Indiana (State or other Jurisdiction of Incorporation) | 1-4949 (Commission File Number) | 35-0257090 (I.R.S. Employer Identification No.) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | The following exhibit is furnished pursuant to Item 2.02 herewith: |
CUMMINS INC. |
/s/ Marsha L. Hunt |
Marsha L. Hunt Vice President - Corporate Controller (Principal Accounting Officer) |
Three months ended | ||||||||
In millions, except per share amounts | October 2, 2016 | September 27, 2015 | ||||||
NET SALES | $ | 4,187 | $ | 4,620 | ||||
Cost of sales | 3,108 | 3,412 | ||||||
GROSS MARGIN | 1,079 | 1,208 | ||||||
OPERATING EXPENSES AND INCOME | ||||||||
Selling, general and administrative expenses | 513 | 530 | ||||||
Research, development and engineering expenses | 157 | 197 | ||||||
Equity, royalty and interest income from investees | 74 | 78 | ||||||
Loss contingency | 99 | — | ||||||
Other operating expense, net | — | (2 | ) | |||||
OPERATING INCOME | 384 | 557 | ||||||
Interest income | 6 | 9 | ||||||
Interest expense | 16 | 16 | ||||||
Other income, net | 8 | 11 | ||||||
INCOME BEFORE INCOME TAXES | 382 | 561 | ||||||
Income tax expense | 82 | 169 | ||||||
CONSOLIDATED NET INCOME | 300 | 392 | ||||||
Less: Net income attributable to noncontrolling interests | 11 | 12 | ||||||
NET INCOME ATTRIBUTABLE TO CUMMINS INC. | $ | 289 | $ | 380 | ||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. | ||||||||
Basic | $ | 1.72 | $ | 2.15 | ||||
Diluted | $ | 1.72 | $ | 2.14 | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||
Basic | 167.8 | 177.0 | ||||||
Diluted | 168.2 | 177.4 | ||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 1.025 | $ | 0.975 | ||||
(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 | October 2, 2016 | September 27, 2015 | ||||||
NET SALES | $ | 13,006 | $ | 14,344 | ||||
Cost of sales | 9,674 | 10,609 | ||||||
GROSS MARGIN | 3,332 | 3,735 | ||||||
OPERATING EXPENSES AND INCOME | ||||||||
Selling, general and administrative expenses | 1,527 | 1,584 | ||||||
Research, development and engineering expenses | 478 | 558 | ||||||
Equity, royalty and interest income from investees | 234 | 240 | ||||||
Loss contingency | 138 | — | ||||||
Other operating expense, net | (2 | ) | (5 | ) | ||||
OPERATING INCOME | 1,421 | 1,828 | ||||||
Interest income | 18 | 20 | ||||||
Interest expense | 51 | 47 | ||||||
Other income, net | 34 | 12 | ||||||
INCOME BEFORE INCOME TAXES | 1,422 | 1,813 | ||||||
Income tax expense | 362 | 521 | ||||||
CONSOLIDATED NET INCOME | 1,060 | 1,292 | ||||||
Less: Net income attributable to noncontrolling interests | 44 | 54 | ||||||
NET INCOME ATTRIBUTABLE TO CUMMINS INC. | $ | 1,016 | $ | 1,238 | ||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. | ||||||||
Basic | $ | 5.99 | $ | 6.92 | ||||
Diluted | $ | 5.99 | $ | 6.90 | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||
Basic | 169.5 | 178.9 | ||||||
Diluted | 169.7 | 179.3 | ||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 2.975 | $ | 2.535 | ||||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |
In millions, except par value | October 2, 2016 | December 31, 2015 | ||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 1,251 | $ | 1,711 | ||||
Marketable securities | 250 | 100 | ||||||
Total cash, cash equivalents and marketable securities | 1,501 | 1,811 | ||||||
Accounts and notes receivable, net | 2,873 | 2,820 | ||||||
