Cummins Q2 2023 Earnings Report
Key Takeaways
Cummins Inc. reported strong second-quarter results, with record revenues of $8.6 billion, a 31% increase compared to the same quarter in 2022. Net income attributable to Cummins was $720 million, or $5.05 per diluted share, compared to $702 million, or $4.94 per diluted share in 2022.
Second quarter revenues reached a record $8.6 billion.
Net income attributable to Cummins was $720 million, or $5.05 per diluted share.
EBITDA was 15.1 percent of sales.
The company is maintaining its full-year 2023 guidance, expecting revenue to be up 15 to 20 percent and EBITDA of 15.0 to 15.7 percent.
Cummins
Cummins
Cummins Revenue by Segment
Forward Guidance
Cummins is maintaining its full year 2023 revenue guidance to be up 15 to 20 percent due to strong demand across most markets, especially North America. EBITDA is still expected to be in the range of 15.0 to 15.7 percent of sales.
Positive Outlook
- Strong demand across most markets, especially North America
- EBITDA is expected to be in the range of 15.0 to 15.7 percent of sales.
- Projected results of the Meritor business for 2023 are included.
- The outlook assumes the inclusion of Atmus for the entirety of 2023.
- Company plans to continue to generate strong operating cash flow and returns for shareholders.
Challenges Ahead
- Global economic indicators are being closely monitored.
- Potential slowing of economic momentum.
- Need to keep investing in future growth.
- Bringing new technologies to customers as we advance our Destination Zero strategy.
- Returning cash to shareholders
Revenue & Expenses
Visualization of income flow from segment revenue to net income