First quarter revenues of $6.4 billion; GAAP1 Net Income of $418 million
EBITDA in the first quarter was 11.8 percent of sales; Diluted EPS of $2.92
First quarter results include costs of $158 million ($1.03 per diluted share) related to the indefinite suspension of operations in Russia, and $17 million ($0.09 per diluted share) related to the separation of the Filtration business
The company is raising its full year 2022 revenue guidance to be up 8 percent; an increase from up 6 percent in previous guidance
The company is maintaining its 2022 full year guidance for EBITDA of approximately 15.5 percent
COLUMBUS, Ind.--(BUSINESS WIRE)--Cummins Inc. (NYSE: CMI) today reported results for the first quarter of 2022.
First quarter revenues of $6.4 billion increased 5 percent from the same quarter in 2021. Sales in North America increased 12 percent while international revenues decreased 3 percent, driven primarily by a slowdown in China.
“Demand for our products remains strong across many of our key markets and regions, resulting in record revenues in the first quarter of 2022,” said Chairman and CEO Tom Linebarger. “We have implemented pricing actions to counter rising input costs, which contributed to solid profitability in the first quarter. Supply chain constraints continue to be a challenge and are limiting growth in our industry.”
Earnings before interest, taxes, depreciation and amortization (EBITDA) in the first quarter were $755 million (11.8 percent of sales), compared to $980 million (16.1 percent of sales) a year ago.
Net income attributable to Cummins in the first quarter was $418 million ($2.92 per diluted share) compared to $603 million ($4.07 per diluted share) in 2021. First quarter results include costs of $158 million ($1.03 per diluted share) related to the indefinite suspension of operations in Russia, and $17 million ($0.09 per diluted share) related to the separation of the Filtration business. The costs incurred relating to the indefinite suspension of our operations in Russia include inventory write-downs, reserves on accounts receivable, the impairment of a joint venture investment, and other costs. The tax rate in the first quarter was 26.8 percent including $31 million, or $0.22 per share, of unfavorable discrete items.
Based on the current forecast, Cummins is raising its full year 2022 revenue guidance to up 8 percent, an increase from up 6 percent due to stronger demand in North America and other markets. Full-year 2022 EBITDA is expected to be approximately 15.5 percent, in line with our previous guidance. The company plans to return approximately 50 percent of Operating Cash Flow to shareholders in the form of dividends and share repurchases.
Any expenses outside of the normal course of business associated with the separation of the Filtration business or indefinite suspension of our operations in Russia have been excluded from the outlook provided.
“We delivered solid financial performance in the first quarter in the face of many challenges in our global supply chain. The ongoing impact of COVID-19, especially in China, and the effect of the conflict in Ukraine continue to present challenges to our global operations. I am impressed with the resiliency of our employees to navigate through these difficulties and deliver for our customers. Cummins is in a strong position to keep investing in future growth, bringing new technologies to customers and returning cash to shareholders.” said President and COO Jennifer Rumsey.
First Quarter 2022 Highlights:
1 Generally Accepted Accounting Principles in the U.S.
First quarter 2022 detail (all comparisons to same period in 2021):
The Engine, Distribution, Components and Power Systems results were all impacted by costs associated with the indefinite suspension of our operations in Russia.
Distribution Segment
Components Segment
Power Systems Segment
New Power Segment
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 59,900 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 $2.1 billion on sales of $24.0 billion in 2021. 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: 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; changes in international, national and regional trade laws, regulations and policies; any adverse effects of the U.S. government's COVID-19 vaccine mandates; changes in taxation; global legal and ethical compliance costs and risks; increasingly stringent environmental laws and regulations; future bans or limitations on the use of diesel-powered products; raw material, transportation and labor price fluctuations and supply shortages; aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, bankruptcy or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; failure to complete, adverse results from or failure to realize the expected benefits of the separation of our filtration business; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions and divestitures and related uncertainties of entering such transactions; challenging markets for talent and ability to attract, develop and retain key personnel; climate change and global warming; exposure to potential security breaches or other disruptions to our information technology environment and data security; political, economic and other risks from operations in numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; 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 2021 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. EDT. 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 |
||||||
In millions, except per share amounts |
|
March 31,
|
|
April 4,
|
||||
NET SALES |
|
$ |
6,385 |
|
|
$ |
6,092 |
|
Cost of sales |
|
|
4,853 |
|
|
|
4,606 |
|
GROSS MARGIN |
|
|
1,532 |
|
|
|
1,486 |
|
OPERATING EXPENSES AND INCOME |
|
|
|
|
||||
Selling, general and administrative expenses |
|
|
615 |
|
|
|
574 |
|
Research, development and engineering expenses |
|
|
298 |
|
|
|
260 |
|
Equity, royalty and interest income from investees |
|
|
96 |
|
|
|
166 |
|
Other operating expense, net |
|
|
111 |
|
|
|
8 |
|
OPERATING INCOME |
|
|
604 |
|
|
|
810 |
|
Interest expense |
|
|
17 |
|
|
|
28 |
|
Other (expense) income, net |
|
|
(9 |
) |
|
|
1 |
|
INCOME BEFORE INCOME TAXES |
|
|
578 |
|
|
|
783 |
|
Income tax expense |
|
|
155 |
|
|
|
172 |
|
CONSOLIDATED NET INCOME |
|
|
423 |
|
|
|
611 |
|
Less: Net income attributable to noncontrolling interests |
|
|
5 |
|
|
|
8 |
|
NET INCOME ATTRIBUTABLE TO CUMMINS INC. |
|
$ |
418 |
|
|
$ |
603 |
|
|
|
|
|
|
||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. |
|
|
|
|
||||
Basic |
|
$ |
2.94 |
|
|
$ |
4.10 |
|
Diluted |
|
$ |
2.92 |
|
|
$ |
4.07 |
|
|
|
|
|
|
||||
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING |
|
|
|
|
||||
Basic |
|
|
142.2 |
|
|
|
147.0 |
|
Diluted |
|
|
143.1 |
|
|
|
148.3 |
|
|
|
|
|
|
||||
(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 |
|
March 31,
|
|
December 31,
|
||||
ASSETS |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
2,276 |
|
|
$ |
2,592 |
|
Marketable securities |
|
|
527 |
|
|
|
595 |
|
Total cash, cash equivalents and marketable securities |
|
|
2,803 |
|
|
|
3,187 |
|
Accounts and notes receivable, net |
|
|
4,368 |
|
|
|
3,990 |
|
Inventories |
|
|
4,586 |
|
|
|
4,355 |
|
Prepaid expenses and other current assets |
|
|
839 |
|
|
|
777 |
|
Total current assets |
|
|
12,596 |
|
|
|
12,309 |
|
Long-term assets |
|
|
|
|
||||
Property, plant and equipment, net |
|
|
4,381 |
|
|
|
4,422 |
|
Investments and advances related to equity method investees |
|
|
1,592 |
|
|
|
1,538 |
|
Goodwill |
|
|
1,286 |
|
|
|
1,287 |
|
Other intangible assets, net |
|
|
917 |
|
|
|
900 |
|
Pension assets |
|
|
1,506 |
|
|
|
1,488 |
|
Other assets |
|
|
1,844 |
|
|
|
1,766 |
|
Total assets |
|
$ |
24,122 |
|
|
$ |
23,710 |
|
|
|
|
|
|
||||
LIABILITIES |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Accounts payable (principally trade) |
|
$ |
3,497 |
|
|
$ |
3,021 |
|
Loans payable |
|
|
243 |
|
|
|
208 |
|
Commercial paper |
|
|
311 |
|
|
|
313 |
|
Accrued compensation, benefits and retirement costs |
|
|
411 |
|
|
|
683 |
|
Current portion of accrued product warranty |
|
|
798 |
|
|
|
755 |
|
Current portion of deferred revenue |
|
|
883 |
|
|
|
855 |
|
Other accrued expenses |
|
|
1,300 |
|
|
|
1,190 |
|
Current maturities of long-term debt |
|
|
69 |
|
|
|
59 |
|
Total current liabilities |
|
|
7,512 |
|
|
|
7,084 |
|
Long-term liabilities |
|
|
|
|
||||
Long-term debt |
|
|
3,502 |
|
|
|
3,579 |
|
Pensions and other postretirement benefits |
|
|
593 |
|
|
|
604 |
|
Accrued product warranty |
|
|
709 |
|
|
|
684 |
|
Deferred revenue |
|
|
877 |
|
|
|
850 |
|
Other liabilities |
|
|
1,566 |
|
|
|
1,508 |
|
Total liabilities |
|
$ |
14,759 |
|
|
$ |
14,309 |
|
|
|
|
|
|
||||
EQUITY |
|
|
|
|
||||
Cummins Inc. shareholders’ equity |
|
|
|
|
||||
Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued |
|
$ |
2,411 |
|
|
$ |
2,427 |
|
Retained earnings |
|
|
16,952 |
|
|
|
16,741 |
|
Treasury stock, at cost, 81.4 and 80.0 shares |
|
|
(9,412 |
) |
|
|
(9,123 |
) |
Accumulated other comprehensive loss |
|
|
(1,515 |
) |
|
|
(1,571 |
) |
Total Cummins Inc. shareholders’ equity |
|
|
8,436 |
|
|
|
8,474 |
|
Noncontrolling interests |
|
|
927 |
|
|
|
927 |
|
Total equity |
|
$ |
9,363 |
|
|
$ |
9,401 |
|
Total liabilities and equity |
|
$ |
24,122 |
|
|
$ |
23,710 |
|
|
|
|
|
|
||||
(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 |
||||||
In millions |
|
March 31,
|
|
April 4,
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
||||
Consolidated net income |
|
$ |
423 |
|
|
$ |
611 |
|
Adjustments to reconcile consolidated net income to net cash provided by operating activities |
|
|
|
|
||||
Depreciation and amortization |
|
|
161 |
|
|
|
170 |
|
Deferred income taxes |
|
|
(66 |
) |
|
|
8 |
|
Equity in income of investees, net of dividends |
|
|
(76 |
) |
|
|
(136 |
) |
Pension and OPEB expense |
|
|
9 |
|
|
|
20 |
|
Pension contributions and OPEB payments |
|
|
(43 |
) |
|
|
(51 |
) |
Share-based compensation expense |
|
|
5 |
|
|
|
8 |
|
Russian suspension costs |
|
|
158 |
|
|
|
— |
|
Asset impairments and other charges |
|
|
36 |
|
|
|
— |
|
Loss on corporate owned life insurance |
|
|
37 |
|
|
|
32 |
|
Foreign currency remeasurement and transaction exposure |
|
|
(7 |
) |
|
|
1 |
|
Changes in current assets and liabilities, net of acquisitions |
|
|
|
|
||||
Accounts and notes receivable |
|
|
(417 |
) |
|
|
(374 |
) |
Inventories |
|
|
(289 |
) |
|
|
(336 |
) |
Other current assets |
|
|
(57 |
) |
|
|
(24 |
) |
Accounts payable |
|
|
484 |
|
|
|
465 |
|
Accrued expenses |
|
|
(251 |
) |
|
|
(24 |
) |
Changes in other liabilities |
|
|
70 |
|
|
|
— |
|
Other, net |
|
|
(13 |
) |
|
|
(31 |
) |
Net cash provided by operating activities |
|
|
164 |
|
|
|
339 |
|
|
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
||||
Capital expenditures |
|
|
(104 |
) |
|
|
(87 |
) |
Investments in internal use software |
|
|
(11 |
) |
|
|
(11 |
) |
Investments in and advances to equity investees |
|
|
(32 |
) |
|
|
(24 |
) |
Acquisition of a business, net of cash acquired |
|
|
83 |
|
|
|
— |
|
Investments in marketable securities—acquisitions |
|
|
(197 |
) |
|
|
(143 |
) |
Investments in marketable securities—liquidations |
|
|
254 |
|
|
|
207 |
|
Cash flows from derivatives not designated as hedges |
|
|
(2 |
) |
|
|
14 |
|
Other, net |
|
|
(1 |
) |
|
|
19 |
|
Net cash used in investing activities |
|
|
(10 |
) |
|
|
(25 |
) |
|
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
||||
Net payments of commercial paper |
|
|
(2 |
) |
|
|
(6 |
) |
Payments on borrowings and finance lease obligations |
|
|
(24 |
) |
|
|
(16 |
) |
Net borrowings (payments) under short-term credit agreements |
|
|
29 |
|
|
|
(102 |
) |
Distributions to noncontrolling interests |
|
|
(14 |
) |
|
|
(13 |
) |
Dividend payments on common stock |
|
|
(207 |
) |
|
|
(197 |
) |
Repurchases of common stock |
|
|
(311 |
) |
|
|
(418 |
) |
Proceeds from issuing common stock |
|
|
9 |
|
|
|
18 |
|
Other, net |
|
|
23 |
|
|
|
(11 |
) |
Net cash used in financing activities |
|
|
(497 |
) |
|
|
(745 |
) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
|
|
27 |
|
|
|
(12 |
) |
Net decrease in cash and cash equivalents |
|
|
(316 |
) |
|
|
(443 |
) |
Cash and cash equivalents at beginning of year |
|
|
2,592 |
|
|
|
3,401 |
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
$ |
2,276 |
|
|
$ |
2,958 |
|
|
|
|
|
|
||||
(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
|
|
Intersegment
|
|
Total |
||||||||||||||||
Three months ended March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
External sales |
|
$ |
2,049 |
|
|
$ |
2,111 |
|
|
$ |
1,517 |
|
|
$ |
683 |
|
|
$ |
25 |
|
|
$ |
6,385 |
|
|
$ |
— |
|
|
$ |
6,385 |
|
Intersegment sales |
|
|
704 |
|
|
|
6 |
|
|
|
471 |
|
|
|
477 |
|
|
|
6 |
|
|
|
1,664 |
|
|
|
(1,664 |
) |
|
|
— |
|
Total sales |
|
|
2,753 |
|
|
|
2,117 |
|
|
|
1,988 |
|
|
|
1,160 |
|
|
|
31 |
|
|
|
8,049 |
|
|
|
(1,664 |
) |
|
|
6,385 |
|
Research, development and engineering expenses |
|
|
109 |
|
|
|
13 |
|
|
|
76 |
|
|
|
64 |
|
|
|
36 |
|
|
|
298 |
|
|
|
— |
|
|
|
298 |
|
Equity, royalty and interest income (loss) from investees |
|
|
44 |
|
(2) |
|
16 |
|
|
|
28 |
|
|
|
11 |
|
|
|
(3 |
) |
|
|
96 |
|
|
|
— |
|
|
|
96 |
|
Interest income |
|
|
4 |
|
|
|
2 |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
8 |
|
|
|
— |
|
|
|
8 |
|
Russian suspension costs (3) |
|
|
32 |
|
(4) |
|
100 |
|
|
|
6 |
|
|
|
20 |
|
|
|
— |
|
|
|
158 |
|
|
|
— |
|
|
|
158 |
|
EBITDA (5) |
|
|
392 |
|
|
|
110 |
|
|
|
320 |
|
|
|
90 |
|
|
|
(67 |
) |
|
|
845 |
|
|
|
(90 |
) |
|
|
755 |
|
Depreciation and amortization (6) |
|
|
51 |
|
|
|
28 |
|
|
|
43 |
|
|
|
31 |
|
|
|
7 |
|
|
|
160 |
|
|
|
— |
|
|
|
160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
EBITDA as a percentage of total sales |
|
|
14.2 |
% |
|
|
5.2 |
% |
|
|
16.1 |
% |
|
|
7.8 |
% |
|
|
NM |
|
|
|
10.5 |
% |
|
|
|
|
11.8 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Three months ended April 4, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
External sales |
|
$ |
1,895 |
|
|
$ |
1,827 |
|
|
$ |
1,724 |
|
|
$ |
612 |
|
|
$ |
34 |
|
|
$ |
6,092 |
|
|
$ |
— |
|
|
$ |
6,092 |
|
Intersegment sales |
|
|
564 |
|
|
|
8 |
|
|
|
428 |
|
|
|
410 |
|
|
|
1 |
|
|
|
1,411 |
|
|
|
(1,411 |
) |
|
|
— |
|
Total sales |
|
|
2,459 |
|
|
|
1,835 |
|
|
|
2,152 |
|
|
|
1,022 |
|
|
|
35 |
|
|
|
7,503 |
|
|
|
(1,411 |
) |
|
|
6,092 |
|
Research, development and engineering expenses |
|
|
92 |
|
|
|
13 |
|
|
|
75 |
|
|
|
57 |
|
|
|
23 |
|
|
|
260 |
|
|
|
— |
|
|
|
260 |
|
Equity, royalty and interest income from investees |
|
|
113 |
|
|
|
17 |
|
|
|
19 |
|
|
|
12 |
|
|
|
5 |
|
|
|
166 |
|
|
|
— |
|
|
|
166 |
|
Interest income |
|
|
3 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
6 |
|
|
|
— |
|
|
|
6 |
|
EBITDA (5) |
|
|
354 |
|
|
|
160 |
|
|
|
421 |
|
|
|
126 |
|
|
|
(51 |
) |
|
|
1,010 |
|
|
|
(30 |
) |
|
|
980 |
|
Depreciation and amortization (6) |
|
|
51 |
|
|
|
30 |
|
|
|
48 |
|
|
|
35 |
|
|
|
5 |
|
|
|
169 |
|
|
|
— |
|
|
|
169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
EBITDA as a percentage of total sales |
|
|
14.4 |
% |
|
|
8.7 |
% |
|
|
19.6 |
% |
|
|
12.3 |
% |
|
|
NM |
|
|
|
13.5 |
% |
|
|
|
|
16.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
"NM" - not meaningful information |
||||||||||||||||||||||||||||||||
(1) Includes intersegment sales, intersegment profit in inventory eliminations and unallocated corporate expenses. EBITDA for the three months ended March 31, 2022, includes $17 million of costs associated with the planned separation of our Filtration business. There were no significant unallocated corporate expenses for the three months ended April 4, 2021. |
||||||||||||||||||||||||||||||||
(2) Includes a $28 million impairment of our joint venture with KAMAZ and $3 million of royalty charges as part of our costs associated with the suspension of our Russian operations. See "RUSSIAN OPERATIONS" note below for additional information. |
||||||||||||||||||||||||||||||||
(3) See "RUSSIAN OPERATIONS" note below for additional information. |
||||||||||||||||||||||||||||||||
(4) Includes $31 million of Russian suspension costs reflected in the Equity, royalty and interest income (loss) from investees line above. |
||||||||||||||||||||||||||||||||
(5) EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. |
||||||||||||||||||||||||||||||||
(6) 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 were $1 million and $1 million for the three months ended March 31, 2022 and April 4, 2021, respectively. A portion of depreciation expense is included in Research, development and engineering expenses. |
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 |
||||||
In millions |
|
March 31,
|
|
April 4,
|
||||
EBITDA |
|
$ |
755 |
|
|
$ |
980 |
|
|
|
|
|
|
||||
EBITDA as a percentage of net sales |
|
|
11.8 |
% |
|
|
16.1 |
% |
|
|
|
|
|
||||
Less: |
|
|
|
|
||||
Interest expense |
|
|
17 |
|
|
|
28 |
|
Depreciation and amortization |
|
|
160 |
|
|
|
169 |
|
INCOME BEFORE INCOME TAXES |
|
|
578 |
|
|
|
783 |
|
Less: Income tax expense |
|
|
155 |
|
|
|
172 |
|
CONSOLIDATED NET INCOME |
|
|
423 |
|
|
|
611 |
|
Less: Net income attributable to noncontrolling interests |
|
|
5 |
|
|
|
8 |
|
NET INCOME ATTRIBUTABLE TO CUMMINS INC. |
|
$ |
418 |
|
|
$ |
603 |
|
|
|
|
|
|
||||
Net income attributable to Cummins Inc. as a percentage of net sales |
|
|
6.5 |
% |
|
|
9.9 |
% |
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. Above is a reconciliation of EBITDA excluding special items to “Net income attributable to Cummins Inc.” for each of the applicable periods.
