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![Cummins Inc [CMI] reports annual net loss of $840.0 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FCMI.png&w=1200&q=75)
CUMMINS INC [CMI] has reported a net loss of $840.0 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $34.1 billion
Based in COLUMBUS, Indiana, CUMMINS INC operates in the MANUFACTURING sector.
In the 12-month period ending December 31, 2023, Cummins Inc. reported a significant increase in net sales, amounting to $34.065 billion compared to $28.074 billion in the same period the previous year. This represents a strong growth of approximately $6 billion in revenue over the year.
Cost of sