Cummins Reports Fourth Quarter and Full Year 2020 Results

February 4, 2021 7:30 AM EST

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  • Fourth quarter revenues of $5.8 billion; GAAP1 Net Income of $501 million
  • Fourth quarter EBITDA of 14.4 percent; Diluted EPS of $3.36
  • Full year revenues of $19.8 billion; GAAP1 Net Income of $1.8 billion
  • EBITDA for the full year was 15.7 percent of sales; Diluted EPS of $12.01
  • The company expects full year 2021 revenues to be up 8 to 12 percent, EBITDA expected to be in the range of 15.0 to 15.5 percent

COLUMBUS, Ind.--(BUSINESS WIRE)-- Cummins Inc. (NYSE: CMI) today reported results for the fourth quarter of 2020.

Fourth quarter revenues of $5.8 billion increased 5 percent from the same quarter in 2019. Sales in North America were flat while international revenues increased 12 percent driven by strong demand in China truck and construction markets as well as the growth in new product sales in India.

Earnings before interest, taxes, depreciation and amortization (EBITDA) in the fourth quarter were $837 million (14.4 percent of sales), compared to $682 million (12.2 percent of sales) excluding restructuring a year ago. Fourth quarter EBITDA included $36 million of expenses associated with reorganization activities and facility closures primarily driven by transformation initiatives in our Distribution segment.

Net income attributable to Cummins in the fourth quarter was $501 million ($3.36 per diluted share) compared to $390 million ($2.56 per diluted share) excluding restructuring in 2019. The tax rate in the fourth quarter was 19.7 percent.

Revenues for the full year were $19.8 billion, 16 percent lower than 2019. Sales in North America declined 21 percent and international revenues declined 7 percent. Sales declined in all major regions except China, where demand for trucks and construction equipment reached record levels.

“We faced many challenges in 2020 driven by the severe global impact of the COVID-19 pandemic,” said Chairman and CEO Tom Linebarger. “I want to thank all of our employees for their dedication to our company and our customers as they adjusted to the unprecedented slowdown in the global economy and then responded as demand accelerated sharply in the second half of the year, all while facing significant disruption to their daily routines at work and home.”

EBITDA for the year was $3.1 billion (15.7 percent of sales) compared to $3.7 billion (15.8 percent of sales) excluding restructuring in 2019.

Net income attributable to Cummins for the full year was $1.8 billion ($12.01 per diluted share), compared to net income of $2.4 billion ($15.05 per diluted share) excluding restructuring in 2019. The tax rate for 2020 was 22.5 percent.

2021 Outlook:

Based on the current forecast, Cummins projects full year 2021 revenues to be up 8 to 12 percent, and EBITDA to be in the range of 15.0 and 15.5 percent of sales. We expect revenues to increase in all regions and major markets except China where we expect demand to moderate after a record year in 2020.

“Current indicators point to improving demand in a number of key regions and markets in 2021. However, significant uncertainty remains, requiring continued strong focus on managing costs and cash flow as our markets continue to recover around the world. We are still operating under a pandemic with extreme safety measures in place and our suppliers and customers are doing the same. This is presenting challenges to global supply chains as our industry responds to rising demand across multiple end markets. Having effectively managed through an extremely challenging 2020, Cummins is in a strong position to keep investing in future growth while continuing to return cash to shareholders,” said Chairman and CEO Tom Linebarger.

The Company plans to return 75 percent of Operating Cash Flow to shareholders in the form of dividends and share repurchases.

2020 Highlights:

  • The Company announced the creation of the Cummins Advocates for Racial Equity Group to focus on police reform, criminal justice, social justice, and economic empowerment of Black people in the United States.
  • Cummins increased its cash dividend for the 11th straight year and returned a total of $1.4 billion to shareholders in the form of dividends and share repurchases.
  • In response to the COVID-19 pandemic, the Company used its filter technology to provide 146 tons of filtration media to mask manufacturers across the globe, which has been used to produce more than 108 million masks.
  • The Company established a joint venture called NPROXX to provide hydrogen storage tank solutions to customers in multiple applications including rail, truck, bus, and other on-highway applications to advance the adoption of hydrogen-based technologies.
  • In November of 2020, Cummins was named to the S&P Dow Jones Sustainability Indices for North America, one of the premier measures of corporate sustainability, for a 15th consecutive year.
  • Cummins is one of 21 companies named a “Culture Champion” in October 2020 by a partnership between the Massachusetts Institute of Technology and Glassdoor, one of the world’s leading recruiting websites. The Company receives high marks for creating cultures of integrity and respect while ranking first in the study’s category for promoting a diverse and inclusive workplace culture.