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 |
||||||
In millions |
|
March 31,
|
|
April 4,
|
||||
Manufacturing entities |
|
|
|
|
||||
Dongfeng Cummins Engine Company, Ltd. |
|
$ |
16 |
|
|
$ |
31 |
|
Beijing Foton Cummins Engine Co., Ltd. |
|
|
14 |
|
|
|
39 |
|
Tata Cummins, Ltd. |
|
|
9 |
|
|
|
6 |
|
Chongqing Cummins Engine Company, Ltd. |
|
|
9 |
|
|
|
10 |
|
All other manufacturers |
|
|
(10 |
) |
(1) |
|
55 |
|
Distribution entities |
|
|
|
|
||||
Komatsu Cummins Chile, Ltda. |
|
|
7 |
|
|
|
6 |
|
All other distributors |
|
|
2 |
|
|
|
3 |
|
Cummins share of net income |
|
|
47 |
|
|
|
150 |
|
Royalty and interest income |
|
|
49 |
|
|
|
16 |
|
Equity, royalty and interest income from investees |
|
$ |
96 |
|
|
$ |
166 |
|
|
|
|
|
|
||||
(1) Includes a $28 million impairment of our joint venture with KAMAZ and $3 million of royalty charges as part of our costs associated with the suspension of our Russian operations. In addition, on February 7, 2022, we purchased Westport Fuel System Inc.'s stake in Cummins Westport Joint Venture. See "RUSSIAN OPERATIONS" and "ACQUISITIONS" notes below for additional information. |
RUSSIAN OPERATIONS
On March 17, 2022, the Board of Directors decided to indefinitely suspend our operations in Russia due to the ongoing conflict in Ukraine. At the time of suspension, our Russian operations included a wholly-owned distributor in Russia, an unconsolidated joint venture and direct sales into Russia from our other business units. As a result of the suspension of operations, we evaluated the recoverability of assets in Russia and assessed other liabilities that may have been incurred. We have experienced and expect to continue to experience, an inability to collect customer receivables and may be the subject of litigation in connection with our suspension of commercial operations in Russia. We will continue to evaluate the situation as conditions evolve and may take additional actions as deemed necessary in future periods. The following summarizes the costs associated with the suspension of our Russian operations in our first quarter results on our Condensed Consolidated Statements of Net Income:
In millions |
|
March 31,
|
|
Statement of Net Income Location |
||
Inventory write-downs |
|
$ |
59 |
|
Cost of sales |
|
Accounts receivable reserves |
|
|
43 |
|
|
Other operating expense, net |
Impairment and other joint venture costs |
|
|
31 |
|
|
Equity, royalty and interest income from investees |
Other |
|
|
25 |
|
|
Other operating expense, net |
Total |
|
$ |
158 |
|
|
|
On February 7, 2022, we purchased Westport Fuel System Inc.'s stake in the Cummins Westport Joint Venture. We will continue to operate the business as the sole owner. The purchase price was $42 million and was allocated primarily to cash, warranty and deferred revenue related to extended coverage contracts. The results of the business were reported in our Engine segment.
On February 9, 2022, we reached an agreement with Altra Industrial Motion Corp to acquire its Jacobs Vehicle Systems business and closed the transaction in April 2022. Sales of this business were $194 million in 2021. The purchase price was $346 million in cash, subject to typical adjustments related to closing working capital and other amounts and does not contain any contingent consideration. At this time, we have not completed the purchase price allocation, but expect to record approximately $270 million to $300 million of goodwill and intangibles. This acquisition will be reported in our Components segment.
On February 21, 2022, we entered into an Agreement and Plan of Merger (the Merger Agreement) with Meritor, Inc. (Meritor) and Rose NewCo Inc. (Merger Sub) pursuant to which we agreed to acquire Meritor, a global leader of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for commercial vehicle and industrial markets. At closing, Merger Sub will merge into Meritor with Meritor as the surviving entity and becoming our wholly owned subsidiary. This acquisition will be reported in our Components and New Power segments. Pursuant to the terms of the Merger Agreement, we will pay $36.50 in cash per share of Meritor common stock, for a total transaction value of approximately $3.7 billion, including assumed debt and net of acquired cash. We plan to fund this acquisition with a combination of cash, commercial paper and long-term debt.
The Board of Directors of Meritor recommended that Meritor shareholders vote in favor of the transaction at a Special Meeting of Shareholders to be held on May 26, 2022. The transaction is expected to close by the end of 2022 subject to customary closing conditions and receipt of applicable regulatory approvals. The Merger Agreement contains certain customary termination rights, subject to certain limitations, that could result in either us or Meritor having to pay a termination fee to the other party. Should the Merger Agreement be terminated under such specified circumstances, Meritor could be required to pay us approximately a $74 million termination fee, and we could be required to pay Meritor a $160 million termination fee.
Our effective tax rate for 2022 is expected to approximate 21.5 percent, excluding any discrete items that may arise.
Our effective tax rate for the three months ended March 31, 2022, was 26.8 percent and contained unfavorable discrete tax items of $31 million, or $0.22 per share, primarily due to $18 million of unfavorable changes associated with uncertainty in our Russian operations, $9 million of unfavorable changes in tax reserves and $4 million of net unfavorable other discrete tax items.
Our effective tax rate for the three months ended April 4, 2021, was 22.0 percent and contained favorable discrete items of $4 million.
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:
2022 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Heavy-duty truck |
|
$ |
908 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
908 |
Medium-duty truck and bus |
|
|
848 |
|
|
— |
|
|
— |
|
|
— |
|
|
848 |
Light-duty automotive |
|
|
498 |
|
|
— |
|
|
— |
|
|
— |
|
|
498 |
Off-highway |
|
|
499 |
|
|
— |
|
|
— |
|
|
— |
|
|
499 |
Total sales |
|
$ |
2,753 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
2,753 |
|
|
|
|
|
|
|
|
|
|
|
|||||
2021 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Heavy-duty truck |
|
$ |
827 |
|
$ |
839 |
|
$ |
861 |
|
$ |
801 |
|
$ |
3,328 |
Medium-duty truck and bus |
|
|
674 |
|
|
688 |
|
|
713 |
|
|
702 |
|
|
2,777 |
Light-duty automotive |
|
|
481 |
|
|
484 |
|
|
515 |
|
|
432 |
|
|
1,912 |
Off-highway |
|
|
477 |
|
|
480 |
|
|
489 |
|
|
491 |
|
|
1,937 |
Total sales |
|
$ |
2,459 |
|
$ |
2,491 |
|
$ |
2,578 |
|
$ |
2,426 |
|
$ |
9,954 |
Unit shipments by engine classification (including unit shipments to Power Systems and off-highway engine units included in their respective classification) were as follows:
2022 |
|
|
|
|
|
|
|
|
|
|
Units |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
Heavy-duty |
|
28,600 |
|
— |
|
— |
|
— |
|
28,600 |
Medium-duty |
|
72,600 |
|
— |
|
— |
|
— |
|
72,600 |
Light-duty |
|
66,500 |
|
— |
|
— |
|
— |
|
66,500 |
Total units |
|
167,700 |
|
— |
|
— |
|
— |
|
167,700 |
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
Units |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
Heavy-duty |
|
30,700 |
|
29,400 |
|
29,200 |
|
28,300 |
|
117,600 |
Medium-duty |
|
73,100 |
|
67,500 |
|
65,200 |
|
68,000 |
|
273,800 |
Light-duty |
|
68,500 |
|
68,100 |
|
73,900 |
|
62,800 |
|
273,300 |
Total units |
|
172,300 |
|
165,000 |
|
168,300 |
|
159,100 |
|
664,700 |
Distribution Segment Sales by Product Line
Sales for our Distribution segment by product line were as follows:
2022 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Parts |
|
$ |
924 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
924 |
Engines |
|
|
441 |
|
|
— |
|
|
— |
|
|
— |
|
|
441 |
Power generation |
|
|
401 |
|
|
— |
|
|
— |
|
|
— |
|
|
401 |
Service |
|
|
351 |
|
|
— |
|
|
— |
|
|
— |
|
|
351 |
Total sales |
|
$ |
2,117 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
2,117 |
|
|
|
|
|
|
|
|
|
|
|
|||||
2021 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Parts |
|
$ |
757 |
|
$ |
765 |
|
$ |
800 |
|
$ |
823 |
|
$ |
3,145 |
Engines |
|
|
334 |
|
|
351 |
|
|
377 |
|
|
437 |
|
|
1,499 |
Power generation |
|
|
418 |
|
|
454 |
|
|
438 |
|
|
452 |
|
|
1,762 |
Service |
|
|
326 |
|
|
350 |
|
|
344 |
|
|
346 |
|
|
1,366 |
Total sales |
|
$ |
1,835 |
|
$ |
1,920 |
|
$ |
1,959 |
|
$ |
2,058 |
|
$ |
7,772 |
Component Segment Sales by Business
Sales for our Components segment by business were as follows:
2022 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Emission solutions |
|
$ |
910 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
910 |
Filtration |
|
|
382 |
|
|
— |
|
|
— |
|
|
— |
|
|
382 |
Turbo technologies |
|
|
346 |
|
|
— |
|
|
— |
|
|
— |
|
|
346 |
Electronics and fuel systems |
|
|
216 |
|
|
— |
|
|
— |
|
|
— |
|
|
216 |
Automated transmissions |
|
|
134 |
|
|
— |
|
|
— |
|
|
— |
|
|
134 |
Total sales |
|
$ |
1,988 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,988 |
|
|
|
|
|
|
|
|
|
|
|
|||||
2021 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Emission solutions |
|
$ |
1,035 |
|
$ |
882 |
|
$ |
793 |
|
$ |
789 |
|
$ |
3,499 |
Filtration |
|
|
372 |
|
|
374 |
|
|
354 |
|
|
338 |
|
|
1,438 |
Turbo technologies |
|
|
367 |
|
|
351 |
|
|
325 |
|
|
308 |
|
|
1,351 |
Electronics and fuel systems |
|
|
263 |
|
|
241 |
|
|
210 |
|
|
185 |
|
|
899 |
Automated transmissions |
|
|
115 |
|
|
146 |
|
|
111 |
|
|
106 |
|
|
478 |
Total sales |
|
$ |
2,152 |
|
$ |
1,994 |
|
$ |
1,793 |
|
$ |
1,726 |
|
$ |
7,665 |
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:
2022 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Power generation |
|
$ |
664 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
664 |
Industrial |
|
|
393 |
|
|
— |
|
|
— |
|
|
— |
|
|
393 |
Generator technologies |
|
|
103 |
|
|
— |
|
|
— |
|
|
— |
|
|
103 |
Total sales |
|
$ |
1,160 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,160 |
|
|
|
|
|
|
|
|
|
|
|
|||||
2021 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Power generation |
|
$ |
611 |
|
$ |
655 |
|
$ |
664 |
|
$ |
585 |
|
$ |
2,515 |
Industrial |
|
|
324 |
|
|
399 |
|
|
412 |
|
|
399 |
|
|
1,534 |
Generator technologies |
|
|
87 |
|
|
89 |
|
|
88 |
|
|
102 |
|
|
366 |
Total sales |
|
$ |
1,022 |
|
$ |
1,143 |
|
$ |
1,164 |
|
$ |
1,086 |
|
$ |
4,415 |
High-horsepower unit shipments by engine classification were as follows:
2022 |
|
|
|
|
|
|
|
|
|
|
Units |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
Power generation |
|
2,200 |
|
— |
|
— |
|
— |
|
2,200 |
Industrial |
|
1,100 |
|
— |
|
— |
|
— |
|
1,100 |
Total units |
|
3,300 |
|
— |
|
— |
|
— |
|
3,300 |
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
Units |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
Power generation |
|
2,100 |
|
1,800 |
|
2,500 |
|
2,000 |
|
8,400 |
Industrial |
|
1,000 |
|
1,200 |
|
1,900 |
|
1,300 |
|
5,400 |
Total units |
|
3,100 |
|
3,000 |
|
4,400 |
|
3,300 |
|
13,800 |
Выручка за первый квартал составила 6,4 миллиарда долларов; Чистая прибыль по GAAP1 составила 418 миллионов долларов
Показатель EBITDA в первом квартале составил 11,8 процента от продаж; Разводненная прибыль на акцию составила 2,92 доллара
Результаты первого квартала включают затраты в размере 158 миллионов долларов (1,03 доллара на разводненную акцию), связанные с бессрочной приостановкой деятельности в России, и 17 миллионов долларов (0,09 доллара на разводненную акцию), связанные с разделением бизнеса фильтрации
Компания повышает прогноз по выручке на весь 2022 год до 8 процентов, что на 6 процентов больше, чем в предыдущем прогнозе
Компания сохраняет свой прогноз по EBITDA на весь 2022 год на уровне примерно 15,5 процента
КОЛУМБУС, Индиана--(BUSINESS WIRE)--Cummins Inc. (NYSE: CMI) сегодня сообщила о результатах за первый квартал 2022 года.
Выручка за первый квартал в размере 6,4 миллиарда долларов увеличилась на 5 процентов по сравнению с аналогичным кварталом 2021 года. Продажи в Северной Америке выросли на 12 процентов, в то время как международные доходы снизились на 3 процента, главным образом из-за замедления темпов роста в Китае.
“Спрос на нашу продукцию остается высоким на многих наших ключевых рынках и регионах, что привело к рекордным доходам в первом квартале 2022 года”, - сказал председатель правления и генеральный директор Tom Linebarger. “Мы внедрили ценовые меры для противодействия росту затрат на вводимые ресурсы, что способствовало высокой прибыльности в первом квартале. Ограничения в цепочке поставок по-прежнему являются проблемой и ограничивают рост нашей отрасли”.
Прибыль до вычета процентов, налогов, износа и амортизации (EBITDA) в первом квартале составила 755 миллионов долларов (11,8 процента от продаж) по сравнению с 980 миллионами долларов (16,1 процента от продаж) год назад.
Чистая прибыль, приходящаяся на Cummins, в первом квартале составила 418 миллионов долларов (2,92 доллара на разводненную акцию) по сравнению с 603 миллионами долларов (4,07 доллара на разводненную акцию) в 2021 году. Результаты первого квартала включают затраты в размере 158 миллионов долларов (1,03 доллара на разводненную акцию), связанные с бессрочной приостановкой деятельности в России, и 17 миллионов долларов (0,09 доллара на разводненную акцию), связанные с разделением бизнеса Фильтрации. Расходы, понесенные в связи с бессрочной приостановкой нашей деятельности в России, включают списание запасов, резервы по дебиторской задолженности, обесценение инвестиций в совместное предприятие и другие расходы. Налоговая ставка в первом квартале составила 26,8 процента, включая 31 миллион долларов, или 0,22 доллара на акцию, неблагоприятных отдельных статей.
Основываясь на текущем прогнозе, Cummins повышает прогноз по выручке на весь 2022 год до 8 процентов, увеличившись с 6 процентов из-за более сильного спроса в Северной Америке и на других рынках. Ожидается, что показатель EBITDA за весь 2022 год составит примерно 15,5 процента, что соответствует нашим предыдущим прогнозам. Компания планирует вернуть акционерам около 50 процентов Операционного денежного потока в виде дивидендов и выкупа акций.
Любые расходы, не связанные с обычным ведением бизнеса, связанные с разделением бизнеса по фильтрации или бессрочной приостановкой нашей деятельности в России, были исключены из представленного прогноза.
“Мы добились хороших финансовых показателей в первом квартале, несмотря на множество проблем в нашей глобальной цепочке поставок. Продолжающееся воздействие COVID-19, особенно в Китае, и последствия конфликта на Украине продолжают создавать проблемы для наших глобальных операций. Я впечатлен стойкостью наших сотрудников в преодолении этих трудностей и предоставлении услуг нашим клиентам. Cummins находится в сильном положении, чтобы продолжать инвестировать в будущий рост, предлагая новые технологии клиентам и возвращая денежные средства акционерам”. сказала президент и главный операционный директор Дженнифер Рамси.
Основные моменты первого квартала 2022 года:
1 Общепринятые принципы бухгалтерского учета в США
Подробная информация о первом квартале 2022 года (все сравнения с аналогичным периодом 2021 года):
На результаты работы Двигателя, Дистрибуции, Компонентов и Энергосистем повлияли затраты, связанные с бессрочной приостановкой нашей деятельности в России.
Сегмент дистрибуции
Сегмент компонентов
Сегмент энергетических систем
Новый Энергетический Сегмент
О компании Cummins Inc.
Cummins Inc., мировой лидер в области энергетики, представляет собой корпорацию взаимодополняющих бизнес-сегментов, которые разрабатывают, производят, распространяют и обслуживают широкий ассортимент энергетических решений. Ассортимент продукции компании включает дизельные, газовые, электрические и гибридные силовые агрегаты и компоненты, связанные с силовыми агрегатами, включая фильтрацию, доочистку, турбокомпрессоры, топливные системы, системы управления, системы кондиционирования воздуха, автоматические коробки передач, системы выработки электроэнергии, аккумуляторы, электрифицированные энергосистемы, производство водорода и продукты на топливных элементах. Со штаб-квартирой в Колумбусе, штат Индиана (США), с момента своего основания в 1919 году в Cummins работает около 59 900 человек, приверженных делу обеспечения более процветающего мира с помощью трех глобальных приоритетов корпоративной ответственности, имеющих решающее значение для здорового общества: образование, окружающая среда и равенство возможностей. Cummins обслуживает своих клиентов онлайн, через сеть принадлежащих компании и независимых дистрибьюторов, а также через тысячи дилерских центров по всему миру и заработала около 2,1 миллиарда долларов при продажах в размере 24,0 миллиарда долларов в 2021 году. Посмотрите, как Cummins питает мир, который всегда включен, получив доступ к выпускам новостей и дополнительной информации по адресу https://www .Cummins.com/always-on .
Прогнозное заявление о раскрытии информации
Информация, представленная в этом выпуске, которая не является чисто исторической, является прогнозными заявлениями по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года, включая заявления относительно наших прогнозов, рекомендаций, предварительных результатов, ожиданий, надежд, убеждений и намерений относительно стратегий в отношении будущего. Эти прогнозные заявления включают, помимо прочего, заявления, касающиеся наших планов и ожиданий в отношении наших доходов и EBITDA. Наши фактические будущие результаты могут существенно отличаться от прогнозируемых в таких прогнозных заявлениях из-за ряда факторов, включая, но не ограничиваясь ими: любые негативные результаты внутренней проверки нашей выбросов сертификации и соблюдения норм выбросов; повышенное внимание со стороны контролирующих органов, а также непредсказуемость в принятии, реализации и исполнения норм выбросов во всем мире; изменение в международных, национальных и региональных торговых законов, положений и политики; каких-либо побочных эффектов американского правительства по COVID-19 вакцины мандатов; изменения в налогообложении; глобальных правовых и этических соответствие затрат и рисков; все более жесткие экологические законы и правила; будущие запреты или ограничения на использование дизельных изделий; сырье, транспорт и трудовые колебания цен и дефицита предложения; согласование объемов продукции и производства со спросом наших; действия, и доход от совместных предприятий и других объектов инвестиций, которые мы делаем, не напрямую контроля; большой грузовик производителей и производителей оригинального оборудования, клиенты аутсорсинг прекращении их питания двигателя должен или бедственном финансовом положении, банкротство или смена контроля; возврат товара; изменчивость в материал и сырьевых затрат; разработка новых технологий, которые снижают спрос на наши текущие продукты и услуги; ниже, чем ожидалось принятие новых или существующих продуктов или услуг; продукт претензии; наши структуры продаж продукции; невыполнение негативные результаты и неспособность реализовать ожидаемые выгоды от разделения нашего бизнеса фильтрации; наш план, чтобы переместить наш портфель продуктов и услуг на основе исследования стратегических приобретений и продажи активов и с учетом вхождения таких сделок; сложные рынке талантов и возможность привлечения, развития и удержания ключевого персонала; изменение климата и глобальное потепление; воздействия возможных нарушений требований безопасности или других перебоев в нашем информационных технологий и защиты данных; политические, экономические и другие риски, связанные с операциями во многих странах, в том числе в политической, социально-экономической неопределенности и усиливающейся глобализацией своей деятельности, деятельности конкурента; повышение конкуренции, в том числе усиление глобальной конкуренции среди наших клиентов на развивающихся рынках; трудовых отношений или прекращение работы; изменения курсов иностранных валют; Результативность нашего средства пенсионного плана и волатильность учетных ставок; цены и наличия энергии; постоянное наличие финансирования, финансовых инструментов и финансовых ресурсов в объемах, в сроки и на условиях, необходимых для поддержки нашего будущего бизнеса; и другие риски, время от времени в нашем SEC опилки, включая, в частности, в факторов риска разделе нашего 2021 годовой отчет по форме 10-К и квартальные отчеты по форме 10-Q. Акционерам, потенциальным инвесторам и другим читателям настоятельно рекомендуется тщательно учитывать эти факторы при оценке прогнозных заявлений и предостерегаться от чрезмерного доверия к таким прогнозным заявлениям. Заявления прогнозного характера, сделанные в настоящем документе, сделаны только на дату настоящего пресс-релиза, и мы не берем на себя никаких обязательств публично обновлять какие-либо заявления прогнозного характера, будь то в результате новой информации, будущих событий или иным образом. Более подробную информацию о факторах, которые могут повлиять на нашу производительность, можно найти в наших заявках в SEC, которые доступны по адресу http://www.sec.gov или в http://www .Cummins.com в разделе по связям с инвесторами нашего веб-сайта.
Представление финансовой информации, не относящейся к ОПБУ
Показатель EBITDA не является показателем GAAP, используемым в данном выпуске, и определяется и сверяется с тем, что руководство считает наиболее сопоставимым показателем GAAP в таблице, прилагаемой к этому выпуску. Cummins представляет эту информацию, поскольку считает ее полезной для понимания операционной деятельности Компании, а также потому, что показатель EBITDA является показателем, используемым внутри Компании для оценки эффективности операционных подразделений.
Информация о веб-трансляции
Руководство Cummins проведет телеконференцию для обсуждения этих результатов сегодня в 10 утра по восточному времени. Эта телеконференция будет транслироваться в Интернете и доступна в разделе по связям с инвесторами веб-сайта Cummins по адресу www.Cummins.com . Участникам, желающим просмотреть видеоматериалы, доступные вместе со звуком, рекомендуется зарегистрироваться за несколько минут до начала телеконференции.
Cummins INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited) (a) |
||||||||
|
|
|
||||||
|
|
Three months ended |
||||||
In millions, except per share amounts |
|
March 31,
|
|
April 4,
|
||||
NET SALES |
|
$ |
6,385 |
|
|
$ |
6,092 |
|
Cost of sales |
|
|
4,853 |
|
|
|
4,606 |
|
GROSS MARGIN |
|
|
1,532 |
|
|
|
1,486 |
|
OPERATING EXPENSES AND INCOME |
|
|
|
|
||||
Selling, general and administrative expenses |
|
|
615 |
|
|
|
574 |
|
Research, development and engineering expenses |
|
|
298 |
|
|
|
260 |
|
Equity, royalty and interest income from investees |
|
|
96 |
|
|
|
166 |
|
Other operating expense, net |
|
|
111 |
|
|
|
8 |
|
OPERATING INCOME |
|
|
604 |
|
|
|
810 |
|
Interest expense |
|
|
17 |
|
|
|
28 |
|
Other (expense) income, net |
|
|
(9 |
) |
|
|
1 |
|
INCOME BEFORE INCOME TAXES |
|
|
578 |
|
|
|
783 |
|
Income tax expense |
|
|
155 |
|
|
|
172 |
|
CONSOLIDATED NET INCOME |
|
|
423 |
|
|
|
611 |
|
Less: Net income attributable to noncontrolling interests |
|
|
5 |
|
|
|
8 |
|
NET INCOME ATTRIBUTABLE TO Cummins INC. |
|
$ |
418 |
|
|
$ |
603 |
|
|
|
|
|
|
||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO Cummins INC. |
|
|
|
|
||||
Basic |
|
$ |
2.94 |
|
|
$ |
4.10 |
|
Diluted |
|
$ |
2.92 |
|
|
$ |
4.07 |
|
|
|
|
|
|
||||
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING |
|
|
|
|
||||
Basic |
|
|
142.2 |
|
|
|
147.0 |
|
Diluted |
|
|
143.1 |
|
|
|
148.3 |
|
|
|
|
|
|
||||
(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 |
|
March 31,
|
|
December 31,
|
||||
ASSETS |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
2,276 |
|
|
