Cummins Full-Year Report 2022

Revenues for the fourth quarter were $7.8 billion. Excluding Meritor, Inc., the acquisition of which was completed on August 3, 2022, revenues were $6.6 billion, 13 percent higher than the same quarter in 2021. Excluding Meritor, sales in North America increased 25 percent and international revenues decreased 1 percent compared to fourth quarter 2021, as strong demand across all global markets were offset by a market slowdown in China, as well as Russia, where operations have been suspended indefinitely.

Highlights

• Fourth quarter revenues of $7.8 billion; GAAP Net Income of $631 million
• EBITDA in the fourth quarter was 14.2 percent of sales; Diluted EPS of $4.43
• Fourth quarter results reflect:
• $52 million, or $0.36 per diluted share, of favorable discrete tax items.
• $27 million, or $0.15 per diluted share, of costs related to the integration of Meritor.
• $19 million, or $0.11 per diluted share, of costs related to the separation of the Filtration business.
• Excluding the Meritor business and related integration costs and Filtration separation costs, EBITDA in the fourth quarter was 16.1 percent of sales, exceeding our guidance
• Full year revenues of $28.1 billion; GAAP Net Income of $2.2 billion
• EBITDA for the full year was 13.5 percent of sales; Diluted EPS of $15.12
• The company expects full-year 2023 revenues to be up 12 to 17 percent, EBITDA expected to be in the range of 14.5 to 15.2 percent.