Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Cummins Reports Third Quarter 2022 Results


Cummins Inc. (NYSE: CMI) today reported results for the third quarter of 2022.

Third quarter revenues in total were $7.3 billion. Excluding the contribution of the Meritor, Inc. business, the acquisition of which was completed on August 3, 2022, third quarter revenues were $6.6 billion, representing an increase of 11 percent from the same quarter in 2021. Sales in North America increased 19 percent and international revenues decreased 1 percent compared to the same quarter in 2021, as strong demand across all global markets was offset by a market slowdown in China, as well as Russia, where operations have been suspended indefinitely.

"During the third quarter of 2022, Cummins advanced its growth strategy most notably with the completion of the acquisition of Meritor, and we have been excited to welcome our new colleagues into our company," said President and CEO Jennifer Rumsey. "Demand from customers remains strong, reflecting the quality and performance of our products and robust conditions in most markets except China. EBITDA for the third quarter improved year-over-year but declined compared to the second quarter of 2022, reflecting weaker joint venture earnings in China, a one-time bonus to employees to recognize their relentless commitment to meeting customer demand in challenging conditions, and costs associated with both the Meritor acquisition and the planned separation of our Filtration business. We expect results for Meritor and Cummins in total to improve in the fourth quarter."

Net income attributable to Cummins in the third quarter was $400 million, or $2.82 per diluted share. Excluding the Meritor business and related acquisition and integration costs, net income in the third quarter was $456 million, or $3.21 per diluted share, compared to $534 million, or $3.69 per diluted share, in 2021. The tax rate in the third quarter was 32.7 percent including $57 million, or $0.40 per diluted share, of unfavorable discrete items, primarily related to the planned separation of the Filtration business.

Earnings before interest, taxes, depreciation and amortization (EBITDA) in the third quarter was $884 million, or 12.1 percent of sales. Excluding the Meritor business and related acquisition and integration costs, EBITDA was $907 million, or 13.8 percent of sales, compared to $862 million, or 14.4 percent of sales, a year ago. Third quarter results include costs of $16 million, or $0.09 per diluted share, related to the separation of the Filtration business. In addition, to recognize the extraordinary efforts by employees during the challenges over the last several years, as well as promote retention in a period of tight labor markets, a one-time employee recognition bonus was announced and recorded during the third quarter, which had a cost impact of $56 million.

The third quarter results for the company included two months of operations following the acquisition of Meritor. Meritor results within the third quarter include $737 million in revenue, EBITDA of $2 million and GAAP1 net loss of $37 million. Results of Meritor include an inventory valuation adjustment as required by purchase accounting, which resulted in a negative impact of $32 million. Third quarter results also include $25 million, or $0.13 per diluted share, of acquisition related costs, which consist of consulting and banker fees, and employee separation and retention payments. EBITDA for Meritor operations, excluding the purchase accounting and acquisition and integration costs, was $54 million in the third quarter, or 7.3 percent of sales.

Updated 2022 Outlook:

Based on its current forecast, excluding the Meritor business, Cummins is providing the following update of its outlook for the full year 2022:

Cummins expects revenues of the Meritor business from the August 3 completion of the acquisition through the end of 2022 will be between $1.7 billion to $1.9 billion. During the same period, EBITDA from the Meritor business is expected to be approximately 4.5 percent of sales based upon the U.S. GAAP results.

Third Quarter 2022 Highlights:

1 Generally Accepted Accounting Principles in the U.S.

Third quarter 2022 detail (all comparisons to same period in 2021):

Engine Segment

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, axles, drivelines, brakes, suspension systems, electric power generation systems, batteries, electrified power systems, electric powertrains, hydrogen production 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; any adverse effects of the conflict between Russia and Ukraine and the global response (including government bans or restrictions on doing business in Russia); failure to successfully integrate the acquisition of Meritor, Inc.; failure to realize all of the anticipated benefits from our acquisition of Meritor, Inc.; 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, except for forward-looking measures of EBITDA where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of the non-cash items that are excluded from the non-GAAP outlook measure. 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

In millions, except per share amounts

 

September 30,
2022

 

October 3,
2021

NET SALES

 

$

7,333

 

$

5,968

Cost of sales

 

 

5,691

 

 

4,554

GROSS MARGIN

 

 

1,642

 

 

1,414

OPERATING EXPENSES AND INCOME

 