Inventories | 2,820 | 2,707 | ||||||
Prepaid expenses and other current assets | 600 | 609 | ||||||
Total current assets | 7,794 | 7,947 | ||||||
Long-term assets | ||||||||
Property, plant and equipment | 7,460 | 7,322 | ||||||
Accumulated depreciation | (3,783 | ) | (3,577 | ) | ||||
Property, plant and equipment, net | 3,677 | 3,745 | ||||||
Investments and advances related to equity method investees | 1,077 | 975 | ||||||
Goodwill | 482 | 482 | ||||||
Other intangible assets, net | 319 | 328 | ||||||
Pension assets | 773 | 735 | ||||||
Other assets | 1,014 | 922 | ||||||
Total assets | $ | 15,136 | $ | 15,134 | ||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Accounts payable (principally trade) | $ | 1,781 | $ | 1,706 | ||||
Loans payable | 48 | 24 | ||||||
Commercial paper | 273 | — | ||||||
Accrued compensation, benefits and retirement costs | 393 | 409 | ||||||
Current portion of accrued product warranty | 333 | 359 | ||||||
Current portion of deferred revenue | 460 | 403 | ||||||
Other accrued expenses | 985 | 863 | ||||||
Current maturities of long-term debt | 35 | 39 | ||||||
Total current liabilities | 4,308 | 3,803 | ||||||
Long-term liabilities | ||||||||
Long-term debt | 1,593 | 1,576 | ||||||
Postretirement benefits other than pensions | 326 | 349 | ||||||
Pensions | 301 | 298 | ||||||
Other liabilities and deferred revenue | 1,344 | 1,358 | ||||||
Total liabilities | $ | 7,872 | $ | 7,384 | ||||
EQUITY | ||||||||
Cummins Inc. shareholders’ equity | ||||||||
Common stock, $2.50 par value, 500 shares authorized, 222.4 and 222.4 shares issued | $ | 2,209 | $ | 2,178 | ||||
Retained earnings | 10,833 | 10,322 | ||||||
Treasury stock, at cost, 54.1 and 47.2 shares | (4,468 | ) | (3,735 | ) | ||||
Common stock held by employee benefits trust, at cost, 0.7 and 0.9 shares | (8 | ) | (11 | ) | ||||
Accumulated other comprehensive loss | (1,632 | ) | (1,348 | ) | ||||
Total Cummins Inc. shareholders’ equity | 6,934 | 7,406 | ||||||
Noncontrolling interests | 330 | 344 | ||||||
Total equity | $ | 7,264 | $ | 7,750 | ||||
Total liabilities and equity | $ | 15,136 | $ | 15,134 | ||||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |
Nine months ended | ||||||||
In millions | October 2, 2016 | September 27, 2015 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Consolidated net income | $ | 1,060 | $ | 1,292 | ||||
Adjustments to reconcile consolidated net income to net cash provided by operating activities | ||||||||
Restructuring payments | (53 | ) | — | |||||
Loss contingency | 138 | — | ||||||
Depreciation and amortization | 391 | 383 | ||||||
Gain on fair value adjustment for consolidated investees | — | (17 | ) | |||||
Deferred income taxes | 60 | (120 | ) | |||||
Equity in income of investees, net of dividends | (94 | ) | (68 | ) | ||||
Pension contributions in excess of expense | (92 | ) | (119 | ) | ||||
Other post-retirement benefits payments in excess of expense | (16 | ) | (18 | ) | ||||
Stock-based compensation expense | 28 | 24 | ||||||
Translation and hedging activities | (39 | ) | 22 | |||||
Changes in current assets and liabilities, net of acquisitions | ||||||||
Accounts and notes receivable | (112 | ) | (163 | ) | ||||
Inventories | (150 | ) | (179 | ) | ||||
Other current assets | 138 | 133 | ||||||
Accounts payable | 97 | (52 | ) | |||||
Accrued expenses | (279 | ) | (153 | ) | ||||
Changes in other liabilities and deferred revenue | 188 | 219 | ||||||
