Cummins Announces Actions to Respond to Slowdown in Global Markets and Reports Third Quarter 2015 Results
-
Third quarter revenues of $4.6 billion, EBIT of 12.5 percent of
sales
-
Full year outlook revised down with revenue expected to be flat to
down 2 percent and EBIT to be in the range of 12.75 to 13.0 percent of
sales
Cummins Inc. (NYSE: CMI) today announced restructuring and cost
reduction actions to respond to a slowdown in global markets and lowered
its outlook for 2015. The Company expects to reduce its professional
workforce by up to 2,000 people, with the majority completed by the end
of this year. These actions are expected to deliver annualized savings
in the range of $160 million to $200 million and the Company will record
pre-tax costs of between $70 million and $90 million associated with the
workforce reduction in the fourth quarter of 2015. Adjustments to
manufacturing capacity are already being made on a facility-by-facility
basis and the Company will evaluate if more significant restructuring
actions are required in the coming weeks and months.
“We are taking difficult but necessary actions to lower costs in the
face of weak demand in many of our markets.” said Tom Linebarger,
Chairman and Chief Executive Officer, Cummins Inc. “Global off highway
and power generation markets have been weak for some time and are
worsening. Industry orders in key end markets in Brazil and China are at
multi-year lows and showing no signs of improvement in the near-term.
Given the uncertainty in the global economy, we expect challenging
conditions to persist for some time. We have a very experienced
leadership team at Cummins that knows how to manage effectively through
periods of weak demand and ensure that the Company emerges stronger,
with higher profitability and stronger leadership positions in our
largest markets, as it has in prior cycles.”
Third quarter revenue of $4.6 billion decreased six percent from the
same quarter in 2014. Currency negatively impacted sales by four percent
compared to last year, primarily due to a stronger U.S. dollar. Weaker
demand in global off highway and power generation markets was partially
offset by distributor acquisitions in North America.
Revenues in North America increased four percent while international
sales declined by 18 percent. Within international markets, lower
revenues in Brazil, Europe and China were partially offset by growth in
India.
Earnings before interest and taxes (EBIT) decreased in the third quarter
to $577 million, or 12.5 percent of sales, down from $684 million or
14.0 percent of sales a year ago.
Net income attributable to Cummins was $380 million ($2.14 per diluted
share) in the third quarter, compared to $423 million ($2.32 per diluted
share) a year ago. The tax rate in the third quarter of 2015, including
discrete items, was 30.1 percent.
Based on the current forecast, Cummins expects full year 2015 revenues
to be flat to down two percent, compared to the Company’s prior guidance
of growth between two and four percent. EBIT is expected to be in the
range of 12.75 to 13.0 percent of sales, excluding costs associated with
restructuring and other cost reduction actions, down from the Company’s
previous guidance of 13.5 to 14.0 percent.
“We are disappointed with our results in the third quarter, but we are
responding quickly to softening demand,” said Rich Freeland, President
and Chief Operating Officer. “Through a combination of workforce actions
and targeted capacity reduction we will position the Company for
stronger financial performance when market conditions improve.”
Other recent highlights:
-
Cummins announced that the company has been named to the 2015 Dow
Jones North American Sustainability Index for a 10th consecutive year.
The index, part of the global Dow Jones Sustainability Indices,
identifies the leading companies for sustainability worldwide.
-
Readers of Consulting-Specifying Engineer (CSE) have
voted Cummins Power Generation’s latest QSK95 Series generator as
a 2015 Product of the Year winner.
-
Cummins was named as a winner of the Golden Peacock Global Award
for Excellence in Corporate Governance for the year 2015.
-
The Company increased its quarterly cash dividend by 25 percent and
has returned $1.1 billion to shareholders in the form of dividends and
share repurchases throughout the year.
Third quarter 2015 detail (all comparisons to same period in 2014)
Engine Segment
-
Sales - $2.5 billion, down 10 percent.
-
Segment EBIT - $252 million, or 10.0 percent of sales, compared to
$330 million or 11.7 percent of sales.
-
Weak demand in global off highway and power generation markets and the
Brazilian truck market were partially offset by stronger demand in
global bus markets.
Distribution Segment
-
Sales - $1.6 billion, up 20 percent. Acquisitions added 27 percent.
-
Segment EBIT - $123 million, or 7.9 percent of sales, compared to $131
million or 10.1 percent of sales.
-
Higher revenues from acquisitions were partially offset by an 8
percent negative impact from foreign currency movements.
Components Segment
-
Sales - $1.2 billion, down 4 percent.
-
Segment EBIT - $156 million, or 12.6 percent of sales, compared to
$172 million or 13.4 percent of sales.
-
Increased sales in on-highway markets in North America and China were
more than offset by negative foreign currency movements of 4 percent
and lower demand in Brazil.
Power Generation Segment
-
Sales - $659 million, down 13 percent
-
Segment EBIT - $42 million, or 6.4 percent of sales, compared to $60
million, or 8.0 percent of sales.
-
Revenue declined in North America by 11 percent and by 14 percent in
international markets. Foreign currency negatively impacted revenue by
3 percent. Lower sales in Europe, China, and Russia, were partially
offset by growth in Africa and the Middle East.