 

 

 

Selling, general and administrative expenses

 

 

708

 

 

571

Research, development and engineering expenses

 

 

348

 

 

266

Equity, royalty and interest income from investees

 

 

70

 

 

94

Other operating expense, net

 

 

30

 

 

5

OPERATING INCOME

 

 

626

 

 

666

Interest expense

 

 

61

 

 

28

Other income, net

 

 

43

 

 

37

INCOME BEFORE INCOME TAXES

 

 

608

 

 

675

Income tax expense

 

 

199

 

 

134

CONSOLIDATED NET INCOME

 

 

409

 

 

541

Less: Net income attributable to noncontrolling interests

 

 

9

 

 

7

NET INCOME ATTRIBUTABLE TO CUMMINS INC.

 

$

400

 

$

534

 

 

 

 

 

EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.

 

 

 

 

Basic

 

$

2.83

 

$

3.72

Diluted

 

$

2.82

 

$

3.69

 

 

 

 

 

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING

 

 

 

 

Basic

 

 

141.1

 

 

143.5

Diluted

 

 

142.0

 

 

144.7

 

 

 

 

 

(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America.

 

 

Nine months ended

In millions, except per share amounts

 

September 30,
2022

 

October 3,
2021

NET SALES

 

$

20,304

 

$

18,171

Cost of sales

 

 

15,404

 

 

13,793

GROSS MARGIN

 

 

4,900

 

 

4,378

OPERATING EXPENSES AND INCOME

 

 

 

 

Selling, general and administrative expenses

 

 

1,945

 

 

1,745

Research, development and engineering expenses

 

 

945

 

 

802

Equity, royalty and interest income from investees

 

 

261

 

 

397

Other operating expense, net

 

 

144

 

 

17

OPERATING INCOME

 

 

2,127

 

 

2,211

Interest expense

 

 

112

 

 

85

Other income, net

 

 

26

 

 

111

INCOME BEFORE INCOME TAXES

 

 

2,041

 

 

2,237

Income tax expense

 

 

502

 

 

473

CONSOLIDATED NET INCOME

 

 

1,539

 

 

1,764

Less: Net income attributable to noncontrolling interests

 

 

19

 

 

27

NET INCOME ATTRIBUTABLE TO CUMMINS INC.

 

$

1,520

 

$

1,737

 

 

 

 

 

EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.

 

 

 

 

Basic

 

$

10.74

 

$

11.96

Diluted

 

$

10.68

 

$

11.86

 

 

 

 

 

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING

 

 

 

 

Basic

 

 

141.5

 

 

145.2

Diluted

 

 

142.3

 

 

146.5

 

 

 

 

 

(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

 

September 30,
2022

 

December 31,
2021

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

2,499

 

 

$

2,592

 

Marketable securities

 

 

466

 

 

 

595

 

Total cash, cash equivalents and marketable securities

 

 

2,965

 

 

 

3,187

 

Accounts and notes receivable, net

 

 

4,799

 

 

 

3,990

 

Inventories

 

 

5,543

 

 

 

4,355

 

Prepaid expenses and other current assets

 

 

1,091

 

 

 

777

 

Total current assets

 

 

14,398

 

 

 

12,309

 

Long-term assets

 

 

 

 

Property, plant and equipment, net

 

 

5,201

 

 

 

4,422

 

Investments and advances related to equity method investees

 

 

1,826

 

 

 

1,538

 

Goodwill

 

 

2,229

 

 

 

1,287

 

Other intangible assets, net

 

 

2,602

 

 

 

900

 

Pension assets

 

 

1,536

 

 

 

1,488

 

Other assets

 

 

1,977

 

 

 

1,766

 

Total assets

 

$

29,769

 

 

$

23,710

 

 

 

 

 

 

LIABILITIES

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable (principally trade)

 

$

4,000

 

 

$

3,021

 

Loans payable

 

 

217

 

 

 

208

 

Commercial paper

 

 

2,393

 

 

 

313

 

Accrued compensation, benefits and retirement costs

 

 

575

 

 

 

683

 

Current portion of accrued product warranty

 

 

801

 

 

 

755

 

Current portion of deferred revenue

 

 

921

 

 

 

855

 

Other accrued expenses

 

 

1,568

 

 

 

1,190

 

Current maturities of long-term debt

 

