Cummins Inc. (NYSE: CMI), a leading provider of power solutions, reported higher net sales and earnings for the third quarter of 2023. The management raised its full-year guidance.
September quarter sales increased to $8.43 billion from $7.33 billion in the corresponding period of 2022. Net income attributable to the company was $656 million or $4.59 per share, compared to $400 million or $2.82 per share in the prior-year quarter.
The company said it is raising its full-year 2023 guidance — now expects revenue to be up 18-21% and EBITDA to be 15.2 to 15.4% of total sales.
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