1 Generally Accepted Accounting Principles in the U.S.

Fourth quarter 2020 detail (all comparisons to same period in 2019):

Engine Segment

  • Sales - $2.3 billion, up 2 percent
  • Segment EBITDA - $338 million, or 14.5 percent of sales, compared to $277 million or 12.1 percent of sales excluding restructuring
  • On-highway revenues increased 1 percent and off-highway revenues increased 4 percent
  • Sales were flat in North America but increased 8 percent in international markets primarily due to increased demand in China and India

Distribution Segment

  • Sales - $2.0 billion, down 2 percent
  • Segment EBITDA - $165 million, or 8.3 percent of sales, compared to $164 million or 8.0 percent of sales excluding restructuring
  • Revenues in North America were down 7 percent and international sales increased by 8 percent
  • Increased demand in power generation markets offset by declines in parts and service

Components Segment

  • Sales - $1.8 billion, up 18 percent
  • Segment EBITDA - $280 million, or 15.3 percent of sales, compared to $209 million or 13.4 percent of sales excluding restructuring
  • Revenues in North America increased by 1 percent and international sales increased by 40 percent due to higher demand in China and India

Power Systems Segment

  • Sales - $989 million, down 6 percent
  • Segment EBITDA - $74 million, or 7.5 percent of sales, compared to $55 million, or 5.2 percent of sales excluding restructuring
  • Power generation revenues decreased by 2 percent while industrial revenues decreased 12 percent due to lower demand in mining and oil and gas markets

New Power Segment

  • Sales - $34 million, up 89 percent
  • Segment EBITDA loss - $51 million
  • Revenues increased due to greater demand in transit and school bus markets in addition to 29 megawatts of electrolyzer projects commissioned
  • 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. See how Cummins is powering a world that’s always on by accessing news releases and more information at https://www.cummins.com/always-on.

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: market slowdown due to the impacts from 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; 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; aligning our capacity and production with our demand, including impacts of COVID-19; a major customer experiencing financial distress, particularly related to the COVID-19 pandemic; 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; disruptions in global credit and financial markets as the result of the COVID-19 pandemic; adverse impacts from government actions to stabilize credit markets and financial institutions and other industries; product recalls; the development of new technologies that reduce demand for our current products and services; policy changes in international trade; a slowdown in infrastructure development and/or depressed commodity prices; the U.K.'s exit from the European Union; labor relations or work stoppages; reliance on our executive leadership team and other key personnel; lower than expected acceptance of new or existing products or services; changes in the engine outsourcing practices of significant customers; 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; challenges or unexpected costs in completing cost reduction actions and restructuring initiatives; failure to realize expected results from our investment in Eaton Cummins Automated Transmission Technologies joint venture; 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; variability in material and commodity costs; the actions of, and income from, joint ventures and other investees that we do not directly control; changes in taxation; global legal and ethical compliance costs and risks; product liability claims; increasingly stringent environmental laws and regulations; 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; future bans or limitations on the use of diesel-powered products; the price and availability of energy; our sales mix of products; protection and validity of our patent and other intellectual property rights; 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 2019 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 December 31,

In millions, except per share amounts

 

2020

 

2019

NET SALES

 

$

5,830

 

 

$

5,578

 

Cost of sales

 

4,469

 

 

4,265

 

GROSS MARGIN

 

1,361

 

 

1,313

 

OPERATING EXPENSES AND INCOME

 

 

 

 

Selling, general and administrative expenses

 

576

 

 

632

 

Research, development and engineering expenses

 

255

 

 

271

 

Equity, royalty and interest income from investees

 

110

 

 

74

 

Restructuring actions

 

 

 

119

 

Other operating expense, net

 

(11

)

 

(11

)

OPERATING INCOME

 

629

 

 

354

 

Interest expense

 

29

 

 

22

 

Other income, net

 

35

 

 

31

 

INCOME BEFORE INCOME TAXES

 

635

 

 

363

 

Income tax expense

 

125

 

 

65

 

CONSOLIDATED NET INCOME

 

510

 

 

298

 

Less: Net income (loss) attributable to noncontrolling interests

 

9

 

 

(2

)

NET INCOME ATTRIBUTABLE TO CUMMINS INC.

 

$

501

 

 

$

300

 

 

 

 

 

 

EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.

 

 

 

 

Basic

 

$

3.39

 

 

$

1.98

 

Diluted

 

$

3.36

 

 

$

1.97

 

 

 

 

 

 

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING

 

 

 

 

Basic

 

148.0

 

 

151.5

 

Diluted

 

149.3

 

 

152.4

 

 

 

 

 

 

(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 NET INCOME

(Unaudited) (a)

 

 

Years ended December 31,

In millions, except per share amounts

 

2020

 

2019

NET SALES

 

$

19,811

 

 

$

23,571

 

Cost of sales

 

14,917

 

 

17,591

 

GROSS MARGIN

 

4,894

 

 

5,980

 

OPERATING EXPENSES AND INCOME

 

 

 

 

Selling, general and administrative expenses

 

2,125

 

 

2,454

 

Research, development and engineering expenses

 

906

 

 

1,001

 

Equity, royalty and interest income from investees

 

452

 

 

330

 

Restructuring actions

 

 

 

119

 

Other operating expense, net

 

(46

)

 

(36

)

OPERATING INCOME

 

2,269

 

 

2,700

 

Interest expense

 

100

 

 

109

 

Other income, net

 

169

 

 

243

 

INCOME BEFORE INCOME TAXES

 

2,338

 

 

2,834

 

Income tax expense

 

527

 

 

566

 

CONSOLIDATED NET INCOME

 

1,811

 

 

2,268

 

Less: Net income attributable to noncontrolling interests

 

22

 

 

8

 

NET INCOME ATTRIBUTABLE TO CUMMINS INC.

