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Mar 31, 2023
Cummins Q1 2023 Earnings Report
Cummins achieved record revenues, EBITDA and EPS due to strong demand and cycle-over-cycle financial improvement.
Key Takeaways
Cummins reported record first-quarter results for 2023, with revenues reaching $8.5 billion, a 32% increase from the previous year. The company's net income was $790 million, or $5.55 per diluted share, driven by strong demand across key markets and regions and the addition of Meritor. The company is raising its full year 2023 revenue guidance to be up 15 to 20 percent.
Record first quarter revenues of $8.5 billion.
Record GAAP Net Income of $790 million.
EBITDA in the first quarter was 16.1 percent of sales.
Diluted EPS of $5.55.
Cummins
Cummins
Cummins Revenue by Segment
Revenue by Segment
Engine Revenue
CapyFin.comComponents Revenue
CapyFin.comDistribution Revenue
CapyFin.comAccelera Revenue
CapyFin.com Forward Guidance
Cummins is raising its full year 2023 revenue guidance to be up 15 to 20 percent, an increase from prior projections of up 12 to 17 percent due to stronger demand across most markets. EBITDA is expected to be in the range of 15.0 to 15.7 percent, an increase from the prior range of 14.5 and 15.2 percent of sales.
Positive Outlook
- Revenue guidance raised to 15-20% increase.
- Stronger demand across most markets.
- EBITDA expected to be in the range of 15.0 to 15.7 percent.
- Continued demand for Cummins’ products and services.
- Strong position to keep investing in future growth.
Challenges Ahead
- Global economic indicators monitored closely.
- Prepared should economic momentum slow.
- Persistent supply chain constraints.
- Excludes any costs or benefits associated with the planned separation of the Filtration business.
- Includes the projected results of the Meritor business for 2023
Revenue & Expenses
Visualization of income flow from segment revenue to net income