Cummins Q3 Report 2023

Third-quarter revenues of $8.4 billion increased 15 percent from the same quarter in 2022. Sales in North America increased 16 percent and international revenues increased 13 percent due to the addition of Meritor and strong demand across most global markets. The third quarter of 2022 included two months of consolidated operations for Meritor following the completion of the acquisition on August 3, 2022.

Highlights

• Third quarter revenues of $8.4 billion; GAAP Net Income of $656 million.
• EBITDA in the third quarter was 14.6 percent of sales; Diluted EPS of $4.59
• Third quarter results include $26 million, or $0.14 per diluted share, of costs related to the separation of Atmus Filtration Technologies Inc.
• Third quarter net cash provided by operating activities was a record $1.5 billion.
• The company is raising its full-year 2023 revenue guidance to be up 18 to 21 percent; an increase from previous guidance of up 15 to 20 percent.
• EBITDA is now expected to be in the range of 15.2 to 15.4 percent; narrowing the range of the previous guidance of 15.0 to 15.7 percent.