Cummins announced
2022 Fourth Quarter and Full Year Performance
Cummins sales $7.8 billion in the fourth quarter，Excluding the impact of the Meritor acquisition completed on August 3, 2022，Revenue was $6.6 billion，Year-on-year growth of 13% over 2021%。Sales in North America, excluding Meritor's acquisition, rose 25% quarter-on-quarter in the fourth quarter%，Revenue from international markets decreased by 1% compared with the previous month.%，Strong demand in various global markets，China's market demand slows down。
Cummins achieved a net income of 6..$300 million，Diluted earnings per share4.$43。Excludes Meritor acquisition and related integration costs，Net income for the quarter was 6..$4.4 billion（Diluted earnings per share4.52 dollars），In 2021, the figure was 3..$9.4 billion（Diluted earnings per share2.Seventy-three dollars）。The fourth-quarter figure also includes costs associated with the divestiture of the filtration business.，Diluted earnings per share 0..Eleven dollars。
Earnings before interest and taxes for the fourth quarter（EBITDA）$1.1 billion，EBIT 14.2%。Exclude Meritor acquisition and related business integration costs，And $19 million in costs related to the divestiture of the filtration business，Yields before interest and tax of 16 percent.1%，In 2021, the figure was 12..1%。
The company's fourth-quarter results included Meritor's revenue for the full three months.。Meritor's quarterly performance included $1.2 billion in revenue.，Earnings before interest and taxes $60 million。Fourth-quarter results also included $27 million in costs related to business integration.，Deduct this cost，Meritor EBIT for the quarter was $87 million，EBIT yield7.5%。
“2022，Cummins through acquisition of Giacobo Vehicle Systems、Meritor and Siemens Commercial Vehicle Business，Continue to promote the zero-carbon target growth strategy。The innovative talents brought by these acquisitions、Technology and capabilities will drive Cummins' success in decarbonizing the industry，”Rong Zhanning, President and CEO of Cummins（Jennifer Rumsey）Express，“We delivered strong performance in the fourth quarter.，Record full-year sales in 2022、Earnings before interest and taxes and earnings per share。Thank you to all Cummins employees for working together to overcome supply chain challenges，Leading to a successful conclusion in 2022。”
Cummins' annual sales revenue of $28.1 billion in 2022，Revenue, excluding Meritor acquisition-related costs, was $26.2 billion.，Year-on-year growth of 9%。Compared to 2021，Sales in North America up 18%，Revenue from international markets fell by 2 percent%。
Cummins' full-year net income was $2.2 billion.，Diluted earnings per share 15.$12。Excluding Meritor business and related acquisitions、Integration Cost and Purchase Accounting Impact，Diluted net income per share in 2022 is 15..$67，In 2021, the diluted net income per share was 14..Sixty-one dollars。Full-year results include costs of divestiture of the filtration business（Diluted per share 0.Forty-five dollars）。
Cummins Earnings Before Interest and Taxes $3.8 Billion in 2022，EBIT Yield13.5%。Exclude Meritor business and related acquisitions、Integration Cost and Purchase Accounting Impact，Filtration divestiture costs $81 million，Earnings before interest and taxes of $4 billion，EBIT 15.1%，$3.5 billion EBIT in 2021，EBIT 14.7%。
The company's full-year results include five months of operations following the Meritor acquisition.。Meritor 2022 results include $1.9 billion in revenue，Earnings before interest and taxes of $26 million。
Outlook for 2023
Based on current projections，Cummins' full-year 2023 revenue is expected to grow by 12 percent%To 17%，EBIT yield of approximately 14 percent.5%To 15.2%。
The above outlook includes the expected performance of Meritor's business in 2023.，It does not include the costs or benefits associated with the divestiture of the filtration business。In the parts division，Cummins expects Meritor's revenue to be $4.5 billion to $4.7 billion in 2023.，EBIT yield of 10 percent.3%To 11.0%。The electric powertrain division of Meritor's business has been integrated into the new energy power division.，The business as a whole is expected to lose $55 million in earnings before interest and taxes.。
Rong ZhanningExpress：“2023，We expect demand to remain strong in most key geographies and markets.，Especially in the first half of this year.。We will continue to closely monitor global economic indicators.，Make sure companies are prepared for a further economic slowdown。We expect to achieve revenue and margin growth in our core businesses in 2023，The new energy business will also have a brighter performance.。”
2022 performance highlights
Cummins Completes Acquisition of Jiekebo Vehicle Systems，Jiekebo is important for engine braking.、Cylinder shutdown、Start-stop and thermal management technology supplier，Engine braking and cylinder deactivation technologies are an important part of meeting current and future emission regulations。
Cummins Completes Acquisition of Meritor。Meritor is the world's leading transmission for commercial and industrial markets.、Travel、Braking、Aftermarket and electric powertrain solution provider。Integrate Meritor's excellent talents、Axle and brake technology and products，Will help Cummins further enhance its capabilities，Integrated powertrain solutions for internal combustion engine and electric power applications。
Cummins Completes Acquisition of Siemens Commercial Vehicle Business，The business focuses on high-performance electric drive system solutions for commercial vehicles.。
Cummins Holds Biennial Analyst Day，Introduce the company《Zero carbon target》Long-term growth strategy，The strategy includes the further upgrading of advanced internal combustion engine technology, which is already widely used，At the same time, we will continue to invest in frontier areas that have not yet been marketized on a large scale.，Promote the development of zero emission technology。
Cummins takes the lead in releasing multi-fuel internal combustion engine powertrain platform，This technical route will be applied to Cummins.X、LAndBSeries product platform，Powering fleets to reduce carbon emissions by burning low-carbon or zero-carbon fuels。The platform leverages internal combustion engine technology that is already widely used by fleets.，High parts commonality，Can be use including diesel oil、Natural gas、Multiple fuels including hydrogen。
The new energy business continues to expand its global green hydrogen business.。Capacity expansion of hydrogen production equipment by water electrolysis is the focus in 2022.，Cummins announced that it will be in Minnesota, USA.FridleyHydrogen production equipment for producing electrolytic water，The enlargement is located in BelgiumOevelManufacturing capacity of hydrogen production equipment by water electrolysis，And started in Spain.Castilla-La ManchaConstruction of a plant for hydrogen production by water electrolysis。January 2022，Cummins and Sinopec's Enze Fund's joint venture of electrolytic water hydrogen production equipment manufacturing base began construction.。In addition，Also includesLinde、Atura Power、Florida Power and Light、Sinopec、Major global customers and partners, including the Three Gorges Group, were successfully assembled.。
Cummins has received several honors.，Included in the S & P Dow Jones Sustainability World Index for the second consecutive year，Named to Baron's list of America's 100 Most Sustainable Companies，No.4 on Forbes' list of best employers for diversity，It was also included in the list of the most ethical companies in the world by the Moral Village Association.。In addition，Morgan Stanley Capital International（MSCI）Corporate Governance of CumminsESGRating fromAAUpgraded to the highest ratingAAA，And honored《Investor's Business Daily》4th Annual 100 BestESGCompany list。
August 1st this year，Rong Zhanning is the seventh and first female CEO of the company.（CEO），FrontCEOLan Bowen（Tom Linebarger）Continue to serve as Executive Chairman of the Board。
Filtration business divestiture project continues to make progress。