 

55

 

 

 

59

 

Total current liabilities

 

 

10,530

 

 

 

7,084

 

Long-term liabilities

 

 

 

 

Long-term debt

 

 

5,450

 

 

 

3,579

 

Pensions and other postretirement benefits

 

 

678

 

 

 

604

 

Accrued product warranty

 

 

742

 

 

 

684

 

Deferred revenue

 

 

867

 

 

 

850

 

Other liabilities

 

 

1,892

 

 

 

1,508

 

Total liabilities

 

$

20,159

 

 

$

14,309

 

 

 

 

 

 

Redeemable noncontrolling interests

 

$

252

 

 

$

366

 

 

 

 

 

 

EQUITY

 

 

 

 

Cummins Inc. shareholders' equity

 

 

 

 

Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued

 

$

2,214

 

 

$

2,099

 

Retained earnings

 

 

17,628

 

 

 

16,741

 

Treasury stock, at cost, 81.5 and 80.0 shares

 

 

(9,449

)

 

 

(9,123

)

Accumulated other comprehensive loss

 

 

(2,013

)

 

 

(1,571

)

Total Cummins Inc. shareholders' equity

 

 

8,380

 

 

 

8,146

 

Noncontrolling interests

 

 

978

 

 

 

889

 

Total equity

 

$

9,358

 

 

$

9,035

 

Total liabilities, redeemable noncontrolling interests and equity

 

$

29,769

 

 

$

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

 

September 30,
2022

 

October 3,
2021

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

Consolidated net income

 

$

409

 

 

$

541

 

Adjustments to reconcile consolidated net income to net cash provided by operating activities

 

 

Depreciation and amortization

 

 

216

 

 

 

160

 

Deferred income taxes

 

 

(82

)

 

 

27

 

Equity in income of investees, net of dividends

 

 

32

 

 

 

(36

)

Pension and OPEB expense

 

 

6

 

 

 

21

 

Pension contributions and OPEB payments

 

 

(16

)

 

 

(18

)

Share-based compensation expense

 

 

10

 

 

 

7

 

Russian suspension costs, net of recoveries

 

 

1

 

 

 

?

 

Loss (gain) on corporate owned life insurance

 

 

29

 

 

 

(1

)

Foreign currency remeasurement and transaction exposure

 

 

(126

)

 

 

17

 

Changes in current assets and liabilities, net of acquisitions

 

 

 

 

Accounts and notes receivable

 

 

(81

)

 

 

(22

)

Inventories

 

 

(99

)

 

 

(291

)

Other current assets

 

 

47

 

 

 

(27

)

Accounts payable

 

 

(73

)

 

 

39

 

Accrued expenses

 

 

157

 

 

 

266

 

Changes in other liabilities

 

 

(30

)

 

 

(25

)

Other, net

 

 

(18

)

 

 

(89

)

Net cash provided by operating activities

 

 

382

 

 

 

569

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

Capital expenditures

 

 

(202

)

 

 

(150

)

Investments in internal use software

 

 

(20

)

 

 

(14

)

Investments in and net advances from (to) equity investees

 

 

3

 

 

 

(7

)

Acquisitions of businesses, net of cash acquired

 

 

(2,763

)

 

 

?

 

Investments in marketable securities?acquisitions

 

 

(305

)

 

 

(207

)

Investments in marketable securities?liquidations

 

 

358

 

 

 

221

 

Cash flows from derivatives not designated as hedges

 

 

3

 

 

 

7

 

Other, net

 

 

6

 

 

 

18

 

Net cash used in investing activities

 

 

(2,920

)

 

 

(132

)

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

Proceeds from borrowings

 

 

2,020

 

 

 

15

 

Net borrowings of commercial paper

 

 

1,688

 

 

 

?

 

Payments on borrowings and finance lease obligations

 

 

(999

)

 

 

(24

)

Net borrowings under short-term credit agreements

 

 

45

 

 

 

9

 

Distributions to noncontrolling interests

 

 

(24

)

 

 

(15

)

Dividend payments on common stock

 

 

(222

)

 

 

(207

)

Repurchases of common stock

 

 

(23

)

 

 

(138

)

Proceeds from issuing common stock

 

 

17

 

 

 

1

 

Other, net

 

 

?

