SEC Filings


8-K
CUMMINS INC filed this Form 8-K on 02/06/2018
Entire Document
 
CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) (a)



 
 
Three months ended
In millions, except per share amounts
 
December 31,
2017
 
December 31,
2016
NET SALES
 
$
5,476

 
$
4,503

Cost of sales
 
4,102

 
3,383

GROSS MARGIN
 
1,374

 
1,120

OPERATING EXPENSES AND INCOME
 
 
 
 
Selling, general and administrative expenses
 
633

 
519

Research, development and engineering expenses
 
207

 
158

Equity, royalty and interest income from investees
 
56

 
67

Loss contingency
 
5

 

Other operating income (expense), net
 
10

 
(3
)
OPERATING INCOME
 
595

 
507

Interest income
 
7

 
5

Interest expense
 
24

 
18

Other income, net
 
18

 
14

INCOME BEFORE INCOME TAXES
 
596

 
508

Income tax expense
 
905

 
112

CONSOLIDATED NET (LOSS) INCOME
 
(309
)
 
396

Less: Net (loss) income attributable to noncontrolling interests
 
(35
)
 
18

NET (LOSS) INCOME ATTRIBUTABLE TO CUMMINS INC.
 
$
(274
)
 
$
378

 
 
 
 
 
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.
 
 
 
 
Basic
 
$
(1.66
)
 
$
2.26

Diluted
 
$
(1.65
)
 
$
2.25

 
 
 
 
 
WEIGHTED AVERAGE SHARES OUTSTANDING
 
 

 
 
Basic
 
165.4

 
167.6

Diluted
 
166.2

 
168.1

 
 
 
 
 
CASH DIVIDENDS DECLARED PER COMMON SHARE
 
$
1.08

 
$
1.025

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







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