Cummins sees record earnings for 2022, fourth quarter
Cummins is reporting a strong fourth quarter to cap off a record-setting year of revenues for the company. Revenues were 9 percent higher than 2021, not counting the revenue from Meritor.
Last year, Cummins acquired Meritor, which was formerly based in Columbus as Arvin Meritor.
The company made its quarterly and annual reports yesterday, saying that fourth quarter revenues were $7.8 billion, or $6.6 billion not counting Meritor. Fourth quarter revenue was up 13 percent compared to the year before. That came from a North American sales increase of 25 percent, and an international sales decrease of 1 percent.
Earnings before interest, taxes, depreciation and amortization in the fourth quarter were $1.1 billion.
Looking at the entire year, revenues were $28.1 billion, or $26.2 not counting Meritor. Earnings were $3.8 billion. President and CEO Jennifer Rumsey said the company delivered record high revenues, as well as record earnings.
Year-over-year sales in North America increased 18 percent and international revenues decreased 2 percent.
The company says international revenues saw strong demand across global markets, except for a market slowdown in China and Russia, where the company suspended operations due to the Ukraine war.