Cummins Sees Higher Revenues, EBITDA Margin In FY23 - Update

(RTTNews) - Power solutions provider Cummins Inc. (CMI), while announcing higher fourth-quarter results, on Monday issued fiscal 2023 forecast.

For the year, Cummins projects revenues to be up 12 to 17 percent, and EBITDA to be in the range of 14.5 and 15.2 percent of sales.

In fiscal 2022, revenues were $28.07 billion and EBITDA of 13.5 percent of sales.

The outlook includes the projected results of the Meritor business for 2023, but excludes any costs or benefits associated with the planned separation of the Filtration business.

Within the Components Segment, Cummins expects revenues of the Meritor business to be between $4.5 billion to $4.7 billion, and EBITDA to be in the range of 10.3 to 11.0 percent of sales.

President and CEO Jennifer Rumsey said, "In 2023, we anticipate that demand will remain strong in most of our key regions and markets, especially in the first half of the year.... We expect revenue growth and margin expansion in our core business and strong growth in our New Power segment in 2023."