 

$

1,789

 

 

$

2,260

 

 

 

 

 

 

EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.

 

 

 

 

Basic

 

$

12.07

 

 

$

14.54

 

Diluted

 

$

12.01

 

 

$

14.48

 

 

 

 

 

 

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING

 

 

 

 

Basic

 

148.2

 

 

155.4

 

Diluted

 

149.0

 

 

156.1

 

 

 

 

 

 

(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

 

December 31,
2020

 

December 31,
2019

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

3,401

 

 

$

1,129

 

Marketable securities

 

461

 

 

341

 

Total cash, cash equivalents and marketable securities

 

3,862

 

 

1,470

 

Accounts and notes receivable, net

 

3,820

 

 

3,670

 

Inventories

 

3,425

 

 

3,486

 

Prepaid expenses and other current assets

 

790

 

 

761

 

Total current assets

 

11,897

 

 

9,387

 

Long-term assets

 

 

 

 

Property, plant and equipment, net

 

4,255

 

 

4,245

 

Investments and advances related to equity method investees

 

1,441

 

 

1,237

 

Goodwill

 

1,293

 

 

1,286

 

Other intangible assets, net

 

963

 

 

1,003

 

Pension assets

 

1,042

 

 

1,001

 

Other assets

 

1,733

 

 

1,578

 

Total assets

 

$

22,624

 

 

$

19,737

 

 

 

 

 

 

LIABILITIES

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable (principally trade)

 

$

2,820

 

 

$

2,534

 

Loans payable

 

169

 

 

100

 

Commercial paper

 

323

 

 

660

 

Accrued compensation, benefits and retirement costs

 

484

 

 

560

 

Current portion of accrued product warranty

 

674

 

 

803

 

Current portion of deferred revenue

 

691

 

 

533

 

Other accrued expenses

 

1,112

 

 

1,039

 

Current maturities of long-term debt

 

62

 

 

31

 

Total current liabilities

 

6,335

 

 

6,260

 

Long-term liabilities

 

 

 

 

Long-term debt

 

3,610

 

 

1,576

 

Pensions and OPEB

 

630

 

 

591

 

Accrued product warranty

 

672

 

 

645

 

Deferred revenue

 

840

 

 

821

 

Other liabilities

 

1,548

 

 

1,379

 

Total liabilities

 

$

13,635

 

 

$

11,272

 

 

 

 

 

 

EQUITY

 

 

 

 

Cummins Inc. shareholders’ equity

 

 

 

 

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

 

$

2,404

 

 

$

2,346

 

Retained earnings

 

15,419

 

 

14,416

 

Treasury stock, at cost, 74.8 and 71.7 shares

 

(7,779

)

 

(7,225

)

Common stock held by employee benefits trust, at cost, — and 0.2 shares

 

 

 

(2

)

Accumulated other comprehensive loss

 

(1,982

)

 

(2,028

)

Total Cummins Inc. shareholders’ equity

 

8,062

 

 

7,507

 

Noncontrolling interests

 

927

 

 

958

 

Total equity

 

$

8,989

 

 

$

8,465

 

Total liabilities and equity

 

$

22,624

 

 

$

19,737

 

 

 

 

 

 

(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 December 31,

In millions

 

2020

 

2019

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

$

1,142

 

 

$

838

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

Capital expenditures

 

(260

)

 

(305

)

Investments in internal use software

 

(14

)

 

(25

)

Investments in and advances to equity investees

 

(21

)

 

(4

)

Investments in marketable securities—acquisitions

 

(171

)

 

(128

)

Investments in marketable securities—liquidations

 

61

 

 

93

 

Cash flows from derivatives not designated as hedges

 

19

 

 

42

 

Other, net

 

4

 

 

6

 

Net cash used in investing activities

 

(382

)

 

(321

)

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

Proceeds from borrowings

 

15

 

 

1

 

Net borrowings (payments) of commercial paper

 

7

 

 

(242

)

Payments on borrowings and finance lease obligations

 

(32

)

 

(49

)

Net borrowings under short-term credit agreements

 

4

 

 

 

Dividend payments on common stock

 

(200

)

 

(199

)

Repurchases of common stock

 

(91

)

 

(465

)

Proceeds from issuing common stock

 

10

 

 

28

 

Other, net

 

3

 

 

29

 

Net cash used in financing activities

 

(284

)

 

(897

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

 

(42

)

 

(51

)

Net increase (decrease) in cash and cash equivalents

 

434

 

 

(431

)

Cash and cash equivalents at beginning of period

 

2,967

 

 

1,560

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

$

3,401

 

 

$

1,129

 

 

 

 

 

 

(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)

 

Years ended December 31,

In millions

 

2020

 

2019

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

$

2,722

 

 

$

3,181

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

Capital expenditures

 

(528

)

 

(700

)

Investments in internal use software

 

(47

)

 

(75

)

Investments in and advances to equity investees

 

(51

)

 

(20

)

Acquisitions of businesses, net of cash acquired

 

 

 

(237

)

Investments in marketable securities—acquisitions

 

(593

)

 

(495

)

Investments in marketable securities—liquidations

 

469

 

 

389

 

