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Cummins Inc (CMI) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Cummins Inc

CIK: 26172 Ticker: CMI

EXHIBIT 99

earningsreleasea06.jpg
For Immediate Release

February 3, 2022

Cummins Reports Fourth Quarter and Full Year 2021 Results

Full year revenues of $24 billion; GAAP1 Net Income of $2.1 billion
EBITDA for the full year was 14.7 percent of sales; Diluted EPS of $14.61
Fourth quarter revenues of $5.9 billion; GAAP1 Net Income of $394 million
Fourth quarter EBITDA of 12.1 percent; Diluted EPS of $2.73
The company expects full year 2022 revenues to be up 6 percent, EBITDA expected to be approximately 15.5 percent

COLUMBUS, IND. - Cummins Inc. (NYSE: CMI) today reported full year 2021 results.

Revenues for the full year were $24 billion, 21 percent higher than 2020. Sales in North America increased 17 percent and international revenues increased 27 percent. Sales increased in all major regions compared to the prior year, which was severely impacted by the height of the COVID-19 pandemic.

EBITDA for the year was $3.5 billion (14.7 percent of sales) compared to $3.1 billion (15.7 percent of sales) in 2020.

Net income attributable to Cummins for the full year was $2.1 billion ($14.61 per diluted share), compared to net income of $1.8 billion ($12.01 per diluted share) in 2020. The tax rate for 2021 was 21.3 percent.

Fourth quarter revenues of $5.9 billion were flat with the same quarter in 2020. Sales in North America decreased 4 percent while international revenues increased 6 percent driven by strong demand across most global markets, with the exception of China, compared to the same quarter in 2020.

Earnings before interest, taxes, depreciation and amortization (EBITDA) in the fourth quarter were $705 million (12.1 percent of sales), compared to $837 million (14.4 percent of sales) a year ago.

Net income attributable to Cummins in the fourth quarter was $394 million ($2.73 per diluted share) compared to $501 million ($3.36 per diluted share) in 2020. The tax rate in the fourth quarter was 22.2 percent.

“Strong economic recovery combined with high demand for our products resulted in record full year revenues in 2021. Our industry continues to experience significant supply chain constraints resulting in elevated manufacturing, logistics, and material costs resulting in margins below our expectations, particularly in the fourth quarter,” said Chairman and CEO Tom Linebarger. “We have taken actions to improve margins in 2022 and expect to generate strong incremental margins through increased pricing, surcharges, a number of cost reduction initiatives and operational improvements. Having effectively managed through a challenging
1

The following information was filed by Cummins Inc (CMI) on Thursday, February 3, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Cummins Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Document Cover Document
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Acquisitions
Acquisitions (Details)
Acquisitions (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details1) Guarantees And Commitments
Debt
Debt (Details)
Debt (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Details 1) Goodwill Rollforward
Goodwill And Other Intangible Assets (Details 2) Intangible Assets And Projected Amortization
Goodwill And Other Intangible Assets (Tables)
Income Taxes
Income Taxes (Details 1) Inc. Before Taxes, Components Of Tax Expense, Rate Recon., Effective Tax Rate Discussion
Income Taxes (Details 2) Carryforward Deferred Tax Asset/Liability, Bs Disclosure, Recon. Of Unrecognized Tax Benefits
Income Taxes (Tables)
Inventories
Inventories (Details)
Inventories (Tables)
Investments In Equity Investees
Investments In Equity Investees (Details 1) Investments In And Earnings From
Investments In Equity Investees (Details 2) Equity Investee Financial Summary
Investments In Equity Investees (Tables)
Leases Footnote Disclosure Leases Footnote Disclosure (Details 1)
Leases Footnote Disclosure Leases Footnote Disclosure (Details 2)
Leases Footnote Disclosure Leases Footnote Disclosure (Notes)
Leases Footnote Disclosure Leases Footnote Disclosure (Tables)
Marketable Securities
Marketable Securities (Details)
Marketable Securities (Tables)
Noncontrolling Interests
Noncontrolling Interests (Details)
Noncontrolling Interests (Tables)
Operating Segments
Operating Segments (Tables)
Operating Segments - (Details 2) Net Asset Reconciliation, Geographic Information And Largest Customer
Operating Segments Financial Information (Details) Reportable Operating Segments, Ebitda Reconciliation To Gaap
Pension And Other Postretirement Benefits
Pension And Other Postretirement Benefits (Details 1) -Obligations, Assets And Funded Status
Pension And Other Postretirement Benefits (Details 2) - Components Of Net Periodic Pension Cost
Pension And Other Postretirement Benefits (Details 3) - Assumptions And Plan Asset Targets
Pension And Other Postretirement Benefits (Details 4) - Fair Value Of Plan Assets
Pension And Other Postretirement Benefits (Details 6) - Defined Benefits Plan Tables
Pension And Other Postretirement Benefits (Details 7) - Contribution Plan
Pension And Other Postretirement Benefits (Tables)
Pension And Other Postretirement Benefits - (Details 5 ) - Level 3 Fair Value Reconciliation
Product Warranty Liability
Product Warranty Liability (Details 1) Warranty Liability Reconciliation, Warranty Related To Deferred Revenues
Product Warranty Liability (Tables)
Product Warranty Liability Product Warranty Liability (Details 2) Engine System Capaign, Customer Loss Contingency
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Tables)
Restructuring And Other Charges
Restructuring And Other Charges (Details)
Revenue Recognition Disaggregation Of Revenues Revenue Recognition Disaggregation Of Revenues (Details)
Revenue Recognition Disaggregation Of Revenues Revenue Recognition Disaggregation Of Revenues (Notes)
Revenue Recognition Disaggregation Of Revenues Revenue Recognition Disaggregation Of Revenues (Tables)
Revenue Recognition Long-Term Contracts And Deferred And Unbilled Revenue Revenue Recognition Long-Term Contraacts And Deferred And Unbilled Revenue (Tables)
Revenue Recognition Long-Term Contracts And Deferred And Unbilled Revenue Revenue Recognition Long-Term Contracts And Deferred And Unbilled Revenue
Revenue Recognition Long-Term Contracts And Deferred And Unbilled Revenue Revenue Recognition Long-Term Contrats And Deferred And Unbilled Revenue (Details)
Shareholders' Equity
Shareholders' Equity (Details 1 ) Pref. Stock, Common Stock, Quarterly Dividends, Emp. Ben. Trust
Shareholders' Equity (Details 2) Treasury Stock
Shareholders' Equity (Tables)
Stock Incentive And Stock Option Plans
Stock Incentive And Stock Option Plans (Details 2) Share Based Activity
Stock Incentive And Stock Option Plans (Details 3) Grant Date Fair Value
Stock Incentive And Stock Option Plans (Details) Plan Summaries
Stock Incentive And Stock Option Plans (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details 1) Nature Of Operations, Equity Investments
Summary Of Significant Accounting Policies (Details 3) Pp&Amp;E
Summary Of Significant Accounting Policies (Details 5) Other Intangibles, Softare And R&Amp;D
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Details 2) Foreign Currency, Supp. Cash Flow, Allowance, Inventory
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Details 4) Goodwill
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Tables)
Supplemental Balance Sheet
Supplemental Balance Sheet Data (Details)
Supplemental Balance Sheet Data (Tables)
Ticker: CMI
CIK: 26172
Form Type: 10-K Annual Report
Accession Number: 0000026172-22-000008
Submitted to the SEC: Tue Feb 08 2022 10:23:15 AM EST
Accepted by the SEC: Tue Feb 08 2022
Period: Friday, December 31, 2021
Industry: Engines And Turbines

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