 

 

 

2

 

Net cash provided by (used in) financing activities

 

 

2,502

 

 

 

(357

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

 

 

73

 

 

 

27

 

Net increase in cash and cash equivalents

 

 

37

 

 

 

107

 

Cash and cash equivalents at beginning of period

 

 

2,462

 

 

 

2,481

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

$

2,499

 

 

$

2,588

 

 

 

 

 

 

(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America.

 

 

Nine months ended

In millions

 

September 30,
2022

 

October 3,
2021

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

Consolidated net income

 

$

1,539

 

 

$

1,764

 

Adjustments to reconcile consolidated net income to net cash provided by operating activities

 

 

 

 

Depreciation and amortization

 

 

544

 

 

 

497

 

Deferred income taxes

 

 

(194

)

 

 

44

 

Equity in income of investees, net of dividends

 

 

(30

)

 

 

(150

)

Pension and OPEB expense

 

 

23

 

 

 

62

 

Pension contributions and OPEB payments

 

 

(71

)

 

 

(86

)

Share-based compensation expense

 

 

24

 

 

 

25

 

Russian suspension costs, net of recoveries

 

 

112

 

 

 

?

 

Asset impairments and other charges

 

 

36

 

 

 

?

 

Loss on corporate owned life insurance

 

 

114

 

 

 

11

 

Foreign currency remeasurement and transaction exposure

 

 

(136

)

 

 

27

 

Changes in current assets and liabilities, net of acquisitions

 

 

 

 

Accounts and notes receivable

 

 

(333

)

 

 

(353

)

Inventories

 

 

(597

)

 

 

(919

)

Other current assets

 

 

(18

)

 

 

(45

)

Accounts payable

 

 

353

 

 

 

416

 

Accrued expenses

 

 

(124

)

 

 

435

 

Changes in other liabilities

 

 

(41

)

 

 

(59

)

Other, net

 

 

(56

)

 

 

(145

)

Net cash provided by operating activities

 

 

1,145

 

 

 

1,524

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

Capital expenditures

 

 

(453

)

 

 

(362

)

Investments in internal use software

 

 

(44

)

 

 

(36

)

Proceeds from sale of land

 

 

?

 

 

 

20

 

Investments in and net advances from (to) equity investees

 

 

(50

)

 

 

3

 

Acquisitions of businesses, net of cash acquired

 

 

(3,008

)

 

 

?

 

Investments in marketable securities?acquisitions

 

 

(738

)

 

 

(569

)

Investments in marketable securities?liquidations

 

 

819

 

 

 

602

 

Cash flows from derivatives not designated as hedges

 

 

(29

)

 

 

19

 

Other, net

 

 

7

 

 

 

45

 

Net cash used in investing activities

 

 

(3,496

)

 

 

(278

)

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

Proceeds from borrowings

 

 

2,076

 

 

 

35

 

Net borrowings (payments) of commercial paper

 

 

2,080

 

 

 

(123

)

Payments on borrowings and finance lease obligations

 

 

(1,070

)

 

 

(57

)

Net borrowings (payments) under short-term credit agreements

 

 

21

 

 

 

(93

)

Distributions to noncontrolling interests

 

 

(38

)

 

 

(28

)

Dividend payments on common stock

 

 

(633

)

 

 

(601

)

Repurchases of common stock

 

 

(370

)

 

 

(1,228

)

Proceeds from issuing common stock

 

 

36

 

 

 

27

 

Other, net

 

 

9

 

 

 

(11

)

Net cash provided by (used in) financing activities

 

 

2,111

 

 

 

(2,079

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

 

 

147

 

 

 

20

 

Net decrease in cash and cash equivalents

 

 

(93

)

 

 

(813

)

Cash and cash equivalents at beginning of year

 

 

2,592

 

 

 

3,401

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

$

2,499

 

 

$

2,588

 

 

 

 

 

 

(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 September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

External sales

 

$

2,063

 

 

$

2,232

 

 

$

2,220

 

 

$

773

 

 

$

45

 

 

$

7,333

 

 

$

?

 

 

$

7,333

 

Intersegment sales

 

 

716

 

 

 

7

 

 

 

483

 

 

 

576

 

 

 

5

 

 

 

1,787

 

 

 

(1,787

)

 

 

?

