| QUARTERLY FINANCIAL INFORMATION |
SELECTED QUARTERLY FINANCIAL DATA UNAUDITED
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First
Quarter
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Second
Quarter
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Third
Quarter
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Fourth
Quarter
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In millions, except per share amounts |
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2018 |
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Net sales |
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$ |
5,570 |
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$ |
6,132 |
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$ |
5,943 |
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$ |
6,126 |
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Gross margin |
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1,200 |
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(1 |
) |
1,440 |
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(1 |
) |
1,551 |
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1,546 |
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Net income attributable to Cummins Inc. (2)
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325 |
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(1 |
) |
545 |
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(1 |
) |
692 |
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579 |
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Earnings per common share attributable to Cummins Inc.—basic (2) (3)
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$ |
1.97 |
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(1 |
) |
$ |
3.33 |
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(1 |
) |
$ |
4.29 |
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$ |
3.65 |
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Earnings per common share attributable to Cummins Inc.—diluted (2) (3)
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1.96 |
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(1 |
) |
3.32 |
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(1 |
) |
4.28 |
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3.63 |
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Cash dividends per share |
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1.08 |
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1.08 |
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1.14 |
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1.14 |
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Stock price per share |
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High |
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$ |
194.18 |
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$ |
172.08 |
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$ |
151.87 |
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$ |
156.49 |
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Low |
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154.58 |
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131.58 |
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129.90 |
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124.40 |
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2017 |
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Net sales |
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$ |
4,589 |
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$ |
5,078 |
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$ |
5,285 |
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$ |
5,476 |
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Gross margin |
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1,132 |
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1,251 |
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1,341 |
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1,376 |
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Net income (loss) attributable to Cummins Inc. |
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396 |
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424 |
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453 |
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(274 |
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(2) |
Earnings (loss) per common share attributable to Cummins Inc.—basic (3)
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$ |
2.36 |
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$ |
2.53 |
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$ |
2.72 |
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$ |
(1.66 |
) |
(2) |
Earnings (loss) per common share attributable to Cummins Inc.—diluted (3)
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2.36 |
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2.53 |
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2.71 |
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(1.65 |
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(2) |
Cash dividends per share |
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1.025 |
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1.025 |
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1.08 |
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1.08 |
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Stock price per share |
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High |
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$ |
155.51 |
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$ |
164.23 |
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$ |
170.68 |
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$ |
181.79 |
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Low |
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134.06 |
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143.83 |
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150.25 |
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158.75 |
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___________________________________________________
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(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.
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(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.
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(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.
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