Name: Cummins Inc. (NYSE:CMI) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Cummins Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Oct 3, 2021	Jul 4, 2021	Apr 4, 2021	Dec 31, 2020	Sep 27, 2020	Jun 28, 2020	Mar 29, 2020	Dec 31, 2019	Sep 29, 2019	Jun 30, 2019	Mar 31, 2019
Net sales	8,403)	8,543)	8,431)	8,638)	8,453)	7,770)	7,333)	6,586)	6,385)	5,850)	5,968)	6,111)	6,092)	5,830)	5,118)	3,852)	5,011)	5,578)	5,768)	6,221)	6,004)
Cost of sales	(6,362)	(6,542)	(6,360)	(6,490)	(6,424)	(5,951)	(5,691)	(4,860)	(4,853)	(4,533)	(4,554)	(4,633)	(4,606)	(4,469)	(3,769)	(2,962)	(3,717)	(4,265)	(4,274)	(4,580)	(4,472)
Gross margin	2,041)	2,001)	2,071)	2,148)	2,029)	1,819)	1,642)	1,726)	1,532)	1,317)	1,414)	1,478)	1,486)	1,361)	1,349)	890)	1,294)	1,313)	1,494)	1,641)	1,532)
Selling, general and administrative expenses	(839)	(876)	(831)	(873)	(753)	(742)	(708)	(622)	(615)	(629)	(571)	(600)	(574)	(576)	(533)	(470)	(546)	(632)	(600)	(629)	(593)
Research, development and engineering expenses	(369)	(390)	(376)	(384)	(350)	(333)	(348)	(299)	(298)	(288)	(266)	(276)	(260)	(255)	(224)	(189)	(238)	(271)	(242)	(251)	(237)
Equity, royalty and interest income from investees	123)	113)	118)	133)	119)	88)	70)	95)	96)	109)	94)	137)	166)	110)	98)	115)	129)	74)	68)	96)	92)
Restructuring actions	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(119)	—)	—)	—)
Other operating income (expense), net	(33)	(2,060)	(32)	(27)	(19)	(30)	(30)	(3)	(111)	(14)	(5)	(4)	(8)	(11)	(20)	(10)	(5)	(11)	(21)	(9)	5)
Operating income and expenses	(1,118)	(3,213)	(1,121)	(1,151)	(1,003)	(1,017)	(1,016)	(829)	(928)	(822)	(748)	(743)	(676)	(732)	(679)	(554)	(660)	(959)	(795)	(793)	(733)
Operating income	923)	(1,212)	950)	997)	1,026)	802)	626)	897)	604)	495)	666)	735)	810)	629)	670)	336)	634)	354)	699)	848)	799)
Interest expense	(89)	(92)	(97)	(99)	(87)	(87)	(61)	(34)	(17)	(26)	(28)	(29)	(28)	(29)	(25)	(23)	(23)	(22)	(26)	(29)	(32)
Other income, net	1,387)	74)	25)	51)	90)	63)	43)	(8)	(9)	45)	37)	73)	1)	35)	41)	49)	44)	31)	82)	52)	78)
Income before income taxes	2,221)	(1,230)	878)	949)	1,029)	778)	608)	855)	578)	514)	675)	779)	783)	635)	686)	362)	655)	363)	755)	871)	845)
Income tax expense	(193)	(163)	(188)	(212)	(223)	(134)	(199)	(148)	(155)	(114)	(134)	(167)	(172)	(125)	(182)	(93)	(127)	(65)	(139)	(186)	(176)
Consolidated net income	2,028)	(1,393)	690)	737)	806)	644)	409)	707)	423)	400)	541)	612)	611)	510)	504)	269)	528)	298)	616)	685)	669)
Net (income) loss attributable to noncontrolling interests	(35)	(38)	(34)	(17)	(16)	(13)	(9)	(5)	(5)	(6)	(7)	(12)	(8)	(9)	(3)	7)	(17)	2)	6)	(10)	(6)
Net income attributable to Cummins Inc.	1,993)	(1,431)	656)	720)	790)	631)	400)	702)	418)	394)	534)	600)	603)	501)	501)	276)	511)	300)	622)	675)	663)

Revenue exhibits a general upward trajectory over the analyzed period, characterized by a significant contraction in mid-2020 followed by a sustained recovery and expansion. Net sales grew from approximately 6 billion USD in early 2019 to a peak of 8.6 billion USD by mid-2023, before stabilizing around 8.4 billion USD in the first quarter of 2024. This growth is mirrored by an increase in gross margin, which rose from 1.5 billion USD in 2019 to over 2 billion USD in 2023, indicating an expansion in absolute profitability despite rising costs of sales.

Revenue and Gross Profit Trends: A notable dip in net sales occurred on June 30, 2020, reaching a period low of 3.85 billion USD. Subsequent quarters show a consistent recovery, with sales exceeding pre-pandemic levels by March 2022. The gross margin percentage remained relatively resilient, though absolute figures peaked in June 2023 at 2.15 billion USD.
Operating Expense Analysis: Selling, general and administrative (SG&A) expenses and research, development and engineering (RD&E) expenses both show a long-term increasing trend. SG&A expenses rose from approximately 600 million USD in 2019 to a range of 830-870 million USD by 2023. Similarly, RD&E spending increased from roughly 240 million USD in 2019 to nearly 390 million USD by late 2023, suggesting a strategic increase in investment in product development.
Operating Income and Volatility: Operating income remained generally stable between 400 million USD and 1 billion USD for most of the period, with a significant exception in the fourth quarter of 2023. During that quarter, operating income collapsed to negative 1.21 billion USD, primarily driven by a substantial one-time expense of 2.06 billion USD recorded under other operating income (expense), net.
Net Income and Non-Operating Impacts: Consolidated net income typically aligned with operating performance until the end of 2023. The fourth quarter of 2023 saw a net loss attributable to Cummins Inc. of 1.43 billion USD. However, this was followed by a sharp reversal in the first quarter of 2024, where net income surged to 1.99 billion USD. This volatility is attributed to non-operating items, specifically a gain of 1.39 billion USD in other income, net, during the first quarter of 2024.
Financial Obligations and Taxes: Interest expenses remained low and stable through 2021 but trended upward starting in 2022, rising from 17 million USD in March 2022 to 89 million USD by March 2024. Income tax expenses have fluctuated in line with pre-tax income, reflecting the overall volatility of the net profit margins over the five-year window.

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Cummins Inc. (NYSE:CMI)

Income StatementQuarterly Data

Income Statement
Quarterly Data