Other, net | 45 | (53 | ) | |||||
Net cash provided by operating activities | 1,310 | 1,131 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital expenditures | (312 | ) | (393 | ) | ||||
Investments in internal use software | (42 | ) | (38 | ) | ||||
Investments in and advances to equity investees | (29 | ) | (9 | ) | ||||
Acquisitions of businesses, net of cash acquired | (1 | ) | (102 | ) | ||||
Investments in marketable securities—acquisitions | (447 | ) | (175 | ) | ||||
Investments in marketable securities—liquidations | 291 | 228 | ||||||
Cash flows from derivatives not designated as hedges | (64 | ) | 17 | |||||
Other, net | 14 | (5 | ) | |||||
Net cash used in investing activities | (590 | ) | (477 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from borrowings | 111 | 24 | ||||||
Net borrowings of commercial paper | 273 | — | ||||||
Payments on borrowings and capital lease obligations | (156 | ) | (64 | ) | ||||
Net borrowings (payments) under short-term credit agreements | 25 | (38 | ) | |||||
Distributions to noncontrolling interests | (42 | ) | (35 | ) | ||||
Dividend payments on common stock | (505 | ) | (452 | ) | ||||
Repurchases of common stock | (745 | ) | (650 | ) | ||||
Other, net | (2 | ) | — | |||||
Net cash used in financing activities | (1,041 | ) | (1,215 | ) | ||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (139 | ) | (52 | ) | ||||
Net decrease in cash and cash equivalents | (460 | ) | (613 | ) | ||||
Cash and cash equivalents at beginning of year | 1,711 | 2,301 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 1,251 | $ | 1,688 | ||||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. |
In millions | Engine | Distribution | Components | Power Systems | Non-segment Items (1) | Total | ||||||||||||||||||||
Three months ended October 2, 2016 | ||||||||||||||||||||||||||
External sales | $ | 1,357 | $ | 1,497 | $ | 824 | $ | 509 | $ | — | $ | 4,187 | ||||||||||||||
Intersegment sales | 502 | 7 | 319 | 347 | (1,175 | ) | — | |||||||||||||||||||
Total sales | 1,859 | 1,504 | 1,143 | 856 | (1,175 | ) | 4,187 | |||||||||||||||||||
Depreciation and amortization(2) | 42 | 28 | 32 | 29 | — | 131 | ||||||||||||||||||||
Research, development and engineering expenses | 56 | 3 | 54 | 44 | — | 157 | ||||||||||||||||||||
Equity, royalty and interest income from investees | 38 | 19 | 9 | 8 | — | 74 | ||||||||||||||||||||
Loss contingency | 99 | — | — | — | — | 99 | ||||||||||||||||||||
Interest income | 3 | 1 | 1 | 1 | — | 6 | ||||||||||||||||||||
Segment EBIT | 89 | 96 | 148 | 59 | 6 | 398 | ||||||||||||||||||||
Segment EBIT as a percentage of total sales | 4.8 | % | 6.4 | % | 12.9 | % | 6.9 | % | 9.5 | % | ||||||||||||||||
Three months ended September 27, 2015 | ||||||||||||||||||||||||||
External sales | $ | 1,627 | $ | 1,543 | $ | 891 | $ | 559 | $ | — | $ | 4,620 | ||||||||||||||
Intersegment sales | 475 | 8 | 349 | 423 | (1,255 | ) | — | |||||||||||||||||||
Total sales | 2,102 | 1,551 | 1,240 | 982 | (1,255 | ) | 4,620 | |||||||||||||||||||
Depreciation and amortization(2) | 47 | 26 | 28 | 27 | — | 128 | ||||||||||||||||||||
Research, development and engineering expenses | 73 | 2 | 65 | 57 | — | 197 | ||||||||||||||||||||
Equity, royalty and interest income from investees | 33 | 19 | 9 | 17 | — | 78 | ||||||||||||||||||||
Interest income | 6 | 1 | 1 | 1 | — | 9 | ||||||||||||||||||||
Segment EBIT | 217 | 123 | 156 | 74 | 7 | 577 | ||||||||||||||||||||
Segment EBIT as a percentage of total sales | 10.3 | % | 7.9 | % | 12.6 | % | 7.5 | % | 12.5 | % | ||||||||||||||||
(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 October 2, 2016 and September 27, 2015. | ||||||||||||||||||||||||
(2 | ) | 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 Income as "Interest expense." |
In millions | Engine | Distribution | Components | Power Systems | Non-segment Items (1) | Total | ||||||||||||||||||||
Nine months ended October 2, 2016 | ||||||||||||||||||||||||||
External sales | $ | 4,350 | $ | 4,493 | $ | 2,654 | $ | 1,509 | $ | — | $ | 13,006 | ||||||||||||||
Intersegment sales | 1,487 | 18 | 1,005 | 1,076 | (3,586 | ) | — | |||||||||||||||||||
Total sales | 5,837 | 4,511 | 3,659 | 2,585 | (3,586 | ) | 13,006 | |||||||||||||||||||
Depreciation and amortization(2) | 121 | 86 | 95 | 87 | — | 389 | ||||||||||||||||||||
Research, development and engineering expenses | 166 | 10 | 161 | 141 | — | 478 | ||||||||||||||||||||
Equity, royalty and interest income from investees | 120 | 56 | 29 | 29 | — | 234 | ||||||||||||||||||||
Loss contingency | 138 | — | — | — | — | 138 | ||||||||||||||||||||
Interest income | 8 | 3 | 3 | 4 | — | 18 | ||||||||||||||||||||
Segment EBIT | 492 | 270 | 501 | 195 | 15 | 1,473 | ||||||||||||||||||||
Segment EBIT as a percentage of total sales | 8.4 | % | 6.0 | % | 13.7 | % | 7.5 | % | 11.3 | % | ||||||||||||||||
Nine months ended September 27, 2015 | ||||||||||||||||||||||||||
External sales | $ | 5,150 | $ | 4,499 | $ | 2,839 | $ | 1,856 | $ | — | $ | 14,344 | ||||||||||||||
Intersegment sales | 1,422 | 23 | 1,097 | 1,225 | (3,767 | ) | — | |||||||||||||||||||
Total sales | 6,572 | 4,522 | 3,936 | 3,081 | (3,767 | ) | 14,344 | |||||||||||||||||||
Depreciation and amortization(2) | 140 | 78 | 82 | 81 | — | 381 | ||||||||||||||||||||
Research, development and engineering expenses | 195 | 8 | 183 | 172 | — | 558 | ||||||||||||||||||||
Equity, royalty and interest income from investees | 107 | 60 | 26 | 47 | — | 240 | ||||||||||||||||||||
Interest income | 10 | 3 | 3 | 4 | — | 20 | ||||||||||||||||||||
Segment EBIT | 695 | 324 | 574 | 302 | (35 | ) | 1,860 | |||||||||||||||||||
Segment EBIT as a percentage of total sales | 10.6 | % | 7.2 | % | 14.6 | % | 9.8 | % | 13.0 | % | ||||||||||||||||
(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 October 2, 2016 and September 27, 2015. | ||||||||||||||||||||||||
(2 | ) | 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 Income as "Interest expense." The amortization of debt discount and deferred costs was $2 million for the nine months ended October 2, 2016 and September 27, 2015. |
Three months ended | Nine months ended | |||||||||||||||
In millions | October 2, 2016 | September 27, 2015 | October 2, 2016 | September 27, 2015 | ||||||||||||
Total segment EBIT | $ | 398 | $ | 577 | $ | 1,473 | $ | 1,860 | ||||||||
Less: Interest expense | 16 | 16 | 51 | 47 | ||||||||||||
Income before income taxes | $ | 382 | $ | 561 | $ | 1,422 | $ | 1,813 |
Three months ended | Nine months ended | |||||||||||||||
In millions | October 2, 2016 | September 27, 2015 | October 2, 2016 | September 27, 2015 | ||||||||||||
Distribution entities | ||||||||||||||||
Komatsu Cummins Chile, Ltda. | $ | 8 | $ | 8 | $ | 26 | $ | 23 | ||||||||
North American distributors | 7 | 9 | 18 | 27 | ||||||||||||
