Categories Earnings, Energy

Earnings Summary: A snapshot of Cummins’ Q4 2023 financial results

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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