 

Total sales

 

 

2,779

 

 

 

2,239

 

 

 

2,703

 

 

 

1,349

 

 

 

50

 

 

 

9,120

 

 

 

(1,787

)

 

 

7,333

 

Research, development and engineering expenses

 

 

140

 

 

 

13

 

 

 

87

 

 

 

62

 

 

 

46

 

 

 

348

 

 

 

?

 

 

 

348

 

Equity, royalty and interest income (loss) from investees

 

 

28

 

 

 

20

 

 

 

17

 

 

 

10

 

 

 

(5

)

 

 

70

 

 

 

?

 

 

 

70

 

Interest income

 

 

3

 

 

 

4

 

 

 

4

 

 

 

3

 

 

 

?

 

 

 

14

 

 

 

?

 

 

 

14

 

Russian suspension costs

 

 

?

 

 

 

?

 

 

 

1

 

 

 

?

 

 

 

?

 

 

 

1

 

 

 

?

 

 

 

1

 

EBITDA (2)

 

 

363

 

 

 

225

 

 

 

297

 

(3

)

 

193

 

 

 

(96

)

 

 

982

 

 

 

(98

)

 

 

884

 

Depreciation and amortization (4)

 

 

51

 

 

 

29

 

 

 

95

 

 

 

30

 

 

 

10

 

 

 

215

 

 

 

?

 

 

 

215

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA as a percentage of segment sales

 

 

13.1

%

 

 

10.0

%

 

 

11.0

%

 

 

14.3

%

 

 

NM

 

 

 

10.8

%

 

 

 

 

12.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended October 3, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

External sales

 

$

1,961

 

 

$

1,952

 

 

$

1,347

 

 

$

688

 

 

$

20

 

 

$

5,968

 

 

$

?

 

 

$

5,968

 

Intersegment sales

 

 

617

 

 

 

7

 

 

 

446

 

 

 

476

 

 

 

3

 

 

 

1,549

 

 

 

(1,549

)

 

 

?

 

Total sales

 

 

2,578

 

 

 

1,959

 

 

 

1,793

 

 

 

1,164

 

 

 

23

 

 

 

7,517

 

 

 

(1,549

)

 

 

5,968

 

Research, development and engineering expenses

 

 

97

 

 

 

10

 

 

 

78

 

 

 

55

 

 

 

26

 

 

 

266

 

 

 

?

 

 

 

266

 

Equity, royalty and interest income (loss) from investees

 

 

61

 

 

 

15

 

 

 

10

 

 

 

11

 

 

 

(3

)

 

 

94

 

 

 

?

 

 

 

94

 

Interest income

 

 

3

 

 

 

2

 

 

 

1

 

 

 

1

 

 

 

?

 

 

 

7

 

 

 

?

 

 

 

7

 

EBITDA (2)

 

 

391

 

 

 

192

 

 

 

253

 

 

 

134

 

 

 

(58

)

 

 

912

 

 

 

(50

)

 

 

862

 

Depreciation and amortization (4)

 

 

53

 

 

 

28

 

 

 

44

 

 

 

29

 

 

 

5

 

 

 

159

 

 

 

?

 

 

 

159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA as a percentage of segment sales

 

 

15.2

%

 

 

9.8

%

 

 

14.1

%

 

 

11.5

%

 

 

NM

 

 

 

12.1

%

 

 

 

 

14.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

"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 September 30, 2022 and October 3, 2021, except for $6 million of filtration separation costs in 2022.

(2) EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests.

(3) Includes $45 million of costs related to the acquisition and integration of Meritor and $10 million of costs associated with the planned separation of our filtration business.

(4) 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.

In millions

 

Engine

 

Distribution

 

Components

 

Power
Systems

 

New Power

 

Total
Segments

 

Intersegment
Eliminations (1)

 

Total

Nine months ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

External sales

 

$

6,204

 

 

$

6,590

 

 

$

5,214

 

 

$

2,190

 

 

$

106

 

 

$

20,304

 

 

$

?

 

 

$

20,304

 

Intersegment sales

 

 

2,103

 

 

 

19

 

 

 

1,427

 

 

 

1,522

 

 

 

17

 

 

 

5,088

 

 

 

(5,088

)

 

 

?

 

Total sales

 

 

8,307

 

 

 

6,609

 

 

 

6,641

 

 

 

3,712

 

 

 

123

 

 

 

25,392

 

 

 

(5,088

)

 

 

20,304

 

Research, development and engineering expenses

 

 

365

 

 

 

39

 

 

 

236

 

 

 

184

 

 

 

121

 

 

 

945

 

 

 

?

 

 

 

945

 

Equity, royalty and interest income (loss) from investees

 

 

131

 

(2

)

 

57

 

 

 

54

 

 

 

31

 

 

 

(12

)

 

 

261

 

 

 

?

 

 

 

261

 

Interest income

 

 

8

 

 

 

9

 

 

 

7

 

 

 

5

 

 

 

?

 

 

 

29

 

 

 

?

 

 

 

29

 

Russian suspension costs

 

 

33

 

(3

)

 

55

 

 

 

5

 

 

 

19

 

 

 

?

 

 

 

112

 

 

 

?

 

 

 

112

 

EBITDA (4)

 

 

1,177

 

 

 

632

 

 

 

969

 

(5

)

 

411

 

 

 

(243

)

 

 

2,946

 

 

 

(252

)

 

 

2,694

 

Depreciation and amortization (6)

 

 

151

 

 

 

86

 

 

 

187

 

 

 

92

 

 

 

25

 

 

 

541

 

 

 

?

 

 

 

541

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA as a percentage of total sales

 

 

14.2

%

 

 

9.6

%

 

 

14.6

%

 

 

11.1

%

 

 

NM

 

 

 

11.6

%

 

 

 

 

13.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended October 3, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

External sales

 

$

5,776

 

 

$

5,692

 

 

$

4,627

 

 

$

1,999

 

 

$

77

 

 

$

18,171

 

 

$

?

 

 

$

18,171

 

Intersegment sales

 

 

1,752

 

 

 

22

 

 

 

1,312

 

 

 

1,330

 

 

 

5

 

 

 

4,421

 

 

 

(4,421

)

 

 

?

 

Total sales

 

 

7,528

 

 

 

5,714

 

 

 

5,939

 

 

 

3,329

 

 

 

82

 

 

 

22,592

 

 

 

(4,421

)

 

 

18,171

 

Research, development and engineering expenses

 

 

288

 

 

 

35

 

 

 

232

 

 

 

172

 

 

 

75

 

 

 

802

 

 

 

?

 

 

 

802

 

Equity, royalty and interest income (loss) from investees

 

 

278

 

 

 

47

 

 

 

41

 

 

 

32

 

 

 

(1

)

 

 

397

 

 

 

?

 

 

 

397

 

Interest income

 

 

7

 

 

 

5

 

 

 

3

 

 

 

3

 

 

 

?

 

 

 

18

 

 

 

?

 

 

 

18

 

EBITDA (4)

 

 

1,147

 

 

 

553

 

 

 

975

 

 

 

399

 

 

 

(169

)

 

 

2,905

 

 

 

(89

)

 

 

2,816

 

Depreciation and amortization (6)

 

 

154

 

 

 

88

 

 

 

138

 

 

 

97

 

 

 

17

 

 

 

494

 

 

 

?

 

 

 

494

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA as a percentage of total sales

 

 

15.2

%

 

 

9.7

%

 

 

16.4

%

 

 

12.0

%

 

 

NM

 

 

 

12.9

%

 

 

 

 

15.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

"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 nine months ended September 30, 2022 and October 3, 2021, except for $47 million of filtration separation costs in 2022.

(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.

(3) Includes $31 million of Russian suspension costs reflected in the equity, royalty and interest income (loss) from investees line above.

(4) EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests.

(5) Includes $56 million of costs related to the acquisition and integration of Meritor and $15 million of costs associated with the planned separation of our filtration business.

(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 was $3 million and $3 million for the nine months ended September 30, 2022 and October 3, 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

 

Nine months ended

In millions

 

September 30,
2022

 

October 3,
2021

 

September 30,
2022

 

October 3,
2021

EBITDA

 

$

884

 

 

$

862

 

 

$

2,694

 

 

$

2,816

 

 

 

 

 

 

 

 

 

 

EBITDA as a percentage of net sales

 

 

12.1

%

 

 

14.4

%

 

 

13.3

%

 

 

15.5

%

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

Interest expense

 

 

61

 

 

 

28

 

 

 

112

 

 

 

85

 

Depreciation and amortization

 

 

215

 

 

 

159

 

 

 

541

 

 

 

494

 

INCOME BEFORE INCOME TAXES

 

 

608

 

 

 

675

 

 

 

2,041

 

 

 

2,237

 

Less: Income tax expense

 

 

199

 

 

 

134

 

 

 

502

 

 

 

473

 

CONSOLIDATED NET INCOME

 

 

409

 

 

 

541

 

 

 

1,539

 

 

 

1,764

 

Less: Net income attributable to noncontrolling interests

 

 

9

 

 

 

7

 

 

 

19

 

 

 

27

 

NET INCOME ATTRIBUTABLE TO CUMMINS INC.