All other distributors | 1 | 1 | 2 | 2 | ||||||||||||
Manufacturing entities | ||||||||||||||||
Beijing Foton Cummins Engine Co., Ltd. | 19 | 18 | 59 | 47 | ||||||||||||
Chongqing Cummins Engine Company, Ltd. | 11 | 9 | 28 | 32 | ||||||||||||
Dongfeng Cummins Engine Company, Ltd. | 10 | 11 | 32 | 40 | ||||||||||||
All other manufacturers | 8 | 13 | 40 | 41 | ||||||||||||
Cummins share of net income | 64 | 69 | 205 | 212 | ||||||||||||
Royalty and interest income | 10 | 9 | 29 | 28 | ||||||||||||
Equity, royalty and interest income from investees | $ | 74 | $ | 78 | $ | 234 | $ | 240 |
Three months ended | |||||||||||||||||
October 2, 2016 | September 27, 2015 | ||||||||||||||||
In millions | Net Income | Diluted EPS | Net Income | Diluted EPS | |||||||||||||
Net income attributable to Cummins Inc. | $ | 289 | $ | 1.72 | $ | 380 | $ | 2.14 | |||||||||
Add | |||||||||||||||||
Loss contingency, net (1) | 50 | 0.30 | — | — | |||||||||||||
Net income attributable to Cummins Inc. excluding special items | $ | 339 | $ | 2.02 | $ | 380 | $ | 2.14 |
Nine months ended | |||||||||||||||||
October 2, 2016 | September 27, 2015 | ||||||||||||||||
In millions | Net Income | Diluted EPS | Net Income | Diluted EPS | |||||||||||||
Net income attributable to Cummins Inc. | $ | 1,016 | $ | 5.99 | $ | 1,238 | $ | 6.90 | |||||||||
Add | |||||||||||||||||
Loss contingency, net (1) | $ | 74 | $ | 0.44 | — | — | |||||||||||
Less | |||||||||||||||||
Tax benefit | — | — | 18 | 0.10 | |||||||||||||
Net income attributable to Cummins Inc. excluding special items | $ | 1,090 | $ | 6.43 | $ | 1,220 | $ | 6.80 |
Three months ended | Nine months ended | |||||||||||||||
In millions | October 2, 2016 | September 27, 2015 | October 2, 2016 | September 27, 2015 | ||||||||||||
Earnings before interest expense and income taxes | $ | 398 | $ | 577 | $ | 1,473 | $ | 1,860 | ||||||||
EBIT as a percentage of net sales | 9.5 | % | 12.5 | % | 11.3 | % | 13.0 | % | ||||||||
Less | ||||||||||||||||
Interest expense | 16 | 16 | 51 | 47 | ||||||||||||
Income tax expense | 82 | 169 | 362 | 521 | ||||||||||||
Consolidated net income | 300 | 392 | 1,060 | 1,292 | ||||||||||||
Less | ||||||||||||||||
Net income attributable to noncontrolling interests | 11 | 12 | 44 | 54 | ||||||||||||
Net income attributable to Cummins Inc. | $ | 289 | $ | 380 | $ | 1,016 | $ | 1,238 | ||||||||
Net income attributable to Cummins Inc. as a percentage of net sales | 6.9 | % | 8.2 | % | 7.8 | % | 8.6 | % |
• | Heavy-duty truck - We manufacture diesel engines that range from 310 to 600 horsepower serving global heavy-duty truck customers worldwide, primarily in North America. |
• | Medium-duty truck and bus - We manufacture diesel engines ranging from 200 to 450 horsepower serving medium-duty truck and bus customers worldwide, with key markets including North America, Latin America, Europe and Mexico. We also provide diesel and natural gas engines for school buses, transit buses and shuttle buses worldwide, with key markets including North America, Europe, Latin America and Asia, and diesel engines for Class A motor homes (RVs), primarily in North America. |
• | Light-duty automotive (Pickup and Light Commercial Vehicle (LCV)) - We manufacture 105 to 385 horsepower diesel engines, including engines for the pickup truck market for Chrysler and Nissan in North America, and LCV markets in Europe, Latin America and Asia. |