About Cummins
Cummins Inc., a global power leader, is a corporation of complementary
business units that design, manufacture, distribute and service diesel
and natural gas engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions and
electrical power generation systems. Headquartered in Columbus, Indiana,
(USA) Cummins currently employs approximately 54,600 people worldwide
and serves customers in approximately 190 countries and territories
through a network of approximately 600 company-owned and independent
distributor locations and approximately 7,200 dealer locations. Cummins
earned $1.65 billion on sales of $19.2 billion in 2014. Press releases
can be found on the Web at www.cummins.com.
Follow Cummins on Twitter at www.twittter.com/cummins
and on YouTube at www.youtube.com/cumminsinc.
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 for the full year of 2015. 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: the adoption and implementation of global emission
standards; the price and availability of energy; the pace of
infrastructure development; increasing global competition among our
customers; general economic, business and financing conditions;
governmental actions; changes in our customers’ business strategies;
competitor pricing activity; expense volatility; labor relations; and
other risks detailed from time to time in our Securities and Exchange
Commission filings, including particularly in the Risk Factors section
of our 2014 Annual Report on Form 10-K. 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
Securities and Exchange Commission, 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
EBIT 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 EBIT 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 INCOME
|
(Unaudited) (a)
|
|
|
|
|
|
Three months ended
|
In millions, except per share amounts
|
|
September 27, 2015
|
|
September 28, 2014
|
NET SALES
|
|
$
|
4,620
|
|
|
$
|
4,890
|
Cost of sales
|
|
3,412
|
|
|
3,606
|
GROSS MARGIN
|
|
1,208
|
|
|
1,284
|
|
|
|
|
|
OPERATING EXPENSES AND INCOME
|
|
|
|
|
Selling, general and administrative expenses
|
|
530
|
|
|
529
|
Research, development and engineering expenses
|
|
197
|
|
|
198
|
Equity, royalty and interest income from investees
|
|
78
|
|
|
99
|
Other operating (expense) income, net
|
|
(2
|
)
|
|
3
|
OPERATING INCOME
|
|
557
|
|
|
659
|
|
|
|
|
|
Interest income
|
|
9
|
|
|
6
|
Interest expense
|
|
16
|
|
|
15
|
Other income, net
|
|
11
|
|
|
19
|
INCOME BEFORE INCOME TAXES
|
|
561
|
|
|
669
|
|
|
|
|
|
Income tax expense
|
|
169
|
|
|
230
|
CONSOLIDATED NET INCOME
|
|
392
|
|
|
439
|
|
|
|
|
|
Less: Net income attributable to noncontrolling interests
|
|
12
|
|
|
16
|
NET INCOME ATTRIBUTABLE TO CUMMINS INC.
|
|
$
|
380
|
|
|
$
|
423
|
|
|
|
|
|
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.
|
|
|
|
|
Basic
|
|
$
|
2.15
|
|
|
$
|
2.32
|
Diluted
|
|
$
|
2.14
|
|
|
$
|
2.32
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING
|
|
|
|
|
Basic
|
|
177.0
|
|
|
182.2
|
Diluted
|
|
177.4
|
|
|
182.7
|
|
|
|
|
|
CASH DIVIDENDS DECLARED PER COMMON SHARE
|
|
$
|
0.975
|
|
|
$
|
0.78
|
|
|
|
|
|
(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 INCOME
|
(Unaudited) (a)
|
|
|
|
|
|
Nine months ended
|
In millions, except per share amounts
|
|
September 27, 2015
|
|
September 28, 2014
|
NET SALES
|
|
$
|
14,344
|
|
|
$
|
14,131
|
|
Cost of sales
|
|
10,609
|
|
|
10,543
|
|
GROSS MARGIN
|
|
3,735
|
|
|
3,588
|
|
|
|
|
|
|
OPERATING EXPENSES AND INCOME
|
|
|
|
|
Selling, general and administrative expenses
|
|
1,584
|
|
|
1,527
|
|
Research, development and engineering expenses
|
|
558
|
|
|
567
|
|
Equity, royalty and interest income from investees
|
|
240
|
|
|
294
|
|
Other operating expense, net
|
|
(5
|
)
|
|
(4
|
)
|
OPERATING INCOME
|
|
1,828
|
|
|
1,784
|
|
|
|
|
|
|
Interest income
|
|
20
|
|
|
17
|
|
Interest expense
|
|
47
|
|
|
47
|
|
Other income, net
|
|
12
|
|
|
68
|
|
INCOME BEFORE INCOME TAXES
|
|
1,813
|
|
|
1,822
|
|
|
|
|
|
|
Income tax expense
|
|
521
|
|
|
553
|
|
CONSOLIDATED NET INCOME
|
|
1,292
|
|
|
1,269
|
|
|
|
|
|
|
Less: Net income attributable to noncontrolling interests
|
|
54
|
|
|
62
|
|
NET INCOME ATTRIBUTABLE TO CUMMINS INC.
|
|
$
|
1,238
|
|
|
$
|
1,207
|
|
|
|
|
|
|
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.
