Cummins Q1 Report 2022
First-quarter revenues of $6.4 billion increased 5 percent from the same quarter in 2021. Sales in North America increased 12 percent while international revenues decreased 3 percent, driven primarily by a slowdown in China.
Highlights
- First quarter revenues of $6.4 billion; GAAP1 Net Income of $418 million
- EBITDA in the first quarter was 11.8 percent of sales; Diluted EPS of $2.92
- First quarter results include costs of $158 million ($1.03 per diluted share) related to the indefinite suspension of operations in Russia and $17 million ($0.09 per diluted share) related to the separation of the Filtration business
- The company is raising its full-year 2022 revenue guidance to be up 8 percent; an increase from up 6 percent in the previous guidance
- The company is maintaining its 2022 full-year guidance for EBITDA of approximately 15.5 percent
