NYSE$CMI
Cummins Inc (Ex. Cummins Engine Inc) · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Cummins reported a net loss due to a significant charge related to resolving U.S. regulatory claims, but full-year revenues reached a record high driven by strong global demand.
Cummins Inc. reported a net loss for Q4 2023 due to a $2.04 billion charge related to an agreement to resolve U.S. regulatory claims. Despite the loss, revenues increased by 10% compared to the same quarter in 2022, driven by strong demand across most of Cummins’ global markets. Full year revenues and operating cash flow reached record highs.
- Q4 2023 revenues reached $8.5 billion, a 10% increase from Q4 2022.
- GAAP Net Loss in Q4 2023 was $1.4 billion, or $(10.01) per diluted share, impacted by a $2.04 billion charge related to resolving U.S. regulatory claims.
- Full year 2023 revenues were $34.1 billion, a 21% increase compared to 2022.
- The company projects full year 2024 revenues to decline 2% to 5% year-over-year with EBITDA in the range of 14.4% and 15.4% of sales.
Headline financials
Revenue & EPS history
Cummins · Revenue · Quarterly
$8.54B
Revenue by segment
Cummins · $10.1B total across 5 segments · Q3 2023
- Components$3.2B+18.4%31.7%
- Engine$2.9B+4.4%28.7%
- Distribution$2.5B+11.7%24.7%
- Power Systems$1.4B—13.9%
- Accelera$103M—1.0%
Forward guidance
Cummins projects full year 2024 revenues to decline 2% to 5% on a year-over-year basis, and EBITDA to be in the range of 14.4% and 15.4% of sales.
Tailwinds
- Sustained investment in new technologies and products.
- Commitment to returning 50% of operating cash flow back to shareholders.
- Focus on payment of dividends and debt reduction.
- Continuing to generate profitable growth.
- Inclusion of Atmus for the entirety of 2024 in the outlook.
Headwinds
- Anticipation that demand will slow particularly in the North America heavy-duty truck market.
- Assumes the inclusion of Atmus for the entirety of 2024, but excludes any costs or benefits associated with the planned separation of Atmus.
- Monitoring global economic indicators closely and prepared to adjust the business should economic momentum slow further.
- Planned separation of Atmus through an exchange offer is subject to market conditions.
- 2024 revenues expected to decline between 2% and 5%.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+0.6%
Avg return
Earnings day
+0.5%
Avg return
5 days after
+1.5%
Avg return
30 days after
56%
41 / 73 earnings
Positive
+9.3%
Q3 2024
Best reaction
-10.7%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.0% | +3.4% | +1.8% | |
| Q4 2025 | -10.7% | -2.9% | -11.0% | |
| Q3 2025 | +5.2% | +8.4% | +16.3% | |
| Q2 2025 | +3.2% | +7.0% | +10.9% | |
| Q1 2025 | +0.7% | +2.3% | +7.7% | |
| Q4 2024 | +4.4% | +6.8% | -1.0% | |
| Q3 2024 | +9.3% | +9.5% | +16.3% | |
| Q2 2024 | -0.5% | +0.2% | +7.2% | |
| Q1 2024 | -1.1% | +1.1% | -0.8% | |
| Q4 2023 | +2.9% | +4.4% | +10.4% | |
| Q3 2023 | +3.6% | +0.7% | +3.8% | |
| Q2 2023 | -9.8% | -9.1% | -9.8% | |
| Q1 2023 | -4.3% | -3.5% | -11.8% | |
| Q4 2022 | -1.7% | -3.6% | +0.1% | |
| Q3 2022 | -1.2% | -0.9% | +3.5% | |
| Q2 2022 | -0.0% | +1.0% | -1.3% | |
| Q1 2022 | +7.1% | +3.5% | +8.6% | |
| Q4 2021 | +0.9% | -1.3% | -10.8% | |
| Q3 2021 | -4.0% | -3.4% | -12.0% | |
| Q2 2021 | +0.9% | +0.0% | +3.5% | |
| Q1 2021 | +2.9% | +5.0% | +2.9% | |
| Q4 2020 | -2.5% | +4.0% | +12.9% | |
| Q3 2020 | -3.2% | -0.4% | +4.4% | |
| Q2 2020 | +4.1% | +1.2% | +8.8% | |
| Q1 2020 | +9.1% | +4.0% | +12.1% | |
| Q4 2019 | +2.2% | -1.3% | -8.7% | |
| Q3 2019 | -3.0% | -1.9% | +2.7% | |
| Q2 2019 | -5.7% | -8.8% | -14.3% | |
| Q1 2019 | +0.8% | +3.1% | -3.4% | |
| Q4 2018 | -0.1% | -1.1% | +3.2% | |
| Q3 2018 | +4.0% | +8.0% | +12.8% | |
| Q2 2018 | +1.8% | +3.2% | +3.2% | |
| Q1 2018 | -8.6% | -9.6% | -10.9% | |
| Q4 2017 | -3.5% | -8.4% | -11.1% | |
| Q3 2017 | -4.2% | -4.0% | -7.2% | |
| Q2 2017 | -6.0% | -4.6% | -5.1% | |
| Q1 2017 | +4.8% | +2.7% | +6.1% | |
| Q4 2016 | +3.3% | +4.3% | +4.0% | |
| Q3 2016 | -4.8% | -2.7% | +11.6% | |
| Q2 2016 | +0.4% | +2.9% | +3.0% | |
| Q1 2016 | -1.8% | — | — | |
| Q4 2015 | +9.2% | — | — | |
| Q3 2015 | -7.9% | — | — | |
| Q2 2015 | +5.2% | — | — | |
| Q1 2015 | -0.9% | — | — | |
| Q4 2014 | -5.8% | — | — | |
| Q3 2014 | +6.8% | — | — | |
| Q2 2014 | -4.3% | — | — | |
| Q1 2014 | +3.9% | — | — | |
| Q4 2013 | +6.0% | — | — | |
| Q3 2013 | -7.0% | — | — | |
| Q2 2013 | +4.1% | — | — | |
| Q1 2013 | -8.5% | — | — | |
| Q4 2012 | +1.3% | — | — | |
| Q3 2012 | +5.3% | — | — | |
| Q2 2012 | +3.5% | — | — | |
| Q1 2012 | +1.4% | — | — | |
| Q4 2011 | +0.3% | — | — | |
| Q3 2011 | +8.3% | — | — | |
| Q2 2011 | -1.5% | — | — | |
| Q1 2011 | +0.4% | — | — | |
| Q4 2010 | +1.6% | — | — | |
| Q3 2010 | -0.9% | — | — | |
| Q2 2010 | +2.9% | — | — | |
| Q1 2009 | -2.1% | — | — | |
| Q1 2010 | +1.2% | — | — | |
| Q4 2007 | +5.2% | — | — | |
| Q4 2009 | +5.2% | — | — | |
| Q3 2008 | -4.0% | — | — | |
| Q3 2009 | -4.0% | — | — | |
| Q2 2009 | +8.3% | — | — | |
| Q2 2008 | +8.3% | — | — | |
| Q4 2008 | +8.3% | — | — |
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