|
|
|
|
|
Basic
|
|
$
|
6.92
|
|
|
$
|
6.59
|
|
Diluted
|
|
$
|
6.90
|
|
|
$
|
6.58
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING
|
|
|
|
|
Basic
|
|
178.9
|
|
|
183.1
|
|
Diluted
|
|
179.3
|
|
|
183.5
|
|
|
|
|
|
|
CASH DIVIDENDS DECLARED PER COMMON SHARE
|
|
$
|
2.535
|
|
|
$
|
2.03
|
|
|
|
|
|
|
(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 27, 2015
|
|
December 31, 2014
|
ASSETS
|
|
|
|
|
Current assets
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,688
|
|
|
$
|
2,301
|
|
Marketable securities
|
|
35
|
|
|
93
|
|
Total cash, cash equivalents and marketable securities
|
|
1,723
|
|
|
2,394
|
|
Accounts and notes receivable, net
|
|
3,159
|
|
|
2,946
|
|
Inventories
|
|
3,059
|
|
|
2,866
|
|
Prepaid expenses and other current assets
|
|
921
|
|
|
849
|
|
Total current assets
|
|
8,862
|
|
|
9,055
|
|
Long-term assets
|
|
|
|
|
Property, plant and equipment
|
|
7,262
|
|
|
7,123
|
|
Accumulated depreciation
|
|
(3,545
|
)
|
|
(3,437
|
)
|
Property, plant and equipment, net
|
|
3,717
|
|
|
3,686
|
|
Investments and advances related to equity method investees
|
|
959
|
|
|
981
|
|
Goodwill
|
|
481
|
|
|
479
|
|
Other intangible assets, net
|
|
337
|
|
|
343
|
|
Pension assets
|
|
785
|
|
|
637
|
|
Other assets
|
|
656
|
|
|
595
|
|
Total assets
|
|
$
|
15,797
|
|
|
$
|
15,776
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Current liabilities
|
|
|
|
|
Accounts payable (principally trade)
|
|
$
|
1,824
|
|
|
$
|
1,881
|
|
Loans payable
|
|
27
|
|
|
86
|
|
Current portion of accrued product warranty
|
|
388
|
|
|
363
|
|
Accrued compensation, benefits and retirement costs
|
|
505
|
|
|
508
|
|
Current portion of deferred revenue
|
|
414
|
|
|
401
|
|
Other accrued expenses
|
|
779
|
|
|
759
|
|
Current maturities of long-term debt
|
|
31
|
|
|
23
|
|
Total current liabilities
|
|
3,968
|
|
|
4,021
|
|
Long-term liabilities
|
|
|
|
|
Long-term debt
|
|
1,595
|
|
|
1,589
|
|
Postretirement benefits other than pensions
|
|
347
|
|
|
369
|
|
Pensions
|
|
292
|
|
|
289
|
|
Other liabilities and deferred revenue
|
|
1,514
|
|
|
1,415
|
|
Total liabilities
|
|
$
|
7,716
|
|
|
$
|
7,683
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
Cummins Inc. shareholders’ equity
|
|
|
|
|
Common stock, $2.50 par value, 500 shares authorized, 222.3 and
222.3 shares issued
|
|
$
|
2,173
|
|
|
$
|
2,139
|
|
Retained earnings
|
|
10,331
|
|
|
9,545
|
|
Treasury stock, at cost, 44.7 and 40.1 shares
|
|
(3,486
|
)
|
|
(2,844
|
)
|
Common stock held by employee benefits trust, at cost, 1.0 and 1.1
shares
|
|
(11
|
)
|
|
(13
|
)
|
Accumulated other comprehensive loss
|
|
(1,258
|
)
|
|
(1,078
|
)
|
Total Cummins Inc. shareholders’ equity
|
|
7,749
|
|
|
7,749
|
|
Noncontrolling interests
|
|
332
|
|
|
344
|
|
Total equity
|
|
$
|
8,081
|
|
|
$
|
8,093
|
|
Total liabilities and equity
|
|
$
|
15,797
|
|
|
$
|
15,776
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
Nine months ended
|
In millions
|
|
September 27, 2015
|
|
September 28, 2014
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
Consolidated net income
|
|
$
|
1,292
|
|
|
$
|
1,269
|
|
Adjustments to reconcile consolidated net income to net cash
provided by operating activities
|
|
|
|
|
Depreciation and amortization
|
|
383
|
|
|
330
|
|
Gain on fair value adjustment for consolidated investees
|
|
(17
|
)
|
|
(38
|
)
|
Deferred income taxes
|
|
(120
|
)
|
|
(37
|
)
|
Equity in income of investees, net of dividends
|
|
(68
|
)
|
|
(103
|
)
|
Pension contributions in excess of expense
|
|
(119
|
)
|
|
(154
|
)
|
Other post-retirement benefits payments in excess of expense
|
|
(18
|
)
|
|
(22
|
)
|
Stock-based compensation expense
|
|
24
|
|
|
27
|
|
Translation and hedging activities
|
|
22
|
|
|
(19
|
)
|
Changes in current assets and liabilities, net of acquisitions
|
|
|
|
|
Accounts and notes receivable
|
|
(163
|
)
|
|
(236
|
)
|
Inventories
|
|
(179
|
)
|
|
(302
|
)
|
Other current assets
