Cummins sees record first quarter; forecasts strong 2023 revenue
Cummins is reporting record revenues for the first quarter of this year.
The Columbus based engine manufacturer announced the first quarter results Tuesday, saying that it has record-setting revenues of $8.5 billion and net income of $790 million. The revenues were up 32 percent from the same quarter in 2022.
According to the company’s report, sales in North America increased 39 percent and international revenues increased 24 percent. That was due to the addition of Meritor and strong demand across all key global markets.
Earnings before interest, taxes, depreciation and amortization were $1.4 billion in the first quarter compared to $755 million a year ago.
Jennifer Rumsey, Cummins President and CEO, said the results came despite persistent supply chain constraints. She said the company continues to invest in sustainable solutions that will protect the planet for future generations and to support the success of its customers.
The performance also comes after $158 million of costs related to the indefinite suspension of operations in Russia and $18 million in costs associated with the separation of the Filtration business.
The company is now forecasting full-year revenue to be up 15 to 20 percent. That’s an increase from previous guidance of 12 to 17 percent increases.