Cummins Inc. (NYSE: CMI), a leading provider of power solutions, reported higher net sales for the fourth quarter of 2023. The management also issued guidance for fiscal 2024.
- Fourth-quarter net sales increased to $8.54 billion from $7.77 billion in the corresponding period of 2022
- North American and international revenues increased 8% and 13% respectively, reflecting strong demand across most global markets
- The company reported a net loss of $1.43 billion or $10.01 per share for Q4, vs. a profit of $631 million or $4.43 per share last year
- EBITDA was a loss of $878 million in Q4, or negative 10.3% of sales, compared to positive $1.1 billion, or 14.2% of sales, a year ago
- The company projects full-year 2024 revenues to decline 2% to 5% on a year-over-year basis
- EBITDA is expected to come to be in the range of 14.4% and 15.4% of sales in fiscal 2024
- The company increased its cash dividend further and returned a total of $921 million to shareholders in Q4
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