|
|
133
|
|
|
(6
|
)
|
Accounts payable
|
|
(52
|
)
|
|
316
|
|
Accrued expenses
|
|
(153
|
)
|
|
162
|
|
Changes in other liabilities and deferred revenue
|
|
219
|
|
|
184
|
|
Other, net
|
|
(53
|
)
|
|
17
|
|
Net cash provided by operating activities
|
|
1,131
|
|
|
1,388
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
Capital expenditures
|
|
(393
|
)
|
|
(409
|
)
|
Investments in internal use software
|
|
(38
|
)
|
|
(40
|
)
|
Investments in and advances to equity investees
|
|
(9
|
)
|
|
(39
|
)
|
Acquisitions of businesses, net of cash acquired
|
|
(102
|
)
|
|
(266
|
)
|
Investments in marketable securities—acquisitions
|
|
(175
|
)
|
|
(213
|
)
|
Investments in marketable securities—liquidations
|
|
228
|
|
|
316
|
|
Cash flows from derivatives not designated as hedges
|
|
17
|
|
|
—
|
|
Other, net
|
|
(5
|
)
|
|
11
|
|
Net cash used in investing activities
|
|
(477
|
)
|
|
(640
|
)
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
Proceeds from borrowings
|
|
24
|
|
|
39
|
|
Payments on borrowings and capital lease obligations
|
|
(64
|
)
|
|
(72
|
)
|
Net payments under short-term credit agreements
|
|
(38
|
)
|
|
(41
|
)
|
Distributions to noncontrolling interests
|
|
(35
|
)
|
|
(52
|
)
|
Dividend payments on common stock
|
|
(452
|
)
|
|
(370
|
)
|
Repurchases of common stock
|
|
(650
|
)
|
|
(605
|
)
|
Other, net
|
|
—
|
|
|
2
|
|
Net cash used in financing activities
|
|
(1,215
|
)
|
|
(1,099
|
)
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
(52
|
)
|
|
(20
|
)
|
Net decrease in cash and cash equivalents
|
|
(613
|
)
|
|
(371
|
)
|
Cash and cash equivalents at beginning of year
|
|
2,301
|
|
|
2,699
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
$
|
1,688
|
|
|
$
|
2,328
|
|
|
|
|
|
|
(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 Generation
|
|
Non-segment Items (1)
|
|
Total
|
|
Three months ended September 27, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External sales
|
|
$
|
1,800
|
|
|
$
|
1,543
|
|
|
$
|
891
|
|
|
$
|
386
|
|
|
$
|
—
|
|
|
$
|
4,620
|
|
|
Intersegment sales
|
|
728
|
|
|
8
|
|
|
349
|
|
|
273
|
|
|
(1,358
|
)
|
|
—
|
|
|
Total sales
|
|
2,528
|
|
|
1,551
|
|
|
1,240
|
|
|
659
|
|
|
(1,358
|
)
|
|
4,620
|
|
|
Depreciation and amortization(2)
|
|
60
|
|
|
26
|
|
|
28
|
|
|
14
|
|
|
—
|
|
|
128
|
|
|
Research, development and engineering expenses
|
|
116
|
|
|
2
|
|
|
65
|
|
|
14
|
|
|
—
|
|
|
197
|
|
|
Equity, royalty and interest income from investees
|
|
40
|
|
|
19
|
|
|
9
|
|
|
10
|
|
|
—
|
|
|
78
|
|
|
Interest income
|
|
6
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
9
|
|
|
Segment EBIT
|
|
252
|
|
|
123
|
|
(3)
|
156
|
|
|
42
|
|
|
4
|
|
|
577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment EBIT as a percentage of total sales
|
|
10.0
|
%
|
|
7.9
|
%
|
|
12.6
|
%
|
|
6.4
|
%
|
|
|
|
12.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 28, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External sales
|
|
$
|
2,181
|
|
|
$
|
1,282
|
|
|
$
|
946
|
|
|
$
|
481
|
|
|
$
|
—
|
|
|
$
|
4,890
|
|
|
Intersegment sales
|
|
635
|
|
|
10
|
|
|
341
|
|
|
273
|
|
|
(1,259
|
)
|
|
—
|
|
|
Total sales
|
|
2,816
|
|
|
1,292
|
|
|
1,287
|
|
|
754
|
|
|
(1,259
|
)
|
|
4,890
|
|
|
Depreciation and amortization(2)
|
|
50
|
|
|
22
|
|
|
27
|
|
|
13
|
|
|
—
|
|
|
112
|
|
|
Research, development and engineering expenses
|
|
114
|
|
|
2
|
|
|
64
|
|
|
18
|
|
|
—
|
|
|
198
|
|
|
Equity, royalty and interest income from investees
|
|
40
|
|
|
37
|
|
|
9
|
|
|
13
|
|
|
—
|
|
|
99
|
|
|
Interest income
|
|
3
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
6
|
|
|
Segment EBIT
|
|
330
|
|
|
131
|
|
(3)
|
172
|
|
|
60
|
|
|
(9
|
)
|
|
684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment EBIT as a percentage of total sales
|
|
11.7
|
%
|
|
10.1
|
%
|
|
13.4
|
%
|
|
8.0
|
%
|
|
|
|
14.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 27, 2015 and September 28, 2014.
