Cummins reports steady 2022 results
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Columbus-based Cummins Inc. (NYSE: CMI) is reporting full-year net income of $2.2 billion, up slightly from $2.1 billion in 2021. CEO Jennifer Rumsey said several acquisitions helped drive the increased earnings, including record full-year revenues.
“In 2022, Cummins continued to advance its Destination Zero growth strategy through the acquisitions of Jacobs Vehicles Systems, Meritor and the Siemens Commercial Vehicles business. The innovative talent, technology and capabilities these acquisitions bring will position Cummins for success as the industry decarbonizes,” Rumsey said in a news release. “We delivered strong profitability in the fourth quarter and achieved record full year revenues, EBITDA and EPS last year.”
The company is also reporting fourth quarter net income of $631 million, up from $394 million during the same period last year.
Cummins says its results include a full three months of Meritor, a supplier of drivetrain, mobility, braking, aftermarket and electric powertrain products. The company completed the $3.7 billion acquisition in August 2022.
“In 2023, we anticipate that demand will remain strong in most of our key regions and markets, especially in the first half of the year. We will continue monitoring global economic indicators closely and ensure we are prepared should economic momentum slow further,” said Rumsey. “We expect revenue growth and margin expansion in our core business and strong growth in our New Power segment in 2023.”
Earlier this year, the company launched its first Technical Education for Communities program at Arsenal Technical High School on the near east side of Indianapolis, a global program targeting technical skills gaps through vocational educational training.
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