Power generation company Cummins reported fourth quarter revenue of $7.8 billion, a double-digit increase over the same quarter as last year. The company reported net income of $631 million, also up from a year ago.
For the full year, Cummins reported revenue of $28.1 billion, and net income of $2.2 billion.
Excluding the revenue generated by Meritor, a company Cummins acquired and closed on in August, the company’s revenue was $26.2 billion in 2022, a 9% increase over the previous year.
The company said its North American sales were strong while internationally, the numbers were affected by a slowdown in China and the lack of anything happening in Russia, where Cummins has suspended operations indefinitely.
“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,” said President and CEO Jennifer Rumsey. “We delivered strong profitability in the fourth quarter and achieved record full year revenues, EBITDA and EPS last year. I want to thank all our employees for helping us navigate a difficult supply chain environment and making 2022 a successful year.”
Jacobs Vehicle Systems is a supplier of engine braking, cylinder deactivation, start and stop and thermal management technologies which are key components to meeting current and future emissions regulations, the company said. Meritor is a global supplier of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for commercial vehicle and industrial markets; and Siemens Commercial Vehicles business is a global supplier of high-performance electric drive systems for commercial vehicles.
“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.”