SEC Filings


8-K
CUMMINS INC filed this Form 8-K on 10/31/2017
Entire Document
 
CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) (a)


 
 
 
Nine months ended
In millions, except per share amounts
 
October 1,
2017
 
October 2,
2016
NET SALES
 
$
14,952

 
$
13,006

Cost of sales
 
11,236

 
9,674

GROSS MARGIN
 
3,716

 
3,332

OPERATING EXPENSES AND INCOME
 
 
 
 
Selling, general and administrative expenses
 
1,757

 
1,527

Research, development and engineering expenses
 
545

 
478

Equity, royalty and interest income from investees
 
301

 
234

Loss contingency
 

 
138

Other operating income (expense), net
 
55

 
(2
)
OPERATING INCOME
 
1,770

 
1,421

Interest income
 
11

 
18

Interest expense
 
57

 
51

Other income (expense), net
 
45

 
34

INCOME BEFORE INCOME TAXES
 
1,769

 
1,422

Income tax expense
 
466

 
362

CONSOLIDATED NET INCOME
 
1,303

 
1,060

Less: Net income attributable to noncontrolling interests
 
30

 
44

NET INCOME ATTRIBUTABLE TO CUMMINS INC.
 
$
1,273

 
$
1,016

 
 
 
 
 
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.
 
 
 
 
Basic
 
$
7.62

 
$
5.99

Diluted
 
$
7.60

 
$
5.99

 
 
 
 
 
WEIGHTED AVERAGE SHARES OUTSTANDING
 
 
 
 
Basic
 
167.0

 
169.5

Diluted
 
167.6

 
169.7

 
 
 
 
 
CASH DIVIDENDS DECLARED PER COMMON SHARE
 
$
3.13

 
$
2.975

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




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