Cummins Full-Year Report 2023
Fourth quarter 2023 revenues of $8.5 billion increased 10% from the same quarter in 2022. Sales in North America increased 8% and international revenues increased 13% reflecting strong demand across most of Cummins’ global markets during the period.
Highlights
- Fourth quarter 2023 revenues of $8.5 billion; GAAP Net Loss of $1.4 billion
- Fourth quarter 2023 EBITDA was negative 10.3% of sales; Diluted EPS of $(10.01)
- The results for the fourth quarter 2023 reflect:
- $2.04 billion, or $13.76 per diluted share, charge related to the previously announced agreement to resolve U.S. regulatory claims.
- $42 million, or $0.22 per diluted share, of costs related to the implementation of voluntary retirement and separation programs.
- $33 million, or $0.17 per diluted share, of costs related to the separation of Atmus
- Full year 2023 revenues of $34.1 billion; GAAP Net Income of $735 million
- EBITDA for full year 2023 was 8.9% of sales; Diluted EPS of $5.15
- Full-year 2024 revenues are expected to decline between 2% and 5%; EBITDA is expected to range between 14.4% and 15.4% of sales.
