PHOTO COURTESY CUMMINSCummins reported net sales of $34.1 billion for fiscal year 2023, a 21% increase year-over-year. North American sales were up 22%, and international revenues increased 20%.
Fourth quarter revenues of $8.5 billion were a 10% increase over the year-prior quarter. Sales in North America were up 8%, and international revenues increased 13%. Net loss was $1.4 billion, compared with net earnings of $631 million in 2022. The results reflect the recording of a charge related to an agreement to resolve U.S. regulatory claims of $2.04 billion.
“High global demand for Cummins’ diverse set of innovative products drove record full-year revenues and operating cash flow in 2023,” chair and CEO Jennifer Rumsey said in a statement. “Excluding the impacts related to the agreement to resolve U.S. regulatory claims, 2023 was a record year for EBITDA, net income and EPS for Cummins. Also, EBITDA percent improved year-over-year in the components, distribution and power systems segments.”
Earnings before interest, taxes, depreciation and amortization in the fourth quarter was a loss of $878 million, or negative 10.3% of sales, compared with positive $1.1 billion, or 14.2% of sales, a year ago.
In the engine segment, fourth quarter sales were $2.8 billion, a 5% increase year-over-year. Sales in North America were up 5%, and international markets grew 8%. The power generation segment reported sales of $1.4 billion, an 8% increase.