$ |
2,592 |
|
Marketable securities |
|
|
527 |
|
|
|
595 |
|
Total cash, cash equivalents and marketable securities |
|
|
2,803 |
|
|
|
3,187 |
|
Accounts and notes receivable, net |
|
|
4,368 |
|
|
|
3,990 |
|
Inventories |
|
|
4,586 |
|
|
|
4,355 |
|
Prepaid expenses and other current assets |
|
|
839 |
|
|
|
777 |
|
Total current assets |
|
|
12,596 |
|
|
|
12,309 |
|
Long-term assets |
|
|
|
|
||||
Property, plant and equipment, net |
|
|
4,381 |
|
|
|
4,422 |
|
Investments and advances related to equity method investees |
|
|
1,592 |
|
|
|
1,538 |
|
Goodwill |
|
|
1,286 |
|
|
|
1,287 |
|
Other intangible assets, net |
|
|
917 |
|
|
|
900 |
|
Pension assets |
|
|
1,506 |
|
|
|
1,488 |
|
Other assets |
|
|
1,844 |
|
|
|
1,766 |
|
Total assets |
|
$ |
24,122 |
|
|
$ |
23,710 |
|
|
|
|
|
|
||||
LIABILITIES |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Accounts payable (principally trade) |
|
$ |
3,497 |
|
|
$ |
3,021 |
|
Loans payable |
|
|
243 |
|
|
|
208 |
|
Commercial paper |
|
|
311 |
|
|
|
313 |
|
Accrued compensation, benefits and retirement costs |
|
|
411 |
|
|
|
683 |
|
Current portion of accrued product warranty |
|
|
798 |
|
|
|
755 |
|
Current portion of deferred revenue |
|
|
883 |
|
|
|
855 |
|
Other accrued expenses |
|
|
1,300 |
|
|
|
1,190 |
|
Current maturities of long-term debt |
|
|
69 |
|
|
|
59 |
|
Total current liabilities |
|
|
7,512 |
|
|
|
7,084 |
|
Long-term liabilities |
|
|
|
|
||||
Long-term debt |
|
|
3,502 |
|
|
|
3,579 |
|
Pensions and other postretirement benefits |
|
|
593 |
|
|
|
604 |
|
Accrued product warranty |
|
|
709 |
|
|
|
684 |
|
Deferred revenue |
|
|
877 |
|
|
|
850 |
|
Other liabilities |
|
|
1,566 |
|
|
|
1,508 |
|
Total liabilities |
|
$ |
14,759 |
|
|
$ |
14,309 |
|
|
|
|
|
|
||||
EQUITY |
|
|
|
|
||||
Cummins Inc. shareholders’ equity |
|
|
|
|
||||
Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued |
|
$ |
2,411 |
|
|
$ |
2,427 |
|
Retained earnings |
|
|
16,952 |
|
|
|
16,741 |
|
Treasury stock, at cost, 81.4 and 80.0 shares |
|
|
(9,412 |
) |
|
|
(9,123 |
) |
Accumulated other comprehensive loss |
|
|
(1,515 |
) |
|
|
(1,571 |
) |
Total Cummins Inc. shareholders’ equity |
|
|
8,436 |
|
|
|
8,474 |
|
Noncontrolling interests |
|
|
927 |
|
|
|
927 |
|
Total equity |
|
$ |
9,363 |
|
|
$ |
9,401 |
|
Total liabilities and equity |
|
$ |
24,122 |
|
|
$ |
23,710 |
|
|
|
|
|
|
||||
(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 |
||||||
In millions |
|
March 31,
|
|
April 4,
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
||||
Consolidated net income |
|
$ |
423 |
|
|
$ |
611 |
|
Adjustments to reconcile consolidated net income to net cash provided by operating activities |
|
|
|
|
||||
Depreciation and amortization |
|
|
161 |
|
|
|
170 |
|
Deferred income taxes |
|
|
(66 |
) |
|
|
8 |
|
Equity in income of investees, net of dividends |
|
|
(76 |
) |
|
|
(136 |
) |
Pension and OPEB expense |
|
|
9 |
|
|
|
20 |
|
Pension contributions and OPEB payments |
|
|
(43 |
) |
|
|
(51 |
) |
Share-based compensation expense |
|
|
5 |
|
|
|
8 |
|
Russian suspension costs |
|
|
158 |
|
|
|
— |
|
Asset impairments and other charges |
|
|
36 |
|
|
|
— |
|
Loss on corporate owned life insurance |
|
|
37 |
|
|
|
32 |
|
Foreign currency remeasurement and transaction exposure |
|
|
(7 |
) |
|
|
1 |
|
Changes in current assets and liabilities, net of acquisitions |
|
|
|
|
||||
Accounts and notes receivable |
|
|
(417 |
) |
|
|
(374 |
) |
Inventories |
|
|
(289 |
) |
|
|
(336 |
) |
Other current assets |
|
|
(57 |
) |
|
|
(24 |
) |
Accounts payable |
|
|
484 |
|
|
|
465 |
|
Accrued expenses |
|
|
(251 |
) |
|
|
(24 |
) |
Changes in other liabilities |
|
|
70 |
|
|
|
— |
|
Other, net |
|
|
(13 |
) |
|
|
(31 |
) |
Net cash provided by operating activities |
|
|
164 |
|
|
|
339 |
|
|
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
||||
Capital expenditures |
|
|
(104 |
) |
|
|
(87 |
) |
Investments in internal use software |
|
|
(11 |
) |
|
|
(11 |
) |
Investments in and advances to equity investees |
|
|
(32 |
) |
|
|
(24 |
) |
Acquisition of a business, net of cash acquired |
|
|
83 |
|
|
|
— |
|
Investments in marketable securities—acquisitions |
|
|
(197 |
) |
|
|
(143 |
) |
Investments in marketable securities—liquidations |
|
|
254 |
|
|
|
207 |
|
Cash flows from derivatives not designated as hedges |
|
|
(2 |
) |
|
|
14 |
|
Other, net |
|
|
(1 |
) |
|
|
19 |
|
Net cash used in investing activities |
|
|
(10 |
) |
|
|
(25 |
) |
|
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
||||
Net payments of commercial paper |
|
|
(2 |
) |
|
|
(6 |
) |
Payments on borrowings and finance lease obligations |
|
|
(24 |
) |
|
|
(16 |
) |
Net borrowings (payments) under short-term credit agreements |
|
|
29 |
|
|
|
(102 |
) |
Distributions to noncontrolling interests |
|
|
(14 |
) |
|
|
(13 |
) |
Dividend payments on common stock |
|
|
(207 |
) |
|
|
(197 |
) |
Repurchases of common stock |
|
|
(311 |
) |
|
|
(418 |
) |
Proceeds from issuing common stock |
|
|
9 |
|
|
|
18 |
|
Other, net |
|
|
23 |
|
|
|
(11 |
) |
Net cash used in financing activities |
|
|
(497 |
) |
|
|
(745 |
) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
|
|
27 |
|
|
|
(12 |
) |
Net decrease in cash and cash equivalents |
|
|
(316 |
) |
|
|
(443 |
) |
Cash and cash equivalents at beginning of year |
|
|
2,592 |
|
|
|
3,401 |
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
$ |
2,276 |
|
|
$ |
2,958 |
|
|
|
|
|
|
||||
(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
|
|
Intersegment
|
|
Total |
||||||||||||||||
Three months ended March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
External sales |
|
$ |
2,049 |
|
|
$ |
2,111 |
|
|
$ |
1,517 |
|
|
$ |
683 |
|
|
$ |
25 |
|
|
$ |
6,385 |
|
|
$ |
— |
|
|
$ |
6,385 |
|
Intersegment sales |
|
|
704 |
|
|
|
6 |
|
|
|
471 |
|
|
|
477 |
|
|
|
6 |
|
|
|
1,664 |
|
|
|
(1,664 |
) |
|
|
— |
|
Total sales |
|
|
2,753 |
|
|
|
2,117 |
|
|
|
1,988 |
|
|
|
1,160 |
|
|
|
31 |
|
|
|
8,049 |
|
|
|
(1,664 |
) |
|
|
6,385 |
|
Research, development and engineering expenses |
|
|
109 |
|
|
|
13 |
|
|
|
76 |
|
|
|
64 |
|
|
|
36 |
|
|
|
298 |
|
|
|
— |
|
|
|
298 |
|
Equity, royalty and interest income (loss) from investees |
|
|
44 |
|
(2) |
|
16 |
|
|
|
28 |
|
|
|
11 |
|
|
|
(3 |
) |
|
|
96 |
|
|
|
— |
|
|
|
96 |
|
Interest income |
|
|
4 |
|
|
|
2 |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
8 |
|
|
|
— |
|
|
|
8 |
|
Russian suspension costs (3) |
|
|
32 |
|
(4) |
|
100 |
|
|
|
6 |
|
|
|
20 |
|
|
|
— |
|
|
|
158 |
|
|
|
— |
|
|
|
158 |
|
EBITDA (5) |
|
|
392 |
|
|
|
110 |
|
|
|
320 |
|
|
|
90 |
|
|
|
(67 |
) |
|
|
845 |
|
|
|
(90 |
) |
|
|
755 |
|
Depreciation and amortization (6) |
|
|
51 |
|
|
|
28 |
|
|
|
43 |
|
|
|
31 |
|
|
|
7 |
|
|
|
160 |
|
|
|
— |
|
|
|
160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
EBITDA as a percentage of total sales |
|
|
14.2 |
% |
|
|
5.2 |
% |
|
|
16.1 |
% |
|
|
7.8 |
% |
|
|
NM |
|
|
|
10.5 |
% |
|
|
|
|
11.8 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Three months ended April 4, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
External sales |
|
$ |
1,895 |
|
|
$ |
1,827 |
|
|
$ |
1,724 |
|
|
$ |
612 |
|
|
$ |
34 |
|
|
$ |
6,092 |
|
|
$ |
— |
|
|
$ |
6,092 |
|
Intersegment sales |
|
|
564 |
|
|
|
8 |
|
|
|
428 |
|
|
|
410 |
|
|
|
1 |
|
|
|
1,411 |
|
|
|
(1,411 |
) |
|
|
— |
|
Total sales |
|
|
2,459 |
|
|
|
1,835 |
|
|
|
2,152 |
|
|
|
1,022 |
|
|
|
35 |
|
|
|
7,503 |
|
|
|
(1,411 |
) |
|
|
6,092 |
|
Research, development and engineering expenses |
|
|
92 |
|
|
|
13 |
|
|
|
75 |
|
|
|
57 |
|
|
|
23 |
|
|
|
260 |
|
|
|
— |
|
|
|
260 |
|
Equity, royalty and interest income from investees |
|
|
113 |
|
|
|
17 |
|
|
|
19 |
|
|
|
12 |
|
|
|
5 |
|
|
|
166 |
|
|
|
— |
|
|
|
166 |
|
Interest income |
|
|
3 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
6 |
|
|
|
— |
|
|
|
6 |
|
EBITDA (5) |
|
|
354 |
|
|
|
160 |
|
|
|
421 |
|
|
|
126 |
|
|
|
(51 |
) |
|
|
1,010 |
|
|
|
(30 |
) |
|
|
980 |
|
Depreciation and amortization (6) |
|
|
51 |
|
|
|
30 |
|
|
|
48 |
|
|
|
35 |
|
|
|
5 |
|
|
|
169 |
|
|
|
— |
|
|
|
169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
EBITDA as a percentage of total sales |
|
|
14.4 |
% |
|
|
8.7 |
% |
|
|
19.6 |
% |
|
|
12.3 |
% |
|
|
NM |
|
|
|
13.5 |
% |
|
|
|
|