Cash flows from derivatives not designated as hedges

 

4

 

 

(44

)

Other, net

 

27

 

 

32

 

Net cash used in investing activities

 

(719

)

 

(1,150

)

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

Proceeds from borrowings

 

2,014

 

 

11

 

Net payments of commercial paper

 

(337

)

 

(120

)

Payments on borrowings and finance lease obligations

 

(73

)

 

(96

)

Net borrowings under short-term credit agreements

 

10

 

 

53

 

Distributions to noncontrolling interests

 

(26

)

 

(33

)

Dividend payments on common stock

 

(782

)

 

(761

)

Repurchases of common stock

 

(641

)

 

(1,271

)

Proceeds from issuing common stock

 

88

 

 

76

 

Other, net

 

27

 

 

46

 

Net cash provided by (used in) financing activities

 

280

 

 

(2,095

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

 

(11

)

 

(110

)

Net increase (decrease) in cash and cash equivalents

 

2,272

 

 

(174

)

Cash and cash equivalents at beginning of year

 

1,129

 

 

1,303

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

$

3,401

 

 

$

1,129

 

 

 

 

 

 

(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 December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

External sales

 

$

1,792

 

 

$

1,987

 

 

$

1,458

 

 

$

560

 

 

$

33

 

 

$

5,830

 

 

$

 

 

$

5,830

 

Intersegment sales

 

537

 

 

9

 

 

373

 

 

429

 

 

1

 

 

1,349

 

 

(1,349

)

 

 

Total sales

 

2,329

 

 

1,996

 

 

1,831

 

 

989

 

 

34

 

 

7,179

 

 

(1,349

)

 

5,830

 

Research, development and engineering expenses

 

73

 

 

11

 

 

77

 

 

64

 

 

30

 

 

255

 

 

 

 

255

 

Equity, royalty and interest income (loss) from investees

 

76

 

 

17

 

 

15

 

 

3

 

 

(1

)

 

110

 

 

 

 

110

 

Interest income

 

3

 

 

1

 

 

1

 

 

1

 

 

 

 

6

 

 

 

 

6

 

EBITDA (2)

 

338

 

 

165

 

 

280

 

 

74

 

 

(51

)

 

806

 

 

31

 

 

837

 

Depreciation and amortization (3)

 

53

 

 

31

 

 

50

 

 

34

 

 

5

 

 

173

 

 

 

 

173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA as a percentage of total sales

 

14.5

%

 

8.3

%

 

15.3

%

 

7.5

%

 

NM

 

 

11.2

%

 

 

 

14.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

External sales

 

$

1,691

 

 

$

2,031

 

 

$

1,198

 

 

$

640

 

 

$

18

 

 

$

5,578

 

 

$

 

 

$

5,578

 

Intersegment sales

 

593

 

 

7

 

 

359

 

 

414

 

 

 

 

1,373

 

 

(1,373

)

 

 

Total sales

 

2,284

 

 

2,038

 

 

1,557

 

 

1,054

 

 

18

 

 

6,951

 

 

(1,373

)

 

5,578

 

Research, development and engineering expenses

 

92

 

 

7

 

 

77

 

 

59

 

 

36

 

 

271

 

 

 

 

271

 

Equity, royalty and interest income (loss) from investees

 

48

 

 

17

 

 

10

 

 

(1

)

 

 

 

74

 

 

 

 

74

 

Interest income

 

2

 

 

3

 

 

2

 

 

1

 

 

 

 

8

 

 

 

 

8

 

EBITDA (excluding restructuring actions)

 

277

 

 

164

 

 

209

 

 

55

 

 

(50

)

 

655

 

 

27

 

 

682

 

Restructuring actions

 

18

 

 

37

 

 

20

 

 

12

 

 

1

 

 

88

 

 

31

 

 

119

 

EBITDA (2)

 

259

 

 

127

 

 

189

 

 

43

 

 

(51

)

 

567

 

 

(4

)

 

563

 

Depreciation and amortization (3)

 

51

 

 

29

 

 

62

 

 

30

 

 

6

 

 

178

 

 

 

 

178

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA (excluding restructuring actions) as a percentage of total sales

 

12.1

%

 

8.0

%

 

13.4

%

 

5.2

%

 

NM

 

 

9.4

%

 

 

 

12.2

%

EBITDA as a percentage of total sales

 

11.3

%

 

6.2

%

 

12.1

%

 

4.1

%

 

NM

 

 

8.2

%

 

 

 

10.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

"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 December 31, 2020. The three months ended December 31, 2019, includes a $31 million restructuring charge related to corporate functions.

(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." A portion of depreciation expense is included in "Research, development and engineering expenses."

