Cummins reported results for the third quarter of 2023 on Thursday.
Third quarter revenues of $8.4 billion increased 15 percent from the same quarter in 2022, Cummins says. Sales in North America increased 16 percent and international revenues increased 13 percent due to the addition of Meritor and strong demand across most global markets. The third quarter of 2022 included two months of consolidated operations for Meritor following the completion of the acquisition on August 3, 2022.
“We delivered solid profitability and record operating cash flow in the third quarter,” said Jennifer Rumsey, Chair and CEO. “While full year revenues are at the high end of our expectations, we are seeing signs of moderating demand in some markets and are taking steps to reduce costs and position the company for success in 2024. I am deeply appreciative of our Cummins employees, who continue to innovate for our customers and demonstrate the flexibility required to meet global demand.”
Net income attributable to Cummins in the third quarter was $656 million, or $4.59 per diluted share compared to $400 million, or $2.82 per diluted share in 2022. Cummins says results included costs associated with the separation of Atmus of $26 million, or $0.14 per diluted share, in the third quarter of 2023, and $16 million in the third quarter of 2022.
[RELATED: Paccar announces record net income in third quarter]
The third quarter of 2022 also included $77 million of acquisition, integration and inventory valuation adjustments related to Meritor. The tax rate in the third quarter was 21.4 percent including $5 million, or $0.03 per diluted share, of favorable discrete tax items, compared to $57 million of unfavorable discrete tax items a year ago, the company reports.