• | Off-highway - We provide diesel engines that range from 60 to 755 horsepower to key global markets including construction, mining, rail, defense, agriculture, marine, and oil and gas equipment and also to the power generation business for standby, mobile and distributed power generation solutions throughout the world. |
2016 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Heavy-duty truck | $ | 631 | $ | 622 | $ | 625 | $ | — | $ | 1,878 | ||||||||||
Medium-duty truck and bus | 549 | 600 | 517 | — | 1,666 | |||||||||||||||
Light-duty automotive | 433 | 394 | 345 | — | 1,172 | |||||||||||||||
Off-highway | 363 | 386 | 372 | — | 1,121 | |||||||||||||||
Total sales | $ | 1,976 | $ | 2,002 | $ | 1,859 | $ | — | $ | 5,837 | ||||||||||
2015 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Heavy-duty truck | $ | 757 | $ | 875 | $ | 784 | $ | 700 | $ | 3,116 | ||||||||||
Medium-duty truck and bus | 608 | 674 | 585 | 640 | 2,507 | |||||||||||||||
Light-duty automotive | 381 | 354 | 339 | 401 | 1,475 | |||||||||||||||
Off-highway | 399 | 422 | 394 | 357 | 1,572 | |||||||||||||||
Total sales | $ | 2,145 | $ | 2,325 | $ | 2,102 | $ | 2,098 | $ | 8,670 | ||||||||||
2014 | ||||||||||||||||||||
In millions | YTD | |||||||||||||||||||
Heavy-duty truck | $ | 3,072 | ||||||||||||||||||
Medium-duty truck and bus | 2,431 | |||||||||||||||||||
Light-duty automotive | 1,567 | |||||||||||||||||||
Off-highway | 1,897 | |||||||||||||||||||
Total sales | $ | 8,967 |
2016 | |||||||||||||||
Units | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||
Heavy-duty | 19,700 | 20,700 | 20,100 | — | 60,500 | ||||||||||
Medium-duty | 55,400 | 62,300 | 53,400 | — | 171,100 | ||||||||||
Light-duty | 61,700 | 57,100 | 49,800 | — | 168,600 | ||||||||||
Total units | 136,800 | 140,100 | 123,300 | — | 400,200 | ||||||||||
2015 | |||||||||||||||
Units | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||
Heavy-duty | 28,700 | 32,800 | 28,600 | 24,300 | 114,400 | ||||||||||
Medium-duty | 61,200 | 66,600 | 59,600 | 59,700 | 247,100 | ||||||||||
Light-duty | 51,200 | 53,400 | 47,800 | 56,900 | 209,300 | ||||||||||
Total units | 141,100 | 152,800 | 136,000 | 140,900 | 570,800 | ||||||||||
2014 | |||||||||||||||
Units | YTD | ||||||||||||||
Heavy-duty | 122,100 | ||||||||||||||
Medium-duty | 266,800 | ||||||||||||||
Light-duty | 204,400 | ||||||||||||||
Total units | 593,300 |
2016 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Parts | $ | 648 | $ | 642 | $ | 643 | $ | — | $ | 1,933 | ||||||||||
Service | 299 | 297 | 299 | — | 895 | |||||||||||||||
Power generation | 275 | 326 | 291 | — | 892 | |||||||||||||||
Engines | 241 | 279 | 271 | — | 791 | |||||||||||||||
Total sales | $ | 1,463 | $ | 1,544 | $ | 1,504 | $ | — | $ | 4,511 | ||||||||||
2015 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Parts | $ | 573 | $ | 598 | $ | 604 | $ | 648 | $ | 2,423 | ||||||||||
Service | 284 | 307 | 301 | 330 | 1,222 | |||||||||||||||
Power generation | 298 | 272 | 323 | 397 | 1,290 | |||||||||||||||
Engines | 321 | 318 | 323 | 332 | 1,294 | |||||||||||||||
Total sales | $ | 1,476 | $ | 1,495 | $ | 1,551 | $ | 1,707 | $ | 6,229 |
2016 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Emission solutions | $ | 607 | $ | 624 | $ | 540 | $ | — | $ | 1,771 | ||||||||||
Turbo technologies | 265 | 276 | 241 | — | 782 | |||||||||||||||
Filtration | 252 | 262 | 244 | — | 758 | |||||||||||||||
