| 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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2019 |
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Net sales |
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$ |
6,004 |
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$ |
6,221 |
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$ |
5,768 |
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$ |
5,578 |
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Gross margin |
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1,532 |
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1,641 |
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1,494 |
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1,313 |
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Net income attributable to Cummins Inc. |
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663 |
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675 |
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622 |
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300 |
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(1) |
Earnings per common share attributable to Cummins Inc.—basic (2)
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$ |
4.22 |
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$ |
4.29 |
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$ |
3.99 |
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$ |
1.98 |
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(1) |
Earnings per common share attributable to Cummins Inc.—diluted (2)
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4.20 |
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4.27 |
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3.97 |
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1.97 |
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(1) |
Cash dividends per share |
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1.14 |
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1.14 |
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1.311 |
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1.311 |
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Stock price per share |
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High |
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$ |
162.34 |
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$ |
171.84 |
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$ |
175.91 |
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$ |
186.73 |
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Low |
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130.03 |
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150.48 |
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141.14 |
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151.15 |
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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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(3) |
1,440 |
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(3) |
1,551 |
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1,546 |
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Net income attributable to Cummins Inc. |
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325 |
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(3) |
545 |
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(3) |
692 |
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579 |
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Earnings per common share attributable to Cummins Inc.—basic (2) (4)
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$ |
1.97 |
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(3) |
$ |
3.33 |
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(3) |
$ |
4.29 |
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$ |
3.65 |
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Earnings per common share attributable to Cummins Inc.—diluted (2) (4)
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1.96 |
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(3) |
3.32 |
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(3) |
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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___________________________________________________
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(1) |
Net income attributable to Cummins Inc. and earnings per share were negatively impacted by $119 million ($90 million after-tax) of restructuring actions in the fourth quarter of 2019 ($0.59 per basic share and $0.59 per diluted share).
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(2) |
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. |
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(3) |
Gross margin, net income attributable to Cummins Inc. and earnings per share in 2018 were negatively impacted by an Engine Campaign charge of $187 million ($144 million after-tax) in the first quarter ($0.87 per basic share and $0.87 per diluted share). The second quarter of 2018 was negatively impacted by an additional charge of $181 million ($139 million after-tax) ($0.85 per basic share and $0.85 per diluted share).
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(4) |
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 quarters, respectively, while they increased in the third and fourth quarters by $0.20 per share and $0.06 per share, respectively.
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At December 31, 2019, there were approximately 3,123 holders of record of Cummins Inc.'s $2.50 par value common stock.
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