16.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
"NM" - not meaningful information |
||||||||||||||||||||||||||||||||
(1) Includes intersegment sales, intersegment profit in inventory eliminations and unallocated corporate expenses. EBITDA for the three months ended March 31, 2022, includes $17 million of costs associated with the planned separation of our Filtration business. There were no significant unallocated corporate expenses for the three months ended April 4, 2021. |
||||||||||||||||||||||||||||||||
(2) Includes a $28 million impairment of our joint venture with KAMAZ and $3 million of royalty charges as part of our costs associated with the suspension of our Russian operations. See "RUSSIAN OPERATIONS" note below for additional information. |
||||||||||||||||||||||||||||||||
(3) See "RUSSIAN OPERATIONS" note below for additional information. |
||||||||||||||||||||||||||||||||
(4) Includes $31 million of Russian suspension costs reflected in the Equity, royalty and interest income (loss) from investees line above. |
||||||||||||||||||||||||||||||||
(5) EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. |
||||||||||||||||||||||||||||||||
(6) 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 were $1 million and $1 million for the three months ended March 31, 2022 and April 4, 2021, respectively. A portion of depreciation expense is included in Research, development and engineering expenses. |
Сверка нашей сегментной информации с соответствующими суммами в Сокращенных Консолидированных отчетах о чистой прибыли показана в таблице ниже:
|
|
Three months ended |
||||||
In millions |
|
March 31,
|
|
April 4,
|
||||
EBITDA |
|
$ |
755 |
|
|
$ |
980 |
|
|
|
|
|
|
||||
EBITDA as a percentage of net sales |
|
|
11.8 |
% |
|
|
16.1 |
% |
|
|
|
|
|
||||
Less: |
|
|
|
|
||||
Interest expense |
|
|
17 |
|
|
|
28 |
|
Depreciation and amortization |
|
|
160 |
|
|
|
169 |
|
INCOME BEFORE INCOME TAXES |
|
|
578 |
|
|
|
783 |
|
Less: Income tax expense |
|
|
155 |
|
|
|
172 |
|
CONSOLIDATED NET INCOME |
|
|
423 |
|
|
|
611 |
|
Less: Net income attributable to noncontrolling interests |
|
|
5 |
|
|
|
8 |
|
NET INCOME ATTRIBUTABLE TO Cummins INC. |
|
$ |
418 |
|
|
$ |
603 |
|
|
|
|
|
|
||||
Net income attributable to Cummins Inc. as a percentage of net sales |
|
|
6.5 |
% |
|
|
9.9 |
% |
Мы считаем, что показатель EBITDA является полезным показателем наших операционных показателей, поскольку он помогает инвесторам и держателям долгов сравнивать наши показатели на постоянной основе без учета методов финансирования, структуры капитала, налогов на прибыль или методов амортизации, которые могут существенно различаться в зависимости от многих факторов.
Показатель EBITDA не соответствует или не является альтернативой общепринятым в США принципам бухгалтерского учета (GAAP) и может не соответствовать показателям, используемым другими компаниями. Это следует рассматривать как дополнительные данные; однако суммы, включенные в расчет EBITDA, получены из сумм, включенных в Сокращенные Консолидированные отчеты о чистой прибыли. Выше приведена сверка показателя EBITDA без учета специальных статей с “Чистой прибылью, относящейся к Cummins Inc.” за каждый из применимых периодов.
Cummins INC. И ДОЧЕРНИЕ КОМПАНИИ ВЫБЕРИТЕ ДАННЫЕ СНОСКИ (Неаудировано)
собственный капитал, роялти и процентные доходы от объектов инвестиций
Доходы от акционерного капитала, роялти и процентов от объектов инвестиций, включенные в наши Сокращенные Консолидированные отчеты о чистой прибыли за отчетные периоды, были следующими:
|
|
Three months ended |
||||||
In millions |
|
March 31,
|
|
April 4,
|
||||
Manufacturing entities |
|
|
|
|
||||
Dongfeng Cummins Engine Company, Ltd. |
|
$ |
16 |
|
|
$ |
31 |
|
Beijing Foton Cummins Engine Co., Ltd. |
|
|
14 |
|
|
|
39 |
|
Tata Cummins, Ltd. |
|
|
9 |
|
|
|
6 |
|
Chongqing Cummins Engine Company, Ltd. |
|
|
9 |
|
|
|
10 |
|
All other manufacturers |
|
|
(10 |
) |
(1) |
|
55 |
|
Distribution entities |
|
|
|
|
||||
Komatsu Cummins Chile, Ltda. |
|
|
7 |
|
|
|
6 |
|
All other distributors |
|
|
2 |
|
|
|
3 |
|
Cummins share of net income |
|
|
47 |
|
|
|
150 |
|
Royalty and interest income |
|
|
49 |
|
|
|
16 |
|
Equity, royalty and interest income from investees |
|
$ |
96 |
|
|
$ |
166 |
|
|
|
|
|
|
||||
(1) Includes a $28 million impairment of our joint venture with KAMAZ and $3 million of royalty charges as part of our costs associated with the suspension of our Russian operations. In addition, on February 7, 2022, we purchased Westport Fuel System Inc.'s stake in Cummins Westport Joint Venture. See "RUSSIAN OPERATIONS" and "ACQUISITIONS" notes below for additional information. |
российские операции
17 марта 2022 года Совет директоров принял решение на неопределенный срок приостановить нашу деятельность в России из-за продолжающегося конфликта на Украине. На момент приостановки наша деятельность в России включала в себя стопроцентного дистрибьютора в России, неконсолидированное совместное предприятие и прямые продажи в Россию из других наших бизнес-подразделений. В результате приостановки деятельности мы оценили возможность возмещения активов в России и оценили другие обязательства, которые могли быть понесены. Мы столкнулись и ожидаем, что будем продолжать сталкиваться с невозможностью взыскания дебиторской задолженности клиентов и можем стать предметом судебного разбирательства в связи с приостановкой нашей коммерческой деятельности в России. Мы продолжим оценивать ситуацию по мере развития условий и можем предпринять дополнительные действия, которые сочтем необходимыми в будущие периоды. Ниже приводится краткая информация о расходах, связанных с приостановкой нашей деятельности в России, по результатам первого квартала в наших Сокращенных консолидированных отчетах о чистой прибыли:
In millions |
|
March 31,
|
|
Statement of Net Income Location |
||
Inventory write-downs |
|
$ |
59 |
|
Cost of sales |
|
Accounts receivable reserves |
|
|
43 |
|
|
Other operating expense, net |
Impairment and other joint venture costs |
|
|
31 |
|
|
Equity, royalty and interest income from investees |
Other |
|
|
25 |
|
|
Other operating expense, net |
Total |
|
$ |
158 |
|
|
|
7 февраля 2022 года мы приобрели долю Westport Fuel System Inc. в совместном предприятии Cummins Westport. Мы будем продолжать управлять бизнесом в качестве единственного владельца. Цена покупки составила 42 миллиона долларов и была распределена в основном на денежные средства, гарантии и доходы будущих периодов, связанные с контрактами на расширенное покрытие. Результаты бизнеса были представлены в нашем сегменте двигателей.
9 февраля 2022 года мы достигли соглашения с Altra Industrial Motion Corp о приобретении ее бизнеса Jacobs Vehicle Systems и закрыли сделку в апреле 2022 года. Объем продаж этого бизнеса в 2021 году составил 194 миллиона долларов. Цена покупки составила 346 миллионов долларов наличными с учетом типичных корректировок, связанных с закрытием оборотного капитала и другими суммами, и не содержит какого-либо условного возмещения. На данный момент мы не завершили распределение покупной цены, но ожидаем, что гудвилл и нематериальные активы составят примерно от 270 до 300 миллионов долларов. Об этом приобретении будет сообщено в нашем сегменте компонентов.
21 февраля 2022 года мы заключили Соглашение и План слияния (Соглашение о слиянии) с Meritor, Inc. (Meritor) и Rose NewCo Inc. (Соглашение о слиянии), в соответствии с которым мы договорились о приобретении Meritor, мирового лидера в области трансмиссий, мобильности, торможения, послепродажного обслуживания и электрических силовых агрегатов для коммерческих автомобилей и промышленных рынков. При закрытии подразделение по слиянию сольется с Meritor, а Meritor станет выжившим предприятием и станет нашей дочерней компанией, полностью принадлежащей нам. Об этом приобретении будет сообщено в наших сегментах "Компоненты" и "Новые мощности". В соответствии с условиями Соглашения о слиянии мы заплатим 36,50 долларов наличными за акцию обыкновенных акций Meritor на общую сумму сделки около 3,7 миллиарда долларов, включая предполагаемый долг и за вычетом приобретенных денежных средств. Мы планируем профинансировать это приобретение за счет сочетания наличных денег, коммерческих бумаг и долгосрочного долга.
