Cummins touts record quarterly profits
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Columbus-based Cummins Inc. (NYSE: CMI) is reporting record first quarter net income of $790 million, compared to $418 million during the same period a year ago. The powertrain manufacturer says it also saw record Q1 revenues of $8.5 billion, up 32%.
Cummins President and CEO Jennifer Rumsey says demand for its products remain strong across most of its key markets and regions.
“We are delivering cycle-over-cycle improvement in financial performance despite persistent supply chain constraints, and we continue to invest in sustainable solutions that will protect our planet for future generations and support the success of our customers,” said Rumsey.
Confidence remains high at the company as it is raising its full year 2023 revenue guidance to be up 15 to 20%, an increase from previous projections of up 12 to 17%. Rumsey says the decision is based on forecasted stronger demand.
“We will continue monitoring global economic indicators closely to ensure we are prepared should economic momentum slow,” said Rumsey. “Cummins is in a strong position to keep investing in future growth, bringing new technologies to customers and returning cash to shareholders.”
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