Full-year revenues that totaled $28.1 billion and the company expects those numbers to increase by 12% to 17% in 2023.
Cummins reported 2022 fourth quarter revenues of $7.8 billion and net income of $631 million. Sales in North America increased 25% compared with the year-prior quarter, and international revenues decreased 1%.
The company said in a statement that strong demand across global markets was offset by a market slowdown in China, as well as Russia, where operations are suspended indefinitely.
“In 2022, Cummins continued to advance its Destination Zero growth strategy through the acquisitions of Jacobs Vehicle Systems, Meritor and the Siemens Commercial Vehicles business,” Cummins president and CEO Jennifer Rumsey said in the statement. “We delivered strong profitability in the fourth quarter and achieved record full year revenues, EBITDA and EPS last year.”
Revenues for the full year were $28.1 billion. Sales in North America increased 18%, and international revenues decreased 2% compared with 2021. Net income was $2.2 billion.
The engine segment generated sales of $2.6 billion for the quarter, a 9% increased from the prior-year period. Cummins said on-highway revenues increased 11% “driven by strong demand in the North American truck market, pricing actions and strong aftermarket demand.” Off-highway revenues decreased 1% driven by a slowdown in China construction.
Based on the current forecast, Cummins projects full year 2023 revenues to be up 12% to 17% and EBITDA to be between 14.5% and 15.2% of sales.
