Cummins Q1 Report 2023

First-quarter revenues of $8.5 billion increased 32 percent from the same quarter in 2022. Sales in North America increased 39 percent and international revenues increased 24 percent due to the addition of Meritor and strong demand across all key global markets.

Highlights

• 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; Record Diluted EPS of $5.55
• First quarter results include $18 million, or $0.10 per diluted share, of costs related to the separation of the Filtration business.
• The company is raising its full-year 2023 revenue guidance to be up 15 to 20 percent; an increase from previous guidance of up 12 to 17 percent.
• EBITDA is now expected to be in the range of 15.0 to 15.7 percent; an increase from the previous guidance of 14.5 to 15.2 percent.