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Columbus, IND., April 28, 2015 (GLOBE NEWSWIRE) -- Cummins Inc. (NYSE: CMI) today reported results for the firstquarter of 2015.
First quarter revenue of $4.7 billion increased 7 percent fromthe same quarter in 2014. The increase year-over-year was driven bystronger demand in on-highway markets and distributor acquisitionsin North America. Currency negatively impacted revenues by 3percent compared to last year, primarily due to a stronger USdollar.
Revenues in North America increased 17 percent whileinternational sales declined by 6 percent. Within internationalmarkets, lower revenues in Europe and Brazil more than offsetgrowth in China.
Earnings before interest and taxes (EBIT) increased to $562million for the first quarter or 11.9 percent of sales, up from$528 million or 12.0 percent of sales a year ago.
Net income attributable to Cummins grew 14 percent in the firstquarter to $387 million ($2.14 per diluted share), compared to $338million ($1.83 per diluted share) in the first quarter of 2014. Thetax rate in the first quarter of 2015, including discrete items,was 26.3 percent.
"Record profitability in our Components Segment, execution ofour distributor acquisition strategy, the successful launch of newproducts in China and improved results in our Power GenerationBusiness all contributed to earnings growth in the firstquarter. Strong performance in these areas more than offsetthe impact of weak demand in a number of international markets."said Cummins Chairman and CEO Tom Linebarger. "We expectprofitability for the remainder of the year to increase from firstquarter levels as revenues improve and we capture more benefitsfrom cost reduction activities. During the quarter, we returned$277 million to shareholders in the form of dividends and sharerepurchase, consistent with our plans to return 50 percent of fullyear operating cash flow."
Based on the current forecast, Cummins expects full year 2015revenues to grow between 2 and 4 percent, and EBIT to be in therange of 13.5 to 14.0 percent of sales.
Other recent highlights:
- For the eighth consecutive year, Cummins was named one of theworld's most ethical companies by The Ethisphere Institute
- Forbes magazine named Cummins 21st in itsTop 25 Employers in America list
- Cummins was selected by Halliburton as the engine supplier forthe first EPA Tier 4 Final-compliant fracking spread in NorthAmerica
- The Company repurchased one million shares in the firstquarter
First quarter 2015 detail (all comparisons to sameperiod in 2014)
Engine Segment
- Sales - $2.6 billion, up 1 percent
- Segment EBIT - $253 million, or 9.7 percent of sales, comparedto $269 million or 10.5 percent of sales
- Increased demand in on-highway markets in North America andpower generation offset weaker demand in construction, marine andmining markets
Distribution Segment
- Sales - $1.5 billion, up 55 percent overall and down 2 percentexcluding acquisitions
- Segment EBIT - $88 million, or 6.0 percent of sales, comparedto $76 million or 8.0 percent of sales
- Higher revenues were primarily driven by acquisitions andstronger demand in Asia Pacific, partially offset by the negativeimpact of currency movements
- Segment EBIT included $8m of amortization of intangiblesrelated to prior year acquisitions
Components Segment
- Sales - $1.3 billion, up 6 percent
- Segment EBIT - $195 million, or 15.0 percent of sales, comparedto $167 million or 13.6 percent of sales
- Stronger demand in on-highway markets in North America andChina
Power Generation Segment
- Sales - $680 million, up 6 percent
- Segment EBIT - $49 million, or 7.2 percent of sales,compared to $25 million or 3.9 percent of sales
- Higher revenues in Asia, Africa and the Middle East more thanoffset weaker demand in Eastern Europe
About Cummins
Cummins Inc., a global power leader, is a corporation ofcomplementary business units that design, manufacture, distributeand service diesel and natural gas engines and relatedtechnologies, including fuel systems, controls, air handling,filtration, emission solutions and electrical power generationsystems. Headquartered in Columbus, Indiana, (USA) Cumminscurrently employs approximately 54,600 people worldwide and servescustomers in approximately 190 countries and territories through anetwork of approximately 600 company-owned and independentdistributor 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 onTwitter at www.twittter.com/cummins andon YouTube at www.youtube.com/cummininc.
Forward-looking disclosure statement
Information provided in this release that is not purelyhistorical are forward-looking statements within the meaning of thePrivate Securities Litigation Reform Act of 1995, includingstatements regarding our forecasts, guidance, preliminary results,expectations, hopes, beliefs and intentions on strategies regardingthe future. These forward looking statements include, withoutlimitation, statements relating to our plans and expectations forour revenues for the full year of 2015. Our actual futureresults could differ materially from those projected in suchforward-looking statements because of a number of factors,including, but not limited to: the adoption and implementation ofglobal emission standards; the price and availability of energy;the pace of infrastructure development; increasing globalcompetition among our customers; general economic, business andfinancing conditions; governmental action; changes in ourcustomers' business strategies; competitor pricing activity;expense volatility; labor relations; and other risks detailed fromtime to time in our Securities and Exchange Commission filings,including particularly in the Risk Factors section of our 2014Annual Report on Form 10-K. Shareholders, potential investorsand other readers are urged to consider these factors carefully inevaluating the forward-looking statements and are cautioned not toplace undue reliance on such forward-looking statements. Theforward-looking statements made herein are made only as of the dateof this press release and we undertake no obligation to publiclyupdate any forward-looking statements, whether as a result of newinformation, future events or otherwise. More detailedinformation about factors that may affect our performance may befound in our filings with the Securities and Exchange Commission,which are available at http://www.sec.gov or at http://www.cummins.com in theInvestor Relations section of our website.
Presentation of Non-GAAP FinancialInformation
EBIT is a non-GAAP measure used in this release, and is definedand reconciled to what management believes to be the mostcomparable GAAP measure in a schedule attached to this release.Cummins presents this information as it believes it is useful tounderstanding the Company's operating performance, and because EBITis a measure used internally to assess the performance of theoperating units.
Webcast information
Cummins management will host a teleconference to discuss theseresults today at 10 a.m. EST. This teleconference will bewebcast and available on the Investor Relations section of theCummins website at www.cummins.com . Participantswishing to view the visuals available with the audio are encouragedto sign-in a few minutes prior to the start of theteleconference.
CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) (a)
Three monthsended | ||||||||
In millions, except per shareamounts | March 29,2015 | March 30,2014 | ||||||
NET SALES | $4,709 | $4,406 | ||||||
Cost of sales | 3,514 | 3,307 | ||||||
GROSS MARGIN | 1,195 | 1,099 | ||||||
OPERATING EXPENSES ANDINCOME | ||||||||
Selling, general and administrativeexpenses | 517 | 485 | ||||||
Research, development and engineeringexpenses | 195 | 190 | ||||||
Equity, royalty and interest income frominvestees | 68 | 90 | ||||||
Other operating income (expense), net | (3) | (1) | ||||||
OPERATING INCOME | 548 | 513 | ||||||
Interest income | 5 | 5 | ||||||
Interest expense | 14 | 17 | ||||||
Other income, net | 9 | 10 | ||||||
INCOME BEFORE INCOMETAXES | 548 | 511 | ||||||
Income tax expense | 144 | 153 | ||||||
CONSOLIDATED NET INCOME | 404 | 358 | ||||||
Less: Net income attributable tononcontrolling interests | 17 | 20 | ||||||
NET INCOME ATTRIBUTABLE TO CUMMINSINC. | $387 | $338 | ||||||
EARNINGS PER COMMON SHAREATTRIBUTABLE TO CUMMINS INC. | ||||||||
Basic | $2.14 | $1.83 | ||||||
Diluted | $2.14 | $1.83 | ||||||
WEIGHTED AVERAGE SHARESOUTSTANDING | ||||||||
Basic | 180.6 | 184.3 | ||||||
Diluted | 181.0 | 184.7 | ||||||
CASH DIVIDENDS DECLARED PER COMMONSHARE | $0.78 | $0.625 |
___________________________________________________________
(a) Prepared on an unaudited basis inaccordance with accounting principles generally accepted in theUnited States of America.
CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCESHEETS
(Unaudited) (a)
In millions, except parvalue | March 29,2015 | December 31,2014 | ||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $1,997 | $2,301 | ||||||
Marketable securities | 115 | 93 | ||||||
Total cash, cash equivalents and marketablesecurities | 2,112 | 2,394 | ||||||
Accounts and notes receivable, net | 3,240 | 2,946 | ||||||
Inventories | 2,936 | 2,866 | ||||||
Prepaid expenses and other currentassets | 712 | 849 | ||||||
Total current assets | 9,000 | 9,055 | ||||||
Long-term assets | ||||||||
Property, plant and equipment | 7,046 | 7,123 | ||||||
Accumulated depreciation | (3,409) | (3,437) | ||||||
Property, plant and equipment, net | 3,637 | 3,686 | ||||||
Investments and advances related to equitymethod investees | 968 | 981 | ||||||
Goodwill | 470 | 479 | ||||||
Other intangible assets, net | 340 | 343 | ||||||
Prepaid pensions | 714 | 637 | ||||||
Other assets | 607 | 595 | ||||||
Total assets | $15,736 | $15,776 | ||||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Loans payable | $71 | $86 | ||||||
Accounts payable (principally trade) | 2,013 | 1,881 | ||||||
Current maturities of long-term debt | 33 | 23 | ||||||
Current portion of accrued productwarranty | 379 | 363 | ||||||
Accrued compensation, benefits and retirementcosts | 390 | 508 | ||||||
Deferred revenue | 393 | 401 | ||||||
Other accrued expenses | 778 | 759 | ||||||
Total current liabilities | 4,057 | 4,021 | ||||||
Long-term liabilities | ||||||||
Long-term debt | 1,602 | 1,589 | ||||||
Pensions | 290 | 289 | ||||||
Postretirement benefits other thanpensions | 359 | 369 | ||||||
Other liabilities and deferred revenue | 1,359 | 1,415 | ||||||
Total liabilities | $7,667 | $7,683 | ||||||
EQUITY | ||||||||
Cummins Inc. shareholders' equity | ||||||||
Common stock, $2.50 par value, 500 sharesauthorized, 222.3 and 222.3 shares issued | $2,146 | $2,139 | ||||||
Retained earnings | 9,792 | 9,545 | ||||||
Treasury stock, at cost, 41.0 and 40.1shares | (2,975) | (2,844) | ||||||
Common stock held by employee benefits trust,at cost, 1.0 and 1.1 shares | (12) | (13) | ||||||
Accumulated other comprehensive loss | (1,245) | (1,078) | ||||||
Total Cummins Inc. shareholders' equity | 7,706 | 7,749 | ||||||
Noncontrolling interests | 363 | 344 | ||||||
Total equity | $8,069 | $8,093 | ||||||
Total liabilities and equity | $15,736 | $15,776 |
___________________________________________________________
(a) Prepared on an unaudited basis inaccordance with accounting principles generally accepted in theUnited States of America.
CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (a)
Three monthsended | ||||||||
In millions | March 29,2015 | March 30,2014 | ||||||
CASH FLOWS FROM OPERATINGACTIVITIES | ||||||||
Consolidated net income | $404 | $358 | ||||||
Adjustments to reconcile consolidated netincome to net cash provided by operating activities | ||||||||
Depreciation and amortization | 128 | 105 | ||||||
Deferred income taxes | (1) | 22 | ||||||
Equity in income of investees, net ofdividends | (53) | (52) | ||||||
Pension contributions in excess ofexpense | (96) | (100) | ||||||
Other post-retirement benefits payments inexcess of expense | (8) | (8) | ||||||
Stock-based compensation expense | 5 | 10 | ||||||
Translation and hedging activities | 7 | (3) | ||||||
Changes in current assets and liabilities,net of acquisitions | ||||||||
Accounts and notes receivable | (276) | (232) | ||||||
Inventories | (98) | (135) | ||||||
Other current assets | 20 | 2 | ||||||
Accounts payable | 147 | 302 | ||||||
Accrued expenses | (35) | (95) | ||||||
Changes in other liabilities and deferredrevenue | 59 | 50 | ||||||
Other, net | (30) | 39 | ||||||
Net cash provided by operatingactivities | 173 | 263 | ||||||
CASH FLOWS FROM INVESTINGACTIVITIES | ||||||||
Capital expenditures | (100) | (107) | ||||||
Investments in internal use software | (8) | (14) | ||||||
Investments in and advances to equityinvestees | 10 | (6) | ||||||
Acquisitions of businesses, net of cashacquired | (11) | (90) | ||||||
Investments in marketablesecurities--acquisitions | (95) | (84) | ||||||
Investments in marketablesecurities--liquidations | 71 | 108 | ||||||
Cash flows from derivatives not designated ashedges | 4 | 5 | ||||||
Other, net | 4 | 1 | ||||||
Net cash used in investing activities | (125) | (187) | ||||||
CASH FLOWS FROM FINANCINGACTIVITIES | ||||||||
Proceeds from borrowings | 2 | 7 | ||||||
Payments on borrowings and capital leaseobligations | (18) | (25) | ||||||
Distributions to noncontrollinginterests | (1) | (13) | ||||||
Dividend payments on common stock | (140) | (115) | ||||||
Repurchases of common stock | (137) | (419) | ||||||
Other, net | (2) | (37) | ||||||
Net cash used in financing activities | (296) | (602) | ||||||
EFFECT OF EXCHANGE RATE CHANGES ONCASH AND CASH EQUIVALENTS | (56) | 5 | ||||||
Net decrease in cash and cashequivalents | (304) | (521) | ||||||
Cash and cash equivalents at beginning ofyear | 2,301 | 2,699 | ||||||
CASH AND CASH EQUIVALENTS AT END OFPERIOD | $1,997 | 2,178 |
___________________________________________________________
(a) Prepared on an unaudited basis inaccordance with accounting principles generally accepted in theUnited States of America.
CUMMINS INC. ANDSUBSIDIARIES
SEGMENT INFORMATION
(Unaudited)
In millions | Engine | Distribution | Components | PowerGeneration | Non-segment Items (1) | Total | |||||||||||||||||||
Three months ended March 29,2015 | |||||||||||||||||||||||||
External sales | $1,889 | $1,469 | $931 | $420 | $-- | $4,709 | |||||||||||||||||||
Intersegment sales | 707 | 7 | 368 | 260 | (1,342) | -- | |||||||||||||||||||
Total sales | 2,596 | 1,476 | 1,299 | 680 | (1,342) | 4,709 | |||||||||||||||||||
Depreciation andamortization(2) | 58 | 27 | 26 | 16 | -- | 127 | |||||||||||||||||||
Research, development and engineeringexpenses | 114 | 3 | 61 | 17 | -- | 195 | |||||||||||||||||||
Equity, royalty and interest income frominvestees | 30 | 20 | 9 | 9 | -- | 68 | |||||||||||||||||||
Interest income | 2 | 1 | 1 | 1 | -- | 5 | |||||||||||||||||||
Segment EBIT | 253 | 88 | 195 | 49 | (23) | 562 | |||||||||||||||||||
Segment EBIT as a percentage of totalsales | 9.7% | 6.0% | 15.0% | 7.2% | 11.9% | ||||||||||||||||||||
Three months ended March 30,2014 | |||||||||||||||||||||||||
External sales | $2,090 | $942 | $922 | $452 | $-- | $4,406 | |||||||||||||||||||
Intersegment sales | 473 | 8 | 308 | 187 | (976) | -- | |||||||||||||||||||
Total sales | 2,563 | 950 | 1,230 | 639 | (976) | 4,406 | |||||||||||||||||||
Depreciation andamortization(2) | 51 | 16 | 26 | 12 | -- | 105 | |||||||||||||||||||
Research, development and engineeringexpenses | 116 | 2 | 53 | 19 | -- | 190 | |||||||||||||||||||
Equity, royalty and interest income frominvestees | 32 | 41 | 9 | 8 | -- | 90 | |||||||||||||||||||
Interest income | 2 | 1 | 1 | 1 | -- | 5 | |||||||||||||||||||
Segment EBIT | 269 | 76 | (3) | 167 | 25 | (9) | 528 | ||||||||||||||||||
Segment EBIT as a percentage of totalsales | 10.5% | 8.0% | 13.6% | 3.9% | 12.0% | ||||||||||||||||||||
(1) | Includes intersegment sales andprofit in inventory eliminations and unallocated corporateexpenses. There were no significant unallocated corporate expensesfor the three months ended March 29, 2015 and March 30, 2014. | ||||||||||||||||||||||||
(2) | Depreciation and amortization asshown on a segment basis excludes the amortization of debt discountand deferred costs included in the Condensed ConsolidatedStatements of Income as "Interest expense." The amortizationof debt discount and deferred costs were $1 million and less than amillion for the three months ended March 29, 2015 and March 30,2014, respectively. | ||||||||||||||||||||||||