 

CUMMINS INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(Unaudited)

In millions

 

Engine

 

Distribution

 

Components

 

Power Systems

 

New

Power

 

Total

Segments

 

Intersegment

Eliminations (1)

 

Total

Year ended December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

External sales

 

$

5,925

 

 

$

7,110

 

 

$

4,650

 

 

$

2,055

 

 

$

71

 

 

$

19,811

 

 

$

 

 

$

19,811

 

Intersegment sales

 

2,097

 

 

26

 

 

1,374

 

 

1,576

 

 

1

 

 

5,074

 

 

(5,074

)

 

 

Total sales

 

8,022

 

 

7,136

 

 

6,024

 

 

3,631

 

 

72

 

 

24,885

 

 

(5,074

)

 

19,811

 

Research, development and engineering expenses

 

290

 

 

31

 

 

264

 

 

212

 

 

109

 

 

906

 

 

 

 

906

 

Equity, royalty and interest income (loss) from investees

 

312

 

 

62

 

 

61

 

 

21

 

 

(4

)

 

452

 

 

 

 

452

 

Interest income

 

9

 

 

4

 

 

4

 

 

4

 

 

 

 

21

 

 

 

 

21

 

EBITDA (2)

 

1,235

 

 

665

 

 

961

 

 

343

 

 

(172

)

 

3,032

 

 

76

 

 

3,108

 

Depreciation and amortization (3)

 

208

 

 

122

 

 

192

 

 

130

 

 

18

 

 

670

 

 

 

 

670

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA as a percentage of total sales

 

15.4

%

 

9.3

%

 

16.0

%

 

9.4

%

 

NM

 

 

12.2

%

 

 

 

15.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

External sales

 

$

7,570

 

 

$

8,040

 

 

$

5,253

 

 

$

2,670

 

 

$

38

 

 

$

23,571

 

 

$

 

 

$

23,571

 

Intersegment sales

 

2,486

 

 

31

 

 

1,661

 

 

1,790

 

 

 

 

5,968

 

 

(5,968

)

 

 

Total sales

 

10,056

 

 

8,071

 

 

6,914

 

 

4,460

 

 

38

 

 

29,539

 

 

(5,968

)

 

23,571

 

Research, development and engineering expenses

 

337

 

 

28

 

 

300

 

 

230

 

 

106

 

 

1,001

 

 

 

 

1,001

 

Equity, royalty and interest income from investees

 

200

 

 

52

 

 

40

 

 

38

 

 

 

 

330

 

 

 

 

330

 

Interest income

 

15

 

 

15

 

 

8

 

 

8

 

 

 

 

46

 

 

 

 

46

 

EBITDA (excluding restructuring actions)

 

1,472

 

 

693

 

 

1,117

 

 

524

 

 

(148

)

 

3,658

 

 

73

 

 

3,731

 

Restructuring actions

 

18

 

 

37

 

 

20

 

 

12

 

 

1

 

 

88

 

 

31

 

 

119

 

EBITDA (2)

 

1,454

 

 

656

 

 

1,097

 

 

512

 

 

(149

)

 

3,570

 

 

42

 

 

3,612

 

Depreciation and amortization (3)

 

202

 

 

115

 

 

222

 

 

118

 

 

12

 

 

669

 

 

 

 

669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA (excluding restructuring actions) as a percentage of total sales

 

14.6

%

 

8.6

%

 

16.2

%

 

11.7

%

 

NM

 

 

12.4

%

 

 

 

15.8

%

EBITDA as a percentage of total sales

 

14.5

%

 

8.1

%

 

15.9

%

 

11.5

%

 

NM

 

 

12.1

%

 

 

 

15.3

%

 
"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 year ended December 31, 2020. The year ended December 31, 2019, includes a $31 million restructuring charge related to corporate functions.

(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 $3 million and $3 million for the years ended December 31, 2020 and December 31, 2019, respectively. A portion of depreciation expense is included in "Research, development and engineering expenses."

 

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 Net Income is shown in the table below:

 

 

Three months ended December 31,

 

Years ended December 31,

In millions

 

2020

 

2019

 

2020

 

2019

EBITDA excluding restructuring actions

 

$

837

 

$

682

 

$

3,108

 

$

3,731

Less: Restructuring actions

 

 

119

 

 

119

Total EBITDA

 

837

 

563

 

3,108

 

3,612

Less:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

173

 

178

 

670

 

669

Interest expense

 

29

 

22

 

100

 

109

Income before income taxes

 

$

635

 

$

363

 

$

2,338

 

$

2,834

 

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 of Net Income for the reporting periods was as follows:

 

 

Three months ended December 31,

 

Years ended December 31,

In millions

 

2020

 

2019

 

2020

 

2019

Manufacturing entities

 

 

 

 

 

 

 

 

Beijing Foton Cummins Engine Co., Ltd.

 

$

32

 

$

4

 

$

113

 

$

60

Dongfeng Cummins Engine Company, Ltd.

 

9

 

12

 

63

 

52

Chongqing Cummins Engine Company, Ltd.

 

8

 

9

 

35

 

41

All other manufacturers

 

34

(1)

12

 

134

(1)(2)

88

Distribution entities

 

 

 

 

 

 

 

 

Komatsu Cummins Chile, Ltda.

 

8

 

9

 

31

 

28

All other distributors

 

1

 

2

 

2

 

2

Cummins share of net income

 

92

 

48

 

378

 

271

Royalty and interest income

 

18

 

26

 

74

 

59

Equity, royalty and interest income from investees

 

$

110

 

$

74

 

$

452

 

$

330

 

(1)Includes loss on sale of business of $8 million for a joint venture in the Power Systems segment.

