Cummins said its third quarter revenues were $7.3 billion. Excluding the contribution of the Meritor Inc. deal, which was finalized in August, third quarter revenue was $6.6 billion, representing an increase of 11 percent from the same quarter in 2021.
The company said sales in North America increased 19% and international revenues decreased 1% compared to the same quarter in 2021, as strong demand across all global markets was offset by a market slowdown in China, as well as Russia, where operations have been suspended indefinitely.
“During the third quarter of 2022, Cummins advanced its growth strategy most notably with the completion of the acquisition of Meritor, and we have been excited to welcome our new colleagues into our company,” said President and CEO Jennifer Rumsey. “Demand from customers remains strong, reflecting the quality and performance of our products and robust conditions in most markets except China. EBITDA for the third quarter improved year-over-year but declined compared to the second quarter of 2022, reflecting weaker joint venture earnings in China, a one-time bonus to employees to recognize their relentless commitment to meeting customer demand in challenging conditions, and costs associated with both the Meritor acquisition and the planned separation of our filtration business. We expect results for Meritor and Cummins in total to improve in the fourth quarter.”
Excluding the Meritor business and related acquisition and integration costs, net income in the third quarter was $456 million, compared to $534 million in 2021.
Meritor Inc. is a leading global supplier of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for commercial vehicle and industrial markets. The integration of Meritor’s people, products and capabilities in axle and brake technology will position Cummins as a leading provider of integrated powertrain solutions across internal combustion and electric power applications, the company said.