(3) | Distribution segment EBITincluded a gain of $6 million on the fair value adjustmentresulting from the acquisition of a controlling interest in a NorthAmerican distributor for the three months ended March 30,2014. |
CUMMINS INC. ANDSUBSIDIARIES
RECONCILIATION OF SEGMENT INFORMATION
(Unaudited)
A reconciliation of our segment information to the correspondingamounts in the Condensed Consolidated Statements of Incomeis shown in the table below:
Three months ended | ||||||||
In millions | March 29,2015 | March 30,2014 | ||||||
Total EBIT | $562 | $528 | ||||||
Less: Interest expense | 14 | 17 | ||||||
Income before income taxes | $548 | $511 |
CUMMINS INC. ANDSUBSIDIARIES
SELECTEDFOOTNOTE DATA
(Unaudited)
NOTE 1. EQUITY, ROYALTY AND INTEREST INCOME FROMINVESTEES
Equity, royalty and interest income from investees included inour Condensed Consolidated Statements of Income for thereporting periods was as follows:
Three months ended | ||||||||
In millions | March 29,2015 | March 30,2014 | ||||||
Distribution Entities | ||||||||
North American distributors | $10 | $32 | ||||||
Komatsu Cummins Chile, Ltda. | 7 | 6 | ||||||
All other distributors | 1 | 1 | ||||||
Manufacturing Entities | ||||||||
Dongfeng Cummins EngineCompany, Ltd. | 14 | 14 | ||||||
Chongqing Cummins EngineCompany, Ltd. | 12 | 11 | ||||||
Beijing Foton Cummins Engine Co., Ltd.(Light-duty) | 8 | 6 | ||||||
Beijing Foton Cummins Engine Co., Ltd.(Heavy-duty) | (1) | (6) | ||||||
All other manufacturers | 7 | 15 | ||||||
Cummins share of net income | 58 | 79 | ||||||
Royalty and interest income | 10 | 11 | ||||||
Equity, royalty and interest income frominvestees | $68 | $90 |
NOTE 2. INCOME TAXES
The effective tax rate for the three month period endedMarch 29, 2015, was 26.3 percent. This tax rate included an$18 million discrete tax benefit to reflect the release of reservesfor uncertain tax positions related to a favorable federal auditsettlement.
CUMMINS INC. ANDSUBSIDIARIES
FINANCIAL MEASURESTHAT SUPPLEMENT GAAP
(Unaudited)
Net income and diluted earnings per share (EPS)attributable to Cummins Inc. excluding special items
We believe this is a useful measure of our operating performancefor the periods presented as it illustrates our operatingperformance without regard to special items including taxadjustments. This measure is not in accordance with, or analternative for, accounting principles generally accepted in theUnited States of America (GAAP) and may not be consistent withmeasures used by other companies. It should be consideredsupplemental data. The following table reconciles net incomeattributable to Cummins Inc. to net income attributable to CumminsInc. excluding special items for the following periods:
Three monthsended | ||||||||||||||||
March 29,2015 | March 30,2014 | |||||||||||||||
In millions | NetIncome | DilutedEPS | NetIncome | DilutedEPS | ||||||||||||
Net income attributable toCummins Inc. | $387 | $2.14 | $338 | $1.83 | ||||||||||||
Less | ||||||||||||||||
Tax benefit | 18 | 0.10 | -- | -- | ||||||||||||
Net income attributable toCummins Inc. excluding special items | $369 | $2.04 | $338 | $1.83 |
CUMMINS INC. ANDSUBSIDIARIES
FINANCIALMEASURES THAT SUPPLEMENT GAAP
(Unaudited)
Earnings before interest, taxes and noncontrollinginterests
We define EBIT as earnings before interest expense, income taxexpense and noncontrolling interests in income of consolidatedsubsidiaries (EBIT). We use EBIT to assess and measure theperformance of our operating segments and also as a component inmeasuring our variable compensation programs. This measure is notin accordance with, or an alternative for, GAAP and may not beconsistent with measures used by other companies. It should beconsidered supplemental data. Below is a reconciliation of EBIT to"Net income attributable to Cummins Inc.," for each of theapplicable periods:
Three monthsended | ||||||||
In millions | March 29,2015 | March 30,2014 | ||||||
Earnings before interest expense and incometaxes | $562 | $528 | ||||||
EBIT as a percentage of netsales | 11.9% | 12.0% | ||||||
Less | ||||||||
Interest expense | 14 | 17 | ||||||
Income tax expense | 144 | 153 | ||||||
Consolidated net income | 404 | 358 | ||||||
Less | ||||||||
Net income attributable to noncontrollinginterests | 17 | 20 | ||||||
Net income attributable to Cummins Inc. | $387 | $338 | ||||||
Net income attributable to Cummins Inc.as a percentage of net sales | 8.2% | 7.7% |
CUMMINS INC. ANDSUBSIDIARIES
BUSINESSUNIT SALES DATA
(Unaudited)
Engine Segment Net Sales by Market
In the first quarter of 2015, our Engine segment reorganized itsreporting structure to include the following markets: heavy-dutytruck, medium-duty truck and bus, light-duty automotive (pickup andlight commercial vehicle), industrial and stationary power. Salesby market for our Engine segment by business (including 2014 and2013 reorganized balances) were as follows:
2015 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Heavy-duty truck | $757 | $-- | $-- | $-- | $757 | |||||||||||||||
Medium-duty truck and bus | 608 | -- | -- | -- | 608 | |||||||||||||||
Light-duty automotive | 381 | -- | -- | -- | 381 | |||||||||||||||
Industrial | 616 | -- | -- | -- | 616 | |||||||||||||||
Stationary power | 234 | -- | -- | -- | 234 | |||||||||||||||
Total sales | $2,596 | $-- | $-- | $-- | $2,596 | |||||||||||||||
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 unitshipments to Power Generation):
2015 | |||||||||||||||
Units | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||
Midrange | 112,400 | -- | -- | -- | 112,400 | ||||||||||
Heavy-duty | 28,700 | -- | -- | -- | 28,700 | ||||||||||
High-horsepower | 3,500 | -- | -- | -- | 3,500 | ||||||||||
Total units | 144,600 | -- | -- | -- | 144,600 | ||||||||||
2014 | |||||||||||||||
Units | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||
Midrange | 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 |
Distribution Segment Sales by Business
2015 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Parts and filtration | $573 | $-- | $-- | $-- | $573 | |||||||||||||||
Engines | 321 | -- | -- | -- | 321 | |||||||||||||||
Power generation | 298 | -- | -- | -- | 298 | |||||||||||||||
Service | 284 | -- | -- | -- | 284 | |||||||||||||||
Total sales | $1,476 | $-- | $-- | $ | $-- | $1,476 | ||||||||||||||
2014 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Parts and filtration | $382 | $461 | $4491 | $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 | $-- | $-- | $-- | $613 | |||||||||||||||
Turbo technologies | 301 | -- | -- | -- | 301 | |||||||||||||||
Filtration | 255 | -- | -- | -- | 255 | |||||||||||||||
Fuel systems | 130 | -- | -- | -- | 130 | |||||||||||||||
Total sales | $1,299 | $-- | $-- | $-- | $1,299 | |||||||||||||||
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 segmentreorganized its reporting structure to include the followingbusinesses: power systems, alternators and power solutions. Salesfor our Power Generation segment by business (including 2014 and2013 reorganized balances) were as follows:
2015 | ||||||||||||||||||||
In millions | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Power systems | $543 | $-- | $-- | $-- | $543 | |||||||||||||||
Alternators | 98 | -- | -- | -- | 98 | |||||||||||||||
Power solutions | 39 | -- | -- | -- | 39 | |||||||||||||||
Total sales | $680 | $-- | $-- | $-- | $680 | |||||||||||||||
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 |
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