(2)Includes $37 million in favorable adjustments related to tax changes within India's 2020-2021 Union Budget of India (India Tax Law Changes) passed in March 2020 and impairment charges of $13 million for a joint venture in the Power Systems segment.

INCOME TAXES

Our effective tax rate for the three and twelve months ended December 31, 2020, was 19.7 percent and 22.5 percent, respectively.

The three months ended December 31, 2020, contained favorable discrete items of $1 million, or $0.01 per share, consisting of $9 million of favorable changes of provision to return adjustments relating to tax returns filed for 2019, almost offset by $8 million of unfavorable net other discrete items.

The twelve months ended December 31, 2020, contained $26 million, or $0.17 per share, of unfavorable net discrete tax items, primarily due to $33 million of unfavorable changes in tax reserves and $10 million of withholding tax adjustments, partially offset by $15 million of favorable changes due to the India Tax Law Change. The India Tax Law Change eliminated the dividend distribution tax and replaced it with a lower rate withholding tax as the burden shifted from the dividend payor to the dividend recipient for a net favorable income statement impact of $35 million.

The India Tax Law Change resulted in the following adjustments to the Condensed Consolidated Statements of Net Income in the year ended December 31, 2020:

In millions

 

Favorable

(Unfavorable)

Equity, royalty and interest income from investees

 

$

37

 

Income tax expense (1)

 

17

 

Less: Net income attributable to noncontrolling interests

 

(19

)

Net income statement impact

 

$

35

 

 

 

 

(1) The adjustment to "Income tax expense" includes $15 million of favorable discrete items.

 

 

 

AVAILABLE LIQUIDITY AND CREDIT RATINGS

Available Liquidity

Cash provided by operations is typically our principal source of liquidity with $2,722 million generated in the year ended December 31, 2020. Our sources of liquidity include:

 

 

December 31, 2020

In millions

 

Total

 

U.S.

 

International

 

Primary location of international balances

Cash and cash equivalents

 

$

3,401

 

 

$

1,914

 

 

$

1,487

 

 

China, Singapore, Mexico, Belgium, Australia, Canada

Marketable securities (1)

 

461

 

 

86

 

 

375

 

 

India

Total

 

$

3,862

 

 

$

2,000

 

 

$

1,862

 

 

 

Available credit capacity

 

 

 

 

 

 

 

 

Revolving credit facilities (2)

 

$

3,177

 

 

 

 

 

 

 

International and other uncommitted domestic credit facilities

 

$

256

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)The majority of marketable securities could be liquidated into cash within a few days.

(2)The five-year credit facility for $2.0 billion and the 364-day credit facility for $1.5 billion, maturing August 2023 and August 2021, respectively, are maintained primarily to provide backup liquidity for our commercial paper borrowings and general corporate purposes. At December 31, 2020, we had $323 million of commercial paper outstanding, which effectively reduced the available capacity under our revolving credit facilities to $3.2 billion.

Credit Ratings

Our rating and outlook from each of the credit rating agencies as of the date of filing are shown in the table below.

 

 

Long-Term

 

Short-Term

 

 

Credit Rating Agency (1)

 

Senior Debt Rating

 

Debt Rating

 

Outlook

Standard and Poor’s Rating Services

 

A+

 

A1

 

Stable

Moody’s Investors Service, Inc.

 

A2

 

P1

 

Stable

 

 

 

 

 

 

 

(1) Credit ratings are not recommendations to buy, are subject to change, and each rating should be evaluated independently of any other rating. In addition, we undertake no obligation to update disclosures concerning our credit ratings, whether as a result of new information, future events or otherwise.

 

CUMMINS INC. AND SUBSIDIARIES
FINANCIAL MEASURES THAT SUPPLEMENT GAAP
(Unaudited)

Reconciliation of Non GAAP measures - Earnings before interest, income taxes, depreciation and amortization and noncontrolling interests (EBITDA)

We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors.

EBITDA is not in accordance with, or an alternative for, accounting principles generally accepted in the United States (GAAP) and may not be consistent with measures used by other companies. It should be considered supplemental data; however, the amounts included in the EBITDA calculation are derived from amounts included in the Condensed Consolidated Statements of Net Income. Below is a reconciliation of “Net income attributable to Cummins Inc.” to EBITDA for each of the applicable periods:

 

 

Three months ended December 31,

 

Years ended December 31,

In millions

 

2020

 

2019

 

2020

 

2019

Net income attributable to Cummins Inc.

 

$

501

 

 

$

300

 

 

$

1,789

 

 

$

2,260

 

 

 

 

 

 

 

 

 

 

Net income attributable to Cummins Inc. as a percentage of net sales

 

8.6

%

 

5.4

%

 

9.0

%

 

9.6

%

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

Net income (loss) attributable to noncontrolling interests

 

9

 

 

(2

)

 

22

 

 

8

 

Consolidated net income

 

510

 

 

298

 

 

1,811

 

 

2,268

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

Interest expense

 

29

 

 

22

 

 

100

 

 

109

 

Income tax expense

 

125

 

 

65

 

 

527

 

 

566

 

Depreciation and amortization

 

173

 

 

178

 

 

670

 

 

669

 

EBITDA

 

$

837

 

 

$

563

 

 

$

3,108

 

 

$

3,612

 

 