 

$

400

 

 

$

534

 

 

$

1,520

 

 

$

1,737

 

 

 

 

 

 

 

 

 

 

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

 

 

5.5

%

 

 

8.9

%

 

 

7.5

%

 

 

9.6

%

 

 

 

 

 

 

 

 

 

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

 

Nine months ended

In millions

 

September 30,
2022

 

October 3,
2021

 

September 30,
2022

 

October 3,
2021

Manufacturing entities

 

 

 

 

 

 

 

 

Dongfeng Cummins Engine Company, Ltd.

 

$

8

 

$

11

 

$

35

 

$

63

Chongqing Cummins Engine Company, Ltd.

 

 

7

 

 

8

 

 

23

 

 

28

Beijing Foton Cummins Engine Co., Ltd.

 

 

6

 

 

23

 

 

34

 

 

108

Tata Cummins, Ltd.

 

 

5

 

 

6

 

 

19

 

 

13

All other manufacturers

 

 

11

 

 

21

 

 

14

(1

)

 

104

Distribution entities

 

 

 

 

 

 

 

 

Komatsu Cummins Chile, Ltda.

 

 

13

 

 

8

 

 

32

 

 

23

All other distributors

 

 

3

 

 

2

 

 

8

 

 

6

Cummins share of net income

 

 

53

 

 

79

 

 

165

 

 

345

Royalty and interest income

 

 

17

 

 

15

 

 

96

 

 

52

Equity, royalty and interest income from investees

 

$

70

 

$

94

 

$

261

 

$

397

 

 

 

 

 

 

 

 

 

(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.

ACQUISITION

On August 3, 2022, we completed the acquisition of Meritor whereby we paid $36.50 per share for each outstanding share of Meritor, a global leader of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for commercial vehicle and industrial markets. The total purchase price, including debt that was retired on the closing date of $248 million, was $2.9 billion. In addition, we assumed $1.0 billion of additional debt, of which $0.9 billion was retired prior to the end of the third quarter. The acquisition was funded with a combination of $2.0 billion in new debt, cash on hand and additional commercial paper borrowings.

INCOME TAXES

Our effective tax rate for 2022 is expected to approximate 22.0 percent (increased 0.5 percent from prior quarter), excluding any discrete items that may arise.

Our effective tax rate for the three months ended September 30, 2022, was 32.7 percent and contained unfavorable discrete tax items of $57 million, or $0.40 per share, primarily due to $51 million of unfavorable tax costs associated with internal restructuring ahead of the planned separation of our filtration business and $10 million of unfavorable return to provision adjustments, partially offset by $4 million of net favorable other discrete tax items.

Our effective tax rate for the nine months ended September 30, 2022, was 24.6 percent and contained unfavorable discrete tax items of $52 million, or $0.37 per share, primarily due to $69 million of unfavorable tax costs associated with internal restructuring ahead of the planned separation of our filtration business and $10 million of unfavorable return to provision adjustments, partially offset by $27 million of favorable changes in tax reserves.

Our effective tax rate for the three months ended October 3, 2021, was 19.9 percent and contained favorable discrete items of $11 million, or $0.08 per share, primarily due to a $16 million favorable release of tax reserves associated with the settlement of tax positions, partially offset by $5 million of unfavorable return to provision adjustments.

Our effective tax rate for the nine months ended October 3, 2021, was 21.1 percent and contained favorable discrete items of $8 million, or $0.05 per share, primarily due to a $18 million favorable release of tax reserves associated with the settlement of tax positions, partially offset by $10 million of unfavorable statutory changes in tax rates (mostly in the U.K.).

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. We believe EBITDA excluding special items is a useful measure of our operating performance without regard to the Meritor acquisition and related purchase price accounting adjustments, as well as acquisition and integration costs. This statement excludes forward looking measures of EBITDA where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of non-cash items that are excluded from the non-GAAP outlook measure.