|
(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."
|
(3)
|
|
Distribution segment EBIT included gains of $17 million and $18
million on the fair value adjustments resulting from acquisitions of
the controlling interests in North American distributors for the
three months ended September 27, 2015 and September 28, 2014,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CUMMINS INC. AND SUBSIDIARIES
|
SEGMENT INFORMATION
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
Engine
|
|
Distribution
|
|
Components
|
|
Power Generation
|
|
Non-segment Items (1)
|
|
Total
|
|
Nine months ended September 27, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External sales
|
|
$
|
5,747
|
|
|
$
|
4,499
|
|
|
$
|
2,839
|
|
|
$
|
1,259
|
|
|
$
|
—
|
|
|
$
|
14,344
|
|
|
Intersegment sales
|
|
2,174
|
|
|
23
|
|
|
1,097
|
|
|
827
|
|
|
(4,121
|
)
|
|
—
|
|
|
Total sales
|
|
7,921
|
|
|
4,522
|
|
|
3,936
|
|
|
2,086
|
|
|
(4,121
|
)
|
|
14,344
|
|
|
Depreciation and amortization(2)
|
|
178
|
|
|
78
|
|
|
82
|
|
|
43
|
|
|
—
|
|
|
381
|
|
|
Research, development and engineering expenses
|
|
321
|
|
|
8
|
|
|
183
|
|
|
46
|
|
|
—
|
|
|
558
|
|
|
Equity, royalty and interest income from investees
|
|
127
|
|
|
60
|
|
|
26
|
|
|
27
|
|
|
—
|
|
|
240
|
|
|
Interest income
|
|
11
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
20
|
|
|
Segment EBIT
|
|
846
|
|
|
324
|
|
(3)
|
574
|
|
|
148
|
|
|
(32
|
)
|
|
1,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment EBIT as a percentage of total sales
|
|
10.7
|
%
|
|
7.2
|
%
|
|
14.6
|
%
|
|
7.1
|
%
|
|
|
|
13.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 28, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External sales
|
|
$
|
6,449
|
|
|
$
|
3,453
|
|
|
$
|
2,821
|
|
|
$
|
1,408
|
|
|
$
|
—
|
|
|
$
|
14,131
|
|
|
Intersegment sales
|
|
1,674
|
|
|
27
|
|
|
976
|
|
|
728
|
|
|
(3,405
|
)
|
|
—
|
|
|
Total sales
|
|
8,123
|
|
|
3,480
|
|
|
3,797
|
|
|
2,136
|
|
|
(3,405
|
)
|
|
14,131
|
|
|
Depreciation and amortization(2)
|
|
153
|
|
|
58
|
|
|
79
|
|
|
38
|
|
|
—
|
|
|
328
|
|
|
Research, development and engineering expenses
|
|
335
|
|
|
7
|
|
|
170
|
|
|
55
|
|
|
—
|
|
|
567
|
|
|
Equity, royalty and interest income from investees
|
|
117
|
|
|
120
|
|
|
27
|
|
|
30
|
|
|
—
|
|
|
294
|
|
|
Interest income
|
|
9
|
|
|
2
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
17
|
|
|
Segment EBIT
|
|
910
|
|
|
333
|
|
(3)
|
524
|
|
|
146
|
|
|
(44
|
)
|
|
1,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment EBIT as a percentage of total sales
|
|
11.2
|
%
|
|
9.6
|
%
|
|
13.8
|
%
|
|
6.8
|
%
|
|
|
|
13.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 27, 2015 and September 28, 2014.
|
(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 were $2 million for
both the nine months ended September 27, 2015 and September 28, 2014.
|
(3)
|
|
Distribution segment EBIT included gains of $17 million and $38
million on the fair value adjustments resulting from the
acquisitions of the controlling interests in North American
distributors for the nine months ended September 27, 2015 and
September 28, 2014, respectively.
|
|
|
|
A reconciliation of our segment information to the corresponding amounts
in the Condensed Consolidated Statements of Income is shown in
the table below:
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
In millions
|
|
September 27, 2015
|
|
September 28, 2014
|
|
September 27, 2015
|
|
September 28, 2014
|
Total EBIT
|
|
$
|
577
|
|
|
$
|
684
|
|
|
$
|
1,860
|
|
|
$
|
1,869
|
Less: Interest expense
|
|
16
|
|
|
15
|
|
|
47
|
|
|
47
|
Income before income taxes
|
|
$
|
561
|
|
|
$
|
669
|
|
|
$
|
1,813
|
|
|
$
|
1,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CUMMINS INC. AND SUBSIDIARIES
|
SELECTED FOOTNOTE DATA
|
(Unaudited)
|
|
NOTE 1. EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES
|
|
Equity, royalty and interest income from investees included in our Condensed
Consolidated Statements of Income for the reporting periods
was as follows:
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
In millions
|
|
September 27, 2015
|
|
September 28, 2014
|
|
September 27, 2015
|
|
September 28, 2014
|
Distribution Entities
|
|
|
|
|
|
|
|
|
North American distributors
|
|
$
|
9
|
|
|
$
|
27
|
|
|
$
|
27
|
|
|
$
|
89
|
Komatsu Cummins Chile, Ltda.