 

 

 

 

 

 

 

 

EBITDA as a percentage of net sales

 

14.4

%

 

10.1

%

 

15.7

%

 

15.3

%

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

Restructuring actions

 

 

 

119

 

 

 

 

119

 

EBITDA, excluding impact of restructuring actions

 

$

837

 

 

$

682

 

 

$

3,108

 

 

$

3,731

 

 

 

 

 

 

 

 

 

 

EBITDA, excluding impact of restructuring actions, as a percentage of net sales

 

14.4

%

 

12.2

%

 

15.7

%

 

15.8

%

 

Net income and diluted earnings per share (EPS) attributable to Cummins Inc. excluding restructuring actions

We believe these are useful measures of our operating performance for the periods presented as they illustrate our operating performance without regard to restructuring actions. These measures are not in accordance with, or an alternative for GAAP and may not be consistent with measures used by other companies. This should be considered supplemental data. The following table reconciles net income and diluted EPS attributable to Cummins Inc. to net income and diluted EPS attributable to Cummins Inc. excluding restructuring actions for the following periods:

 

 

 

Three months ended December 31,

 

 

 

2019

In millions

 

Net Income

 

Diluted EPS

Net income and diluted EPS attributable to Cummins Inc.

 

$

300

 

 

$

1.97

 

Restructuring actions, net of tax (1)

 

90

 

 

0.59

 

Net income and diluted EPS attributable to Cummins Inc. excluding restructuring actions

 

$

390

 

 

$

2.56

 

 

 

 

 

       Year ended December 31,       

 

 

 

2019

In millions

 

Net Income

 

Diluted EPS

Net income and diluted EPS attributable to Cummins Inc.

 

$

2,260

 

 

$

14.48

 

Restructuring actions, net of tax (1)

 

90

 

 

0.57

 

Net income and diluted EPS attributable to Cummins Inc. excluding restructuring actions

 

$

2,350

 

 

$

15.05

 

 

 

 

 

 

 

(1) In the fourth quarter of 2019, we recorded restructuring actions totaling $119 million ($90 million after-tax).

 

 

 

 

 

 

CUMMINS INC. AND SUBSIDIARIES
BUSINESS UNIT SALES DATA
(Unaudited)

Engine Segment Sales by Market and Unit Shipments by Engine Classification

Sales for our Engine segment by market were as follows:

2020

 

 

 

 

 

 

 

 

 

 

In millions

 

Q1

 

Q2

 

Q3

 

Q4

 

YTD

Heavy-duty truck

 

$

750

 

 

$

415

 

 

$

694

 

 

$

789

 

 

$

2,648

 

Medium-duty truck and bus

 

618

 

 

391

 

 

492

 

 

565

 

 

2,066

 

Light-duty automotive

 

353

 

 

180

 

 

522

 

 

492

 

 

1,547

 

Off-highway

 

437

 

 

437

 

 

404

 

 

483

 

 

1,761

 

Total sales

 

$

2,158

 

 

$

1,423

 

 

$

2,112

 

 

$

2,329

 

 

$

8,022

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

 

 

 

In millions

 

Q1

 

Q2

 

Q3

 

Q4

 

YTD

Heavy-duty truck

 

$

979

 

 

$

970

 

 

$

851

 

 

$

755

 

 

$

3,555

 

Medium-duty truck and bus

 

721

 

 

739

 

 

645

 

 

602

 

 

2,707

 

Light-duty automotive

 

382

 

 

480

 

 

478

 

 

464

 

 

1,804

 

Off-highway

 

571

 

 

514

 

 

442

 

 

463

 

 

1,990

 

Total sales

 

$

2,653

 

 

$

2,703

 

 

$

2,416

 

 

$

2,284

 

 

$

10,056

 

 

Unit shipments by engine classification (including unit shipments to Power Systems and off-highway engine units included in their respective classification) were as follows:

2020

 

 

 

 

 

 

 

 

 

 

Units

 

Q1

 

Q2

 

Q3

 

Q4

 

YTD

Heavy-duty

 

25,800

 

 

15,900

 

 

23,300

 

 

27,500

 

 

92,500

 

Medium-duty

 

61,200

 

 

44,900

 

 

50,100

 

 

64,700

 

 

220,900

 

Light-duty

 

49,400

 

 

29,800

 

 

67,200

 

 

69,400

 

 

215,800

 

Total units

 

136,400

 

 

90,600

 

 

140,600

 

 

161,600

 

 

529,200

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

 

 

 

Units

 

Q1

 

Q2

 

Q3

 

Q4

 

YTD

Heavy-duty

 

33,900

 

 

35,000

 

 

28,000

 

 

25,700

 

 

122,600

 

Medium-duty

 

79,000

 

 

76,400

 

 

63,200

 

 

64,800

 

 

283,400

 

Light-duty

 

56,400

 

 

64,100

 

 

62,600

 

 

62,800

 

 

245,900

 

Total units

 

169,300

 

 

175,500

 

 

153,800

 

 

153,300

 

 

651,900

 

 

Distribution Segment Sales by Product Line

Sales for our Distribution segment by product line were as follows:

2020

 

 

 

 

 

 

 

 

 

 

In millions

 

Q1

 

