SEC Filings


10-K
CUMMINS INC filed this Form 10-K on 02/11/2019
Entire Document
 

SELECTED QUARTERLY FINANCIAL DATA
UNAUDITED
 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
In millions, except per share amounts
 
2018
 
Net sales
 
$
5,570

 
$
6,132

 
$
5,943

 
$
6,126

 
Gross margin
 
1,200

(1 
) 
1,440

(1 
) 
1,551

 
1,546

 
Net income attributable to Cummins Inc. (2)
 
325

(1 
) 
545

(1 
) 
692

 
579

 
Earnings per common share attributable to Cummins Inc.—basic (2) (3)
 
$
1.97

(1 
) 
$
3.33

(1 
) 
$
4.29

 
$
3.65

 
Earnings per common share attributable to Cummins Inc.—diluted (2) (3)
 
1.96

(1 
) 
3.32

(1 
) 
4.28

 
3.63

 
Cash dividends per share
 
1.08

 
1.08

 
1.14

 
1.14

 
Stock price per share
 
 

 
 

 
 

 
 

 
High
 
$
194.18

 
$
172.08

 
$
151.87

 
$
156.49

 
Low
 
154.58

 
131.58

 
129.90

 
124.40

 
 
 
2017
 
Net sales
 
$
4,589

 
$
5,078

 
$
5,285

 
$
5,476

 
Gross margin
 
1,132

 
1,251

 
1,341

 
1,376

 
Net income (loss) attributable to Cummins Inc.
 
396

 
424

 
453

 
(274
)
(2) 
Earnings (loss) per common share attributable to Cummins Inc.—basic (3)
 
$
2.36

 
$
2.53

 
$
2.72

 
$
(1.66
)
(2) 
Earnings (loss) per common share attributable to Cummins Inc.—diluted (3)
 
2.36

 
2.53

 
2.71

 
(1.65
)
(2) 
Cash dividends per share
 
1.025

 
1.025

 
1.08

 
1.08

 
Stock price per share
 
 
 
 
 
 
 
 
 
High
 
$
155.51

 
$
164.23

 
$
170.68

 
$
181.79

 
Low
 
134.06

 
143.83

 
150.25

 
158.75

 
___________________________________________________
(1) 
Gross margin, net income attributable to Cummins Inc. and earnings per share were negatively impacted by an Engine Campaign charge of $187 million ($144 million after tax) in the first quarter ($0.87 per basic and diluted share). The second quarter was negatively impacted by an additional charge of $181 million ($139 million after tax) ($0.85 per basic and diluted share). In 2017, a charge of $29 million ($21 million after tax) ($0.13 per basic and diluted share) was recorded in the third quarter.
(2) 
Net income attributable to Cummins Inc., basic and diluted earnings per share were impacted by Tax Legislation adjustments. Net income attributable to Cummins Inc. was reduced by $74 million and $8 million, in the first and second quarter, respectively, while it increased in the third and fourth quarter $33 million and $10 million, respectively. Basic and diluted earnings per share were reduced by $0.45 per share and $0.05 per share in the first and second quarter, respectively, while they increased in the third and fourth quarter by $0.20 per share and $0.06 per share, respectively. Net income attributable to Cummins Inc. and earnings per share were negatively impacted by $777 million related to Tax Legislation. For the fourth quarter of 2017, results for basic and diluted earnings per share were reduced by$4.70 per share and $4.68 per share , respectively, due to tax reform.
(3) 
Earnings per share in each quarter is computed using the weighted-average number of shares outstanding during that quarter while earnings per share for the full year is computed using the weighted-average number of shares outstanding during the year. Thus, the sum of the four quarters earnings per share may not equal the full year earnings per share.

At December 31, 2018, there were approximately 3,256 holders of record of Cummins Inc.'s $2.50 par value common stock.

117