Cummins recorded $6.6 billion in revenue in the second quarter of 2022, up 8 percent from Q2 2021. A 15-percent increase in sales in North America offset a 2-percent decrease in international sales. It cited economic conditions in China and its indefinite suspension of operations in Russia.
“The company achieved record revenues and solid profitability in the second quarter of 2022, with demand for our products remaining strong across most of our key markets and regions, apart from China,” said newly appointed president/CEO Jennifer Rumsey in a prepared statement. “Employees across our organization have worked tirelessly in the face of supply chain challenges and rising costs that continue to impact our industry. While navigating these challenges, we will continue to focus on enabling our customers’ success, driving cycle over cycle improvement in financial performance, investing in sustainable solutions that will protect our planet for future generations, and returning excess cash to shareholders.”
Sales in the Engine segment were up 11 percent to $2.8 billion. On-highway revenues increased 16 percent, and off-highway declined 8 percent. The company cited strong demand in North American truck markets for the increase and China’s slowdown for the decrease.
Cummins 2022 outlook
Cummins is maintaining its full year 2022 guidance, expecting revenue to be up 8 percent.
“High inflation and rising global interest rates have increased uncertainty about the pace of growth in the global economy,” said Rumsey. “Demand for Cummins’ products and services remains strong, and as a result we have maintained our projection for full year revenues and profitability from three months ago. We continue to monitor economic conditions closely and will adjust our operating plans should the outlook for our core markets weaken.”
Source: Cummins
