Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Cummins Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Cost of Sales and Gross Margin Trends
- Cost of sales as a percentage of net sales exhibited variability over the periods, generally fluctuating between approximately -73.6% and -77.6%. Notably, cost of sales increased during the fourth quarter of 2019 and the third quarter of 2022, reaching higher negative percentages, which corresponded with reduced gross margins. Gross margin showed a generally inverse pattern, ranging mostly in the mid-20% range with decreases observed in quarters characterized by higher cost of sales. The gross margin was highest around mid-2022 and declined again toward the end of 2023 and early 2024.
- Operating Expenses Patterns
- Selling, general and administrative expenses maintained a relatively steady proportion, fluctuating mostly between about -8.9% and -12.2% of net sales. There was a slight decrease in such expenses during 2023. Research, development, and engineering expenses also showed stable trends, typically between -4.1% and -4.9%, with a mild downward tendency toward the end of the reporting period. Restructuring actions were only reported in the last quarter of 2019, negatively impacting operating expenses in that quarter.
- Other Operating Income and Income Components
- Other operating income (expense), net, generally remained close to zero with small negative values, except for a significant negative outlier around the fourth quarter of 2023 (-24.11%), indicating an unusual event impacting operating results negatively. Equity, royalty, and interest income from investees hovered mostly around 1.3% to 2.9%, with slight decreases towards late 2023 and early 2024.
- Operating Income and Expense Fluctuations
- Operating income as a percentage of net sales varied notably, with positive values mostly between 6.35% and 13.6%. It dropped sharply in the last quarter of 2023 to -14.19%, indicating a significant operating loss during that period, before recovering to 10.98% in the first quarter of 2024. Operating income and expenses followed a similar pattern, with a spike in negative operating income and expenses corresponding to the last quarter of 2023.
- Interest and Other Income
- Interest expense was relatively consistent, slightly increasing in magnitude from around -0.4% to over -1% of net sales, particularly from late 2021 onward. Other income, net, showed positive but fluctuating values, with a remarkable spike to 16.51% in the first quarter of 2024, indicating an unusual income event significantly boosting total income for that period.
- Income Before Taxes and Net Income Patterns
- Income before income taxes followed operating income trends, with typical values in the 6.5% to 14% range, except for a pronounced decline to -14.4% in the last quarter of 2023 and a sharp recovery to 26.43% in the first quarter of 2024, influenced by the unusual spike in other income. Income tax expense fluctuated between approximately -1.17% and -3.56%, showing a decrease in burden during some quarters but not fully offsetting income volatility.
- Net Income Attributable to Cummins Inc.
- Consolidated net income and net income attributable to Cummins Inc. followed similar trends, with values mostly between 5% and 11%, displaying generally healthy profitability except for significant downturns in the fourth quarter of 2019, the last quarter of 2023, and a rebound in the first quarter of 2024. Net income attributable to noncontrolling interests was minimal but turned slightly more negative toward late 2023 and early 2024.
- Summary of Significant Findings
- The data demonstrates overall stable profitability with quarterly fluctuations that occasionally reflect significant events, such as restructuring in late 2019 and a considerable operating loss plus unusual income in late 2023 and early 2024. Cost management remains a challenge given the fluctuations in cost of sales, which directly affects gross margins. Operating and net income metrics generally indicate robust financial performance, punctuated by isolated periods of volatility that impacted profitability temporarily.