 4 7 8
Filter Co., Ltd.
Tata Cummins, Ltd. 3 4 3 7 7
Beijing Foton Cummins 2 (2 ) (1 ) - (3 )
Engine Co., Ltd.
Valvoline Cummins, Ltd. 2 2 2 4 4
Komatsu manufacturing 1 (1 ) (1 ) - 1
alliances
All other manufacturers (1 ) 1 6 - 12
Cummins share of net $ 95 $ 92 $ 103 $ 187 $ 190
income
Royalty and interest 9 12 14 21 23
income
Equity, royalty and
interest income $ 104 $ 104 $ 117 $ 208 $ 213
from investees
NOTE 2. INCOME TAXES
Our effective tax rate for the year is expected to approximate 26 percent,
absent any discrete period activity. Our tax rate is generally less than the
35 percent U.S. income tax rate primarily due to lower tax rates on foreign
income. The tax rates for the three and six month periods ended July 1, 2012,
were 25.1 percent and 26.0 percent, respectively.
The tax rates for the three and six month periods ended June 26, 2011, were
29.5 percent and 29.8 percent, respectively, and included a discrete tax
charge of $4 million related to the enactment of state law changes in Indiana.
The decrease in the 2012 effective tax rates versus the comparable periods in
2011 is due primarily to our assertion that income earned after 2011 by our
China operations is permanently reinvested, as well as certain tax planning
strategies implemented in our U.K. subsidiaries.
CUMMINS INC. AND SUBSIDIARIES
FINANCIAL MEASURES THAT SUPPLEMENT GAAP
(Unaudited)
Net income and diluted earnings per share (EPS) attributable to Cummins Inc. excluding
special items
We believe this is a useful measure of our operating performance for the periods presented
as it illustrates our operating performance without regard to special items including the
gains related to the sale of certain assets and liabilities. This measure is not in
accordance with, or an alternative for, accounting principles generally accepted in the
United States of America (GAAP) and may not be consistent with measures used by other
companies. It should be considered supplemental data. The following table reconciles net
income attributable to Cummins Inc. to net income attributable to Cummins Inc. excluding
special items for the three and six month periods ended July 1, 2012 and June 26, 2011.
Three months ended Six months ended
July 1, 2012 June 26, 2011 July 1, 2012 June 26, 2011
In millions Net Diluted Net Diluted Net Diluted Net Diluted
Income EPS Income EPS Income EPS Income EPS
Net income
attributable $ 469 $ 2.47 $ 505 $ 2.60 $ 924 $ 4.85 $ 848 $ 4.34
to Cummins
Inc.
Subtract
Gain on sale
of 4 0.02 37 0.19 4 0.02 37 0.19
businesses^(1)
Net income
attributable
to Cummins $ 465 $ 2.45 $ 468 $ 2.41 $ 920 $ 4.83 $ 811 $ 4.15
Inc. excluding
special items
(1) The gains have been excluded from operating results as they were not considered in our
evaluation of performance for the three and six months ended July 1, 2012 and June 26,
2011.
CUMMINS INC. AND SUBSIDIARIES
FINANCIAL MEASURES THAT SUPPLEMENT GAAP
(Unaudited)
Earnings before interest, taxes and noncontrolling interests
We define EBIT as earnings before interest expense, income tax expense and
noncontrolling interests in income of consolidated subsidiaries (EBIT). We use
EBIT to assess and measure the performance of our operating segments and also
as a component in measuring our variable compensation programs. Below is a
reconciliation of EBIT, a non-GAAP financial measure, to “Net income
attributable to Cummins Inc.,” for each of the applicable periods:
Three months ended Six months ended
July 1, April 1, June July 1, June
26, 26,
In millions 2012 2012 2011 2012 2011
Earnings before
interest expense, $ 663 $ 658 $ 707 $ 1,321 $ 1,239
income taxes and
special items
Earnings before
interest expense,
income taxes and 14.9% 14.7% 15.2% 14.8% 14.6%
special items as a
percentage of net
sales
Add
Gain on sale of 6 - 68 6 68
businesses
Earnings before
interest expense $ 669 $ 658 $ 775 $ 1,327 $ 1,307
and income taxes
EBIT as a
percentage of net 15.0% 14.7% 16.7% 14.9% 15.4%
sales
Less
Interest expense 8 8 13 16 23
Income tax 166 175 225 341 382
expense
Consolidated net 495 475 537 970 902
income
Less
Net income
attributable to 26 20 32 46 54
noncontrolling
interests
Net income
attributable $ 469 $ 455 $ 505 $ 924 $ 848
to Cummins
Inc.