|
|
8
|
|
|
8
|
|
|
23
|
|
|
22
|
All other distributors
|
|
1
|
|
|
—
|
|
|
2
|
|
|
2
|
Manufacturing Entities
|
|
|
|
|
|
|
|
|
Beijing Foton Cummins Engine Co., Ltd
|
|
18
|
|
|
5
|
|
|
47
|
|
|
6
|
Dongfeng Cummins Engine Company, Ltd.
|
|
11
|
|
|
15
|
|
|
40
|
|
|
51
|
Chongqing Cummins Engine Company, Ltd.
|
|
9
|
|
|
13
|
|
|
32
|
|
|
39
|
All other manufacturers
|
|
13
|
|
|
20
|
|
|
41
|
|
|
54
|
Cummins share of net income
|
|
69
|
|
|
88
|
|
|
212
|
|
|
263
|
Royalty and interest income
|
|
9
|
|
|
11
|
|
|
28
|
|
|
31
|
Equity, royalty and interest income from investees
|
|
$
|
78
|
|
|
$
|
99
|
|
|
$
|
240
|
|
|
$
|
294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE 2. INCOME TAXES
The effective tax rate for the three and nine month periods ended
September 27, 2015, was 30.1 percent and 28.7 percent, respectively. The
tax rate for the nine month period ended September 27, 2015, included a
net $14 million discrete tax benefit primarily to reflect the release of
reserves for uncertain tax positions related to a favorable federal
audit settlement.
|
NOTE 3. ACQUISITIONS
|
|
The Distribution segment North American distributor acquisitions
in the third quarter of 2015 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entity Acquired
|
|
Date of Acquisition
|
|
Additional Percent Interest Acquired
|
|
Payments to Former Owners
|
|
Acquisition Related Debt Retirements
|
|
Total Purchase Consideration
|
|
Type of Acquisition(1)
|
|
Gain Recognized(1)
|
|
Goodwill Acquired
|
|
Intangibles Recognized(2)
|
|
Net Sales Previous Fiscal Year Ended(3)
|
Cummins Crosspoint LLC (4)
|
|
08/03/15
|
|
50
|
%
|
|
$
|
20
|
|
|
$
|
36
|
|
|
$
|
65
|
|
(5)
|
COMB
|
|
$
|
10
|
|
|
$
|
7
|
|
|
$
|
2
|
|
|
$
|
258
|
Cummins Atlantic LLC (4)
|
|
08/03/15
|
|
51
|
%
|
|
14
|
|
|
28
|
|
|
48
|
|
(5)
|
COMB
|
|
7
|
|
|
2
|
|
|
6
|
|
|
245
|
Cummins Central Power LLC
|
|
06/29/15
|
|
20.01
|
%
|
|
8
|
|
|
—
|
|
|
8
|
|
(5)
|
EQUITY
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
____________________________________________________
(1)
|
|
All results from acquired entities were included in Distribution
segment results subsequent to the acquisition date. Previously
consolidated entities were accounted for as equity transactions
(EQUITY). Newly consolidated entities were accounted for as business
combinations (COMB) with gains recognized based on the requirement
to remeasure our pre-existing ownership to fair value in accordance
with GAAP.
|
(2)
|
|
Intangible assets acquired in business combinations were mostly
customer related, the majority of which will be amortized over a
period of up to five years from the date of the acquisition.
|
(3)
|
|
Sales amounts are not fully incremental to our consolidated sales as
the amount would be reduced by the elimination of sales to the
previously unconsolidated entity.
|
(4)
|
|
Purchase accounting for this acquisition is preliminary awaiting
customary adjustments to purchase price in accordance with the
purchase agreements.
|
(5)
|
|
The "Total Purchase Consideration" represents the total amount that
will or is estimated to be paid to complete the acquisition. In some
instances a portion of the acquisition payment has not yet been made
and will be paid in future periods in accordance with the purchase
contract. The total outstanding consideration at September 27, 2015
for these entities was $15 million.
