PHOTO COURTESY CUMMINSCummins reported revenues of $8.6 billion and a net income (GAAP) of $720 million in the second fiscal quarter, a 31% increase compared with the same quarter in 2022. EBITDA was 15.1% of sales, and diluted earning per share was $5.05.
North America increased 31% in the quarter, and international revenues rose by 32%.
“Strong demand across most of our key markets and regions resulted in record revenues and solid profitability for the company in the second quarter of 2023,” chair and CEO Jennifer Rumsey said in a statement. “We are committed to delivering cycle-over-cycle improvement in financial performance, returning cash to our shareholders and prioritizing investments to continue building our product portfolio to power our customers’ success around the world.”
Cummins didn’t break out the marine segment in its quarterly reporting. However, the engine segment had sales of $3 billion, an 8% increase over 2022. Engine sales in North America increased 7%, and international markets were up 10%.
In Power Systems, the company reported sales of $2.6 billion and revenues in North America up 20%. Accelera by Cummins, the company’s sustainability initiative, had sales of $85 million, a 102% increase over the second quarter of 2022.
EBITDA for the second quarter was $1.3 billion compared with $1.1 billion a year ago.
Net income attributable to Cummins in the quarter was $720 million, compared with $702 million in 2022. There were costs of $23 million related to the separation of the Atmus filtration division, which started trading on the New York Stock Exchange in May. Upon completion of the IPO, Cummins retained approximately 80.5% of Atmus’ outstanding shares. The IPO generated $299 million in net proceeds, and Atmus added $650 million of debt.
President Biden visited Cummins’ Fridley, Minn., facilities in April to tour Accelera, the first U.S. manufacturing location for electrolyzers that will be used to produce low and no-carbon hydrogen systems.