Совет директоров Meritor рекомендовал акционерам Meritor проголосовать за сделку на Внеочередном собрании акционеров, которое состоится 26 мая 2022 года. Ожидается, что сделка завершится к концу 2022 года при условии соблюдения обычных условий закрытия и получения соответствующих разрешений регулирующих органов. Соглашение о слиянии содержит определенные обычные права на расторжение договора с учетом определенных ограничений, которые могут привести к тому, что нам или Meritor придется заплатить другой стороне плату за расторжение договора. Если Соглашение о слиянии будет расторгнуто при таких определенных обстоятельствах, от Meritor может потребоваться выплатить нам плату за расторжение договора в размере примерно 74 миллионов долларов, а от нас может потребоваться выплатить Meritor плату за расторжение договора в размере 160 миллионов долларов.
Ожидается, что наша эффективная налоговая ставка на 2022 год составит приблизительно 21,5 процента, исключая любые отдельные статьи, которые могут возникнуть.
Наша эффективная налоговая ставка за три месяца, закончившихся 31 марта 2022 года, составила 26,8 процента и содержала неблагоприятные отдельные налоговые статьи в размере 31 миллиона долларов, или 0,22 доллара на акцию, в основном из-за неблагоприятных изменений в размере 18 миллионов долларов, связанных с неопределенностью в нашей деятельности в России, 9 миллионов долларов неблагоприятных изменений в налоговых резервах и 4 миллиона долларов чистых неблагоприятных других отдельных налоговых статей.
Наша эффективная налоговая ставка за три месяца, закончившихся 4 апреля 2021 года, составила 22,0 процента и включала выгодные отдельные статьи в размере 4 миллионов долларов.
Cummins INC. И ДОЧЕРНИЕ КОМПАНИИ ДАННЫЕ О ПРОДАЖАХ БИЗНЕС-ЕДИНИЦЫ (Неаудировано)
Продажи в сегменте двигателей в разбивке по рынку и Единичные поставки в разбивке по классификации двигателей
Продажи в нашем сегменте двигателей в разбивке по рынку были следующими:
2022 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Heavy-duty truck |
|
$ |
908 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
908 |
Medium-duty truck and bus |
|
|
848 |
|
|
— |
|
|
— |
|
|
— |
|
|
848 |
Light-duty automotive |
|
|
498 |
|
|
— |
|
|
— |
|
|
— |
|
|
498 |
Off-highway |
|
|
499 |
|
|
— |
|
|
— |
|
|
— |
|
|
499 |
Total sales |
|
$ |
2,753 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
2,753 |
|
|
|
|
|
|
|
|
|
|
|
|||||
2021 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Heavy-duty truck |
|
$ |
827 |
|
$ |
839 |
|
$ |
861 |
|
$ |
801 |
|
$ |
3,328 |
Medium-duty truck and bus |
|
|
674 |
|
|
688 |
|
|
713 |
|
|
702 |
|
|
2,777 |
Light-duty automotive |
|
|
481 |
|
|
484 |
|
|
515 |
|
|
432 |
|
|
1,912 |
Off-highway |
|
|
477 |
|
|
480 |
|
|
489 |
|
|
491 |
|
|
1,937 |
Total sales |
|
$ |
2,459 |
|
$ |
2,491 |
|
$ |
2,578 |
|
$ |
2,426 |
|
$ |
9,954 |
Поставки единиц по классификации двигателей (включая поставки единиц для энергосистем и внедорожных двигателей, включенных в их соответствующую классификацию) были следующими:
2022 |
|
|
|
|
|
|
|
|
|
|
Units |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
Heavy-duty |
|
28,600 |
|
— |
|
— |
|
— |
|
28,600 |
Medium-duty |
|
72,600 |
|
— |
|
— |
|
— |
|
72,600 |
Light-duty |
|
66,500 |
|
— |
|
— |
|
— |
|
66,500 |
Total units |
|
167,700 |
|
— |
|
— |
|
— |
|
167,700 |
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
Units |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
Heavy-duty |
|
30,700 |
|
29,400 |
|
29,200 |
|
28,300 |
|
117,600 |
Medium-duty |
|
73,100 |
|
67,500 |
|
65,200 |
|
68,000 |
|
273,800 |
Light-duty |
|
68,500 |
|
68,100 |
|
73,900 |
|
62,800 |
|
273,300 |
Total units |
|
172,300 |
|
165,000 |
|
168,300 |
|
159,100 |
|
664,700 |
Продажи в сегменте дистрибуции по продуктовым линейкам
Продажи в нашем сегменте дистрибуции по продуктовым линейкам были следующими:
2022 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Parts |
|
$ |
924 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
924 |
Engines |
|
|
441 |
|
|
— |
|
|
— |
|
|
— |
|
|
441 |
Power generation |
|
|
401 |
|
|
— |
|
|
— |
|
|
— |
|
|
401 |
Service |
|
|
351 |
|
|
— |
|
|
— |
|
|
— |
|
|
351 |
Total sales |
|
$ |
2,117 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
2,117 |
|
|
|
|
|
|
|
|
|
|
|
|||||
2021 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Parts |
|
$ |
757 |
|
$ |
765 |
|
$ |
800 |
|
$ |
823 |
|
$ |
3,145 |
Engines |
|
|
334 |
|
|
351 |
|
|
377 |
|
|
437 |
|
|
1,499 |
Power generation |
|
|
418 |
|
|
454 |
|
|
438 |
|
|
452 |
|
|
1,762 |
Service |
|
|
326 |
|
|
350 |
|
|
344 |
|
|
346 |
|
|
1,366 |
Total sales |
|
$ |
1,835 |
|
$ |
1,920 |
|
$ |
1,959 |
|
$ |
2,058 |
|
$ |
7,772 |
Продажи компонентного сегмента в разбивке по бизнесу
Продажи в нашем сегменте компонентов в разбивке по бизнесу были следующими:
2022 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Emission solutions |
|
$ |
910 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
910 |
Filtration |
|
|
382 |
|
|
— |
|
|
— |
|
|
— |
|
|
382 |
Turbo technologies |
|
|
346 |
|
|
— |
|
|
— |
|
|
— |
|
|
346 |
Electronics and fuel systems |
|
|
216 |
|
|
— |
|
|
— |
|
|
— |
|
|
216 |
Automated transmissions |
|
|
134 |
|
|
— |
|
|
— |
|
|
— |
|
|
134 |
Total sales |
|
$ |
1,988 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,988 |
|
|
|
|
|
|
|
|
|
|
|
|||||
2021 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Emission solutions |
|
$ |
1,035 |
|
$ |
882 |
|
$ |
793 |
|
$ |
789 |
|
$ |
3,499 |
Filtration |
|
|
372 |
|
|
374 |
|
|
354 |
|
|
338 |
|
|
1,438 |
Turbo technologies |
|
|
367 |
|
|
351 |
|
|
325 |
|
|
308 |
|
|
1,351 |
Electronics and fuel systems |
|
|
263 |
|
|
241 |
|
|
210 |
|
|
185 |
|
|
899 |
Automated transmissions |
|
|
115 |
|
|
146 |
|
|
111 |
|
|
106 |
|
|
478 |
Total sales |
|
$ |
2,152 |
|
$ |
1,994 |
|
$ |
1,793 |
|
$ |
1,726 |
|
$ |
7,665 |
Продажи в сегменте энергетических систем по линейкам продуктов и Единичные поставки по классификации двигателей
Продажи в нашем сегменте энергосистем в разбивке по продуктовым линейкам были следующими:
2022 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Power generation |
|
$ |
664 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
664 |
Industrial |
|
|
393 |
|
|
— |
|
|
— |
|
|
— |
|
|
393 |
Generator technologies |
|
|
103 |
|
|
— |
|
|
— |
|
|
— |
|
|
103 |
Total sales |
|
$ |
1,160 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,160 |
|
|
|
|
|
|
|
|
|
|
|
|||||
2021 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Power generation |
|
$ |
611 |
|
$ |
655 |
|
$ |
664 |
|
$ |
585 |
|
$ |
2,515 |
Industrial |
|
|
324 |
|
|
399 |
|
|
412 |
|
|
399 |
|
|
1,534 |
Generator technologies |
|
|
87 |
|
|
89 |
|
|
88 |
|
|
102 |
|
|
366 |
Total sales |
|
$ |
1,022 |
|
$ |
1,143 |
|
$ |
1,164 |
|
$ |
1,086 |
|
$ |
4,415 |
Поставки мощных агрегатов в разбивке по классификации двигателей были следующими:
2022 |
|
|
|
|
|
|
|
|
|
|
Units |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
Power generation |
|
2,200 |
|
— |
|
— |
|
— |
|
2,200 |
Industrial |
|
1,100 |
|
— |
|
— |
|
— |
|
1,100 |
Total units |
|
3,300 |
|
— |
|
— |
|
— |
|
3,300 |
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
Units |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
Power generation |
|
2,100 |
|
1,800 |
|
2,500 |
|
2,000 |
|
8,400 |
Industrial |
|
1,000 |
|
1,200 |
|
1,900 |
|
1,300 |
|
5,400 |
Total units |
|
3,100 |
|
3,000 |
|
4,400 |
|
3,300 |
|
13,800 |