Q2

 

Q3

 

Q4

 

YTD

Parts

 

$

787

 

 

$

654

 

 

$

722

 

 

$

768

 

 

$

2,931

 

Power generation

 

376

 

 

377

 

 

416

 

 

523

 

 

1,692

 

Service

 

328

 

 

297

 

 

304

 

 

334

 

 

1,263

 

Engines

 

323

 

 

277

 

 

279

 

 

371

 

 

1,250

 

Total sales

 

$

1,814

 

 

$

1,605

 

 

$

1,721

 

 

$

1,996

 

 

$

7,136

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

 

 

 

In millions

 

Q1

 

Q2

 

Q3

 

Q4

 

YTD

Parts

 

$

844

 

 

$

833

 

 

$

798

 

 

$

815

 

 

$

3,290

 

Power generation

 

403

 

 

427

 

 

467

 

 

487

 

 

1,784

 

Service

 

363

 

 

373

 

 

376

 

 

367

 

 

1,479

 

Engines

 

391

 

 

395

 

 

363

 

 

369

 

 

1,518

 

Total sales

 

$

2,001

 

 

$

2,028

 

 

$

2,004

 

 

$

2,038

 

 

$

8,071

 

 

Component Segment Sales by Product Line

Sales for our Components segment by product line were as follows:

2020

 

 

 

 

 

 

 

 

 

 

In millions

 

Q1

 

Q2

 

Q3

 

Q4

 

YTD

Emission solutions

 

$

664

 

 

$

472

 

 

$

665

 

 

$

831

 

 

$

2,632

 

Filtration

 

312

 

 

255

 

 

314

 

 

351

 

 

1,232

 

Turbo technologies

 

270

 

 

216

 

 

281

 

 

331

 

 

1,098

 

Electronics and fuel systems

 

174

 

 

164

 

 

187

 

 

229

 

 

754

 

Automated transmissions

 

82

 

 

43

 

 

94

 

 

89

 

 

308

 

Total sales

 

$

1,502

 

 

$

1,150

 

 

$

1,541

 

 

$

1,831

 

 

$

6,024

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

 

 

 

In millions

 

Q1

 

Q2

 

Q3

 

Q4

 

YTD

Emission solutions

 

$

854

 

 

$

828

 

 

$

745

 

 

$

695

 

 

$

3,122

 

Filtration

 

325

 

 

331

 

 

310

 

 

315

 

 

1,281

 

Turbo technologies

 

335

 

 

319

 

 

279

 

 

285

 

 

1,218

 

Electronics and fuel systems

 

198

 

 

212

 

 

170

 

 

179

 

 

759

 

Automated transmissions

 

149

 

 

156

 

 

146

 

 

83

 

 

534

 

Total sales

 

$

1,861

 

 

$

1,846

 

 

$

1,650

 

 

$

1,557

 

 

$

6,914

 

 

Power Systems Segment Sales by Product Line and Unit Shipments by Engine Classification

Sales for our Power Systems segment by product line were as follows:

2020

 

 

 

 

 

 

 

 

 

 

In millions

 

Q1

 

Q2

 

Q3

 

Q4

 

YTD

Power generation

 

$

519

 

 

$

424

 

 

$

601

 

 

$

623

 

 

$

2,167

 

Industrial

 

296

 

 

291

 

 

309

 

 

292

 

 

1,188

 

Generator technologies

 

69

 

 

62

 

 

71

 

 

74

 

 

276

 

Total sales

 

$

884

 

 

$

777

 

 

$

981

 

 

$

989

 

 

$

3,631

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

 

 

 

In millions

 

Q1

 

Q2

 

Q3

 

Q4

 

YTD

Power generation

 

$

567

 

 

$

668

 

 

$

647

 

 

$

636

 

 

$

2,518

 

Industrial

 

420

 

 

432

 

 

392

 

 

332

 

 

1,576

 

Generator technologies

 

90

 

 

103

 

 

87

 

 

86

 

 

366

 

Total sales

 

$

1,077

 

 

$

1,203

 

 

$

1,126

 

 

$

1,054

 

 

$

4,460

 

 

High-horsepower unit shipments by engine classification were as follows:

2020

 

 

 

 

 

 

 

 

 

 

Units

 

Q1

 

Q2

 

Q3

 

Q4

 

YTD

Power generation

 

1,800

 

 

1,000

 

 

2,300

 

 

2,600

 

 

7,700

 

Industrial

 

1,000

 

 

1,000

 

 

1,200

 

 

1,100

 

 

4,300

 

Total units

 

2,800

 

 

2,000

 

 

3,500

 

 

3,700

 

 

12,000

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

 

 

 

Units

 

Q1

 

Q2

 

Q3

 

Q4

 

YTD

Power generation

 

2,100

 

 

2,300

 

 

2,300

 

 

2,400

 

 

9,100

 

Industrial

 

1,600

 

 

1,600

 

 

1,400

 

 

1,400

 

 

6,000

 

Total units

 

3,700

 

 

3,900

 

 

3,700

 

 

3,800

 

 

15,100

 

 

Cummins Inc.
Jon Mills
Phone: 317-658-4540
Email: jon.mills@cummins.com

Source: Cummins Inc.



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