Cummins Raises Guidance On Revenue, Profitability For 2023 - Quick Facts

(RTTNews) - Cummins Inc. (CMI) said it achieved record revenues, EBITDA and EPS in the first quarter of 2023, with demand for products remaining strong across most of key markets and regions. Cummins increased its full year 2023 revenue guidance to be up 15 to 20 percent, an increase from prior projections of up 12 to 17 percent due to stronger demand across most markets. EBITDA is expected to be in the range of 15.0 to 15.7 percent, an increase from the prior range of 14.5 and 15.2 percent of sales.

The company noted that it plans to continue to generate strong operating cash flow and returns for shareholders and is committed to long-term strategic goal of returning 50 percent of operating cash flow back to shareholders.

First quarter bottom line came in at $790 million, or $5.55 per share compared with $418 million, or $2.92 per share, prior year. Analysts on average had expected the company to earn $4.75 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 32.2% to $8.45 billion from $6.39 billion last year.

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