Fuel systems | 113 | 117 | 118 | — | 348 | |||||||||||||||
Total sales | $ | 1,237 | $ | 1,279 | $ | 1,143 | $ | — | $ | 3,659 | ||||||||||
2015 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Emission solutions | $ | 613 | $ | 679 | $ | 607 | $ | 600 | $ | 2,499 | ||||||||||
Turbo technologies | 301 | 307 | 266 | 267 | 1,141 | |||||||||||||||
Filtration | 255 | 266 | 240 | 249 | 1,010 | |||||||||||||||
Fuel systems | 130 | 145 | 127 | 120 | 522 | |||||||||||||||
Total sales | $ | 1,299 | $ | 1,397 | $ | 1,240 | $ | 1,236 | $ | 5,172 |
• | Power generation - We design, manufacture, sell and support generators ranging from 2 kilowatts to 3.5 megawatts, as well as paralleling systems and transfer switches, for applications such as residential, commercial, industrial, data centers, health care, telecommunications and waste water treatment plants. We also provide turnkey solutions for distributed generation and energy management applications using natural gas or biogas as a fuel. We also serves global rental accounts for diesel and gas generator sets. |
• | Industrial - We design, manufacture, sell and support diesel and natural gas high-horsepower engines up to 5,500 horsepower for a wide variety of equipment in the mining, rail, defense, oil and gas, and commercial marine applications throughout the world. Across these markets, we have major customers in North America, Europe, Middle East, Africa, China, Korea, Japan, Latin America, India, Russia, Southeast Asia, South Pacific and Mexico. |
• | Generator technologies - We design, manufacture, sell and support A/C generator/alternator products for internal consumption and for external generator set assemblers. Our products are sold under the Stamford, AVK and Markon brands and range in output from 3 kilovolt-amperes (kVA) to 12,000 kVA. |
2016 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Power generation | $ | 520 | $ | 597 | $ | 545 | $ | — | $ | 1,662 | ||||||||||
Industrial | 215 | 240 | 233 | — | 688 | |||||||||||||||
Generator technologies | 73 | 84 | 78 | — | 235 | |||||||||||||||
Total sales | $ | 808 | $ | 921 | $ | 856 | $ | — | $ | 2,585 | ||||||||||
2015 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Power generation | $ | 624 | $ | 710 | $ | 621 | $ | 615 | $ | 2,570 | ||||||||||
Industrial | 280 | 295 | 275 | 287 | 1,137 | |||||||||||||||
Generator technologies | 98 | 92 | 86 | 84 | 360 | |||||||||||||||
Total sales | $ | 1,002 | $ | 1,097 | $ | 982 | $ | 986 | $ | 4,067 | ||||||||||
2014 | ||||||||||||||||||||
In millions | YTD | |||||||||||||||||||
Power generation | $ | 2,633 | ||||||||||||||||||
Industrial | 1,331 | |||||||||||||||||||
Generator technologies | 450 | |||||||||||||||||||
Total sales | $ | 4,414 |
2016 | |||||||||||||||
Units | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||
Power generation | 1,800 | 2,200 | 2,000 | — | 6,000 | ||||||||||
Industrial | 1,000 | 1,100 | 1,000 | — | 3,100 | ||||||||||
Total units | 2,800 | 3,300 | 3,000 | — | 9,100 | ||||||||||
2015 | |||||||||||||||
Units | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||
Power generation | 2,200 | 2,500 | 2,000 | 1,900 | 8,600 | ||||||||||
Industrial | 1,300 | 1,200 | 1,200 | 1,500 | 5,200 | ||||||||||
Total units | 3,500 | 3,700 | 3,200 | 3,400 | 13,800 | ||||||||||
2014 | |||||||||||||||
Units | YTD | ||||||||||||||
Power generation | 8,700 | ||||||||||||||
Industrial | 6,100 |