Net income
attributable to
Cummins Inc. as a 10.5% 10.2% 10.9% 10.4% 10.0%
percentage of net
sales
CUMMINS INC. AND SUBSIDIARIES
BUSINESS UNIT SALES DATA
(Unaudited)
Engine segment net sales by market
2012
In millions Q1 Q2 Q3 Q4 YTD
Heavy-duty $ 892 $ 807 $ - $ - $ 1,699
truck
Medium-duty 526 512 - - 1,038
bus and truck
Light-duty
automotive 286 297 - - 583
and RV
Industrial 861 859 - - 1,720
Stationary 294 366 - - 660
power
Total $ 2,859 $ 2,841 $ - $ - $ 5,700
sales
2011
In millions Q1 Q2 Q3 Q4 YTD
Heavy-duty $ 485 $ 693 $ 748 $ 865 $ 2,791
truck
Medium-duty 474 608 640 598 2,320
bus and truck
Light-duty
automotive 296 310 271 299 1,176
and RV
Industrial 855 988 977 1,030 3,850
Stationary 281 301 319 269 1,170
power
Total $ 2,391 $ 2,900 $ 2,955 $ 3,061 $ 11,307
sales
Unit shipments by engine classification (including unit shipments to Power
Generation)
2012
Units Q1 Q2 Q3 Q4 YTD
Midrange 109,000 110,000 - - 219,000
Heavy-duty 36,000 33,000 - - 69,000
High 5,500 5,800 - - 11,300
horsepower
Total 150,500 148,800 - - 299,300
units
2011
Units Q1 Q2 Q3 Q4 YTD
Midrange 109,400 131,300 130,600 138,100 509,400
Heavy-duty 20,000 29,900 31,100 35,300 116,300
High 4,900 5,700 5,600 5,400 21,600
horsepower
Total 134,300 166,900 167,300 178,800 647,300
units
CUMMINS INC. AND SUBSIDIARIES
BUSINESS UNIT SALES DATA
(Unaudited)
Component segment sales by business
2012
In millions Q1 Q2 Q3 Q4 YTD
Emission solutions $ 404 $ 349 $ - $ - $ 753
Turbo technologies 298 297 - - 595
Filtration 270 266 - - 536
Fuel systems 127 124 - - 251
Total sales $ 1,099 $ 1,036 $ - $ - $ 2,135
2011
In millions Q1 Q2 Q3 Q4 YTD
Emission solutions $ 273 $ 311 $ 306 $ 372 $ 1,262
Turbo technologies 297 314 298 314 1,223
Filtration 255 287 288 283 1,113
Fuel systems 99 120 123 123 465
Total sales $ 924 $ 1,032 $ 1,015 $ 1,092 $ 4,063
In the first quarter of 2012, our Power Generation segment reorganized its
reporting structure to include the following businesses: power products,
power systems, generator technologies and power solutions. Sales for our
Power Generation segment by business (including 2011 and 2010 reorganized
balances) were as follows:
2012
In millions Q1 Q2 Q3 Q4 YTD
Power products $ 375 $ 459 $ - $ - $ 834
Power systems 188 217 - - 405
Generator technologies 141 160 - - 301
Power solutions 76 73 - - 149
Total sales $ 780 $ 909 $ - $ - $ 1,689
2011
In millions Q1 Q2 Q3 Q4 YTD
Power products $ 377 $ 415 $ 433 $ 411 $ 1,636
Power systems 189 210 188 228 815
Generator technologies 154 189 166 164 673
Power solutions 75 95 87 117 374
Total sales $ 795 $ 909 $ 874 $ 920 $ 3,498
2010
In millions YTD
Power products $ 1,465
Power systems 616
Generator technologies 550
Power solutions 288
Total sales $ 2,919
CUMMINS INC. AND SUBSIDIARIES
BUSINESS UNIT SALES DATA
(Unaudited)
Distribution segment sales by product
2012
In millions Q1 Q2 Q3 Q4 YTD
Parts and $ 288 $ 302 $ - $ - $ 590
filtration
Power 186 201 - - 387
generation
Engines 166 147 - - 313
Service 135 144 - - 279
Total $ 775 $ 794 $ - $ - $ 1,569
sales
2011
In millions Q1 Q2 Q3 Q4 YTD
Parts and $ 235 $ 271 $ 283 $ 296 $ 1,085
filtration
Power 145 195 191 191 722
generation
Engines 140 186 171 206 703
Service 122 133 138 141 534
Total $ 642 $ 785 $ 783 $ 834 $ 3,044
sales
Contact:
Cummins Inc.
Carole Casto, Executive Director - Corporate Communications, 317-610-2480
carole.casto@cummins.com
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