|
|
|
|
|
|
|
|
|
CUMMINS INC. AND SUBSIDIARIES
|
FINANCIAL MEASURES THAT SUPPLEMENT GAAP
|
(Unaudited)
|
|
Earnings before interest, income taxes and noncontrolling
interests
|
|
We define EBIT as earnings before interest expense, income tax
expense and noncontrolling interests in income of consolidated
subsidiaries (EBIT). We use EBIT to assess and measure the
performance of our operating segments and also as a component in
measuring our variable compensation programs. This measure is not
in accordance with, or an alternative for, GAAP and may not be
consistent with measures used by other companies. It should be
considered supplemental data. Below is a reconciliation of EBIT to
“Net income attributable to Cummins Inc.” for each of the
applicable periods:
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
In millions
|
|
September 27, 2015
|
|
September 28, 2014
|
|
September 27, 2015
|
|
September 28, 2014
|
Earnings before interest expense and income taxes
|
|
$
|
577
|
|
|
$
|
684
|
|
|
$
|
1,860
|
|
|
$
|
1,869
|
|
|
|
|
|
|
|
|
|
|
EBIT as a percentage of net sales
|
|
12.5
|
%
|
|
14.0
|
%
|
|
13.0
|
%
|
|
13.2
|
%
|
|
|
|
|
|
|
|
|
|
Less
|
|
|
|
|
|
|
|
|
Interest expense
|
|
16
|
|
|
15
|
|
|
47
|
|
|
47
|
|
Income tax expense
|
|
169
|
|
|
230
|
|
|
521
|
|
|
553
|
|
Consolidated net income
|
|
392
|
|
|
439
|
|
|
1,292
|
|
|
1,269
|
|
|
|
|
|
|
|
|
|
|
Less
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interests
|
|
12
|
|
|
16
|
|
|
54
|
|
|
62
|
|
Net income attributable to Cummins Inc.
|
|
$
|
380
|
|
|
$
|
423
|
|
|
$
|
1,238
|
|
|
$
|
1,207
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Cummins Inc. as a percentage of net
sales
|
|
8.2
|
%
|
|
8.7
|
%
|
|
8.6
|
%
|
|
8.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CUMMINS INC. AND SUBSIDIARIES BUSINESS UNIT SALES DATA (Unaudited)
Engine Segment Sales by Market and Unit Shipments by Engine
Classification
In the first quarter of 2015, our Engine segment reorganized its
reporting structure to include the following markets: heavy-duty truck,
medium-duty truck and bus, light-duty automotive (pickup and light
commercial vehicle), industrial and stationary power. Sales by market
for our Engine segment by business (including 2014 and 2013 reorganized
balances) were as follows:
2015
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Heavy-duty truck
|
|
$
|
757
|
|
|
$
|
875
|
|
|
$
|
784
|
|
|
$
|
—
|
|
|
$
|
2,416
|
Medium-duty truck and bus
|
|
608
|
|
|
674
|
|
|
585
|
|
|
—
|
|
|
1,867
|
Light-duty automotive
|
|
381
|
|
|
354
|
|
|
339
|
|
|
—
|
|
|
1,074
|
Industrial
|
|
616
|
|
|
624
|
|
|
617
|
|
|
—
|
|
|
1,857
|
Stationary power
|
|
234
|
|
|
270
|
|
|
203
|
|
|
—
|
|
|
707
|
Total sales
|
|
$
|
2,596
|
|
|
$
|
2,797
|
|
|
$
|
2,528
|
|
|
$
|
—
|
|
|
$
|
7,921
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Heavy-duty truck
|
|
$
|
718
|
|
|
$
|
769
|
|
|
$
|
801
|
|
|
$
|
784
|
|
|
$
|
3,072
|
Medium-duty truck and bus
|
|
575
|
|
|
605
|
|
|
599
|
|
|
652
|
|
|
2,431
|
Light-duty automotive
|
|
391
|
|
|
392
|
|
|
396
|
|
|
388
|
|
|
1,567
|
Industrial
|
|
669
|
|
|
739
|
|
|
768
|
|
|
775
|
|
|
2,951
|
Stationary power
|
|
210
|
|
|
239
|
|
|
252
|
|
|
240
|
|
|
941
|
Total sales
|
|
$
|
2,563
|
|
|
$
|
2,744
|
|
|
$
|
2,816
|
|
|
$
|
2,839
|
|
|
$
|
10,962
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
YTD
|
|
|
|
|
|
|
|
|
Heavy-duty truck
|
|
$
|
2,618
|
|
|
|
|
|
|
|
|
|
Medium-duty truck and bus
|
|
2,064
|
|
|
|
|
|
|
|
|
|
Light-duty automotive
|
|
1,465
|
|
|
|
|
|
|
|
|
|
Industrial
|
|
2,921
|
|
|
|
|
|
|
|
|
|
Stationary power
|
|
945
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
$
|
10,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit shipments by engine classification (including unit shipments
to Power Generation):
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Mid-range
|
|
112,400
|
|
|
120,000
|
|
|
107,400
|
|
|
—
|
|
|
339,800
|
Heavy-duty
|
|
28,700
|
|
|
32,800
|
|
|
28,600
|
|
|
—
|
|
|
90,100
|
High-horsepower
|
|
3,500
|
|
|
3,700
|
|
|
3,200
|
|
|
—
|
|
|
10,400
|
Total units
|
|
144,600
|
|
|
156,500
|
|
|
139,200
|
|
|
—
|
|
|
440,300
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Mid-range
|
|
118,900
|
|
|
118,700
|
|
|
117,700
|
|
|
115,900
|
|
|
471,200
|
Heavy-duty
|
|
28,800
|
|
|
30,300
|
|
|
32,300
|
|
|
30,700
|
|
|
122,100
|
High-horsepower
|
|
3,400
|
|
|
3,900
|
|
|
3,900
|
|
|
3,600
|
|
|
14,800
|
Total units
|
|
151,100
|
|
|
152,900
|
|
|
153,900
|
|
|
150,200
|
|
|
608,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CUMMINS INC. AND SUBSIDIARIES
|
BUSINESS UNIT SALES DATA
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Distribution Segment Sales by Business
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Parts and filtration
|
|
$
|
573
|
|
|
$
|
598
|
|
|
$
|
604
|
|
|
$
|
—
|
|
|
$
|
1,775
|
Engines
|
|
321
|
|
|
318
|
|
|
323
|
|
|
—
|
|
|
962
|
Power generation
|
|
298
|
|
|
272
|
|
|
323
|
|
|
—
|
|
|
893
|
Service
|
|
284
|
|
|
307
|
|
|
301
|
|
|
—
|
|
|
892
|
Total sales
|
|
$
|
1,476
|
|
|
$
|
1,495
|
|
|
$
|
1,551
|
|
|
$
|
—
|
|
|
$
|
4,522
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Parts and filtration
|
|
$
|
382
|
|
|
$
|
461
|
|
|
$
|
491
|
|
|
$
|
590
|
|
|
$
|
1,924
|
Engines
|
|
174
|
|
|
249
|
|
|
270
|
|
|
368
|
|
|
1,061
|
Power generation
|
|
193
|
|
|
278
|
|
|
279
|
|
|
413
|
|
|
1,163
|
Service
|
|
201
|
|
|
250
|
|
|
252
|
|
|
323
|
|
|
1,026
|
Total sales
|
|
$
|
950
|
|
|
$
|
1,238
|
|
|
$
|
1,292
|
|
|
$
|
1,694
|
|
|
$
|
5,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Component Segment Sales by Business
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Emission solutions
|
|
$
|
613
|
|
|
$
|
679
|
|
|
$
|
607
|
|
|
$
|
—
|
|
|
$
|
1,899
|
Turbo technologies
|
|
301
|
|
|
307
|
|
|
266
|
|
|
—
|
|
|
874
|
Filtration
|
|
255
|
|
|
266
|
|
|
240
|
|
|
—
|
|
|
761
|
Fuel systems
|
|
130
|
|
|
145
|
|
|
127
|
|
|
—
|
|
|
402
|
Total sales
|
|
$
|
1,299
|
|
|
$
|
1,397
|
|
|
$
|
1,240
|
|
|
$
|
—
|
|
|
$
|
3,936
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Emission solutions
|
|
$
|
543
|
|
|
$
|
582
|
|
|
$
|
598
|
|
|
$
|
620
|
|
|
$
|
2,343
|
Turbo technologies
|
|
313
|
|
|
307
|
|
|
297
|
|
|
305
|
|
|
1,222
|
Filtration
|
|
265
|
|
|
275
|
|
|
268
|
|
|
267
|
|
|
1,075
|
Fuel systems
|
|
109
|
|
|
116
|
|
|
124
|
|
|
129
|
|
|
478
|
Total sales
|
|
$
|
1,230
|
|
|
$
|
1,280
|
|
|
$
|
1,287
|
|
|
$
|
1,321
|
|
|
$
|
5,118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power Generation Segment Sales by Business
In the first quarter of 2015, our Power Generation segment reorganized
its reporting structure to include the following businesses: power
systems, alternators and power solutions. Sales for our Power Generation
segment by business (including 2014 and 2013 reorganized balances) were
as follows:
2015
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Power systems
|
|
$
|
543
|
|
|
$
|
611
|
|
|
$
|
551
|
|
|
$
|
—
|
|
|
$
|
1,705
|
Alternators
|
|
98
|
|
|
92
|
|
|
86
|
|
|
—
|
|
|
276
|
Power solutions
|
|
39
|
|
|
44
|
|
|
22
|
|
|
—
|
|
|
105
|
Total sales
|
|
$
|
680
|
|
|
$
|
747
|
|
|
$
|
659
|
|
|
$
|
—
|
|
|
$
|
2,086
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
YTD
|
Power systems
|
|
$
|
510
|
|
|
$
|
586
|
|
|
$
|
598
|
|
|
$
|
606
|
|
|
$
|
2,300
|
Alternators
|
|
105
|
|
|
126
|
|
|
115
|
|
|
103
|
|
|
449
|
Power solutions
|
|
24
|
|
|
31
|
|
|
41
|
|
|
51
|
|
|
147
|
Total sales
|
|
$
|
639
|
|
|
$
|
743
|
|
|
$
|
754
|
|
|
$
|
760
|
|
|
$
|
2,896
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
YTD
|
|
|
|
|
|
|
|
|
Power systems
|
|
$
|
2,381
|
|
|
|
|
|
|
|
|
|
Alternators
|
|
496
|
|
|
|
|
|
|
|
|
|
Power solutions
|
|
154
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
$
|
3,031
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151027005380/en/ Copyright Business Wire 2015
Source: Business Wire
(October 27, 2015 - 7:30 AM EDT)
News by QuoteMedia
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