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

In millions

 

September 30,
2022

 

October 3,
2021

Net income attributable to Cummins Inc.

 

$

400

 

 

$

534

 

 

 

 

 

 

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

 

 

5.5

%

 

 

8.9

%

 

 

 

 

 

Add:

 

 

 

 

Net income attributable to noncontrolling interests

 

 

9

 

 

 

7

 

Consolidated net income

 

 

409

 

 

 

541

 

 

 

 

 

 

Add:

 

 

 

 

Interest expense

 

 

61

 

 

 

28

 

Income tax expense

 

 

199

 

 

 

134

 

Depreciation and amortization

 

 

215

 

 

 

159

 

EBITDA

 

$

884

 

 

$

862

 

 

 

 

 

 

EBITDA as a percentage of net sales

 

 

12.1

%

 

 

14.4

%

 

 

 

 

 

Add:

 

 

 

 

Meritor business and related acquisition and integration costs

 

 

23

 

 

 

?

 

 

 

 

 

 

EBITDA, excluding impact of Meritor business and related acquisition and integration costs

 

$

907

 

 

$

862

 

 

 

 

 

 

EBITDA, excluding impact of Meritor business and related acquisition and integration costs, as a percentage of net sales excluding Meritor

 

 

13.8

%

 

 

14.4

%

CUMMINS INC. AND SUBSIDIARIES
SEGMENT 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

 

$

1,001

 

$

972

 

$

?

 

$

2,881

Medium-duty truck and bus

 

 

848

 

 

875

 

 

868

 

 

?

 

 

2,591

Light-duty automotive

 

 

498

 

 

456

 

 

466

 

 

?

 

 

1,420

Off-highway

 

 

499

 

 

443

 

 

473

 

 

?

 

 

1,415

Total sales

 

$

2,753

 

$

2,775

 

$

2,779

 

$

?

 

$

8,307

 

 

 

 

 

 

 

 

 

 

 

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

 

30,900

 

30,200

 

?

 

89,700

Medium-duty

 

72,600

 

68,800

 

69,800

 

?

 

211,200

Light-duty

 

66,500

 

60,400

 

58,300

 

?

 

185,200

Total units

 

167,700

 

160,100

 

158,300

 

?

 

486,100

 

 

 

 

 

 

 

 

 

 

 

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

 

$

990

 

$

945

 

$

?

 

$

2,859

Engines

 

 

441

 

 

429

 

 

449

 

 

?

 

 

1,319

Power generation

 

 

401

 

 

441

 

 

431

 

 

?

 

 

1,273

Service

 

 

351

 

 

393

 

 

414

 

 

?

 

 

1,158

Total sales

 

$

2,117

 

$

2,253

 

$

2,239

 

$

?

 

$

6,609

 

 

 

 

 

 

 

 

 

 

 

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

 

$

863

 

$

853

 

$

?

 

$

2,626

Filtration

 

 

382

 

 

391

 

 

399

 

 

?

 

 

1,172

Turbo technologies

 

 

346

 

 

355

 

 

367

 

 

?

 

 

1,068

Electronics and fuel systems

 

 

216

 

 

198

 

 

193

 

 

?

 

 

607

Automated transmissions

 

 

134

 

 

143

 

 

159

 

 

?

 

 

436

Axles and brakes

 

 

?

 

 

?

 

 

732

 

 

?

 

 

732

Total sales

 

$

1,988

 

$

1,950

 

$

2,703

 

$

?

 

$

6,641

 

 

 

 

 

 

 

 

 

 

 

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

 

$

657

 

$

739

 

$

?

 

$

2,060

Industrial

 

 

393

 

 

428

 

 

483

 

 

?

 

 

1,304

Generator technologies

 

 

103

 

 

118

 

 

127

 

 

?

 

 

348

Total sales

 

$

1,160

 

$

1,203

 

$

1,349

 

$

?

 

$

3,712

 

 

 

 

 

 

 

 

 

 

 

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

 

2,400

 

2,400

 

?

 

7,000

Industrial

 

1,100

 

1,200

 

1,200

 

?

 

3,500

Total units

 

3,300

 

3,600

 

3,600

 

?

 

10,500

 

 

 

 

 

 

 

 

 

 

 

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

 


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