Financial Summary
Five-Year Total Shareholder Return at Year-End 2007

Selected Financial Highlights

 
$ in millions, except per share data 2007   2006   Change
Net sales    $ 13,048        $ 11,362     15%  
Gross margin   2,556     2,465   4%  
Investee equity, royalty and other income   205     140   46%  
Earnings before interest and taxes (EBIT)   1,227     1,179   4%  
Interest expense   58     96   -40%  
Net earnings   739     715   3%  
Diluted earnings per share   3.70     3.55   4%  
Dividends declared per share   0.43     0.33   30%  
Balance Sheet Data                
Working capital $ 2,104   $ 2,089      
Property, plant and equipment, net   1,645     1,574      
Total assets   8,195     7,465      
Long-term debt   555     647      
Shareholders’ equity   3,409     2,802      
Other Data                
Capital expenditures $ 353   $ 249      
Depreciation and amortization   290     296      


Sales by Market and Geography

 

l		   19% Power Generation      l   46% United States

l		   19% Componetns      l   18% Europe/CIS

l		   17% Industrial      l   17% Asia

l		   12% Heavy-Duty Truck      l   6% Brazil and Latin America

l		   10% Distribution      l   5% Africa and Middle East

l		   9% Light-Duty Truck and RV      l   4% Australia/New Zealand

l		   8% Medium-Duty Truck and Bus      l   3% Canada

l		   6% Stationary Power      l   3% Mexico
 

 

Notes for pages 2 and 3

JV income is recorded as Investee Equity, Royalty and Other Income in regulatory filings.

EBIT is a non-GAAP measure, defined as earnings before interest expense, income taxes and minority interests.

The return on equity calculation is a non-GAAP measure as it excludes pension and other post-retirement benefit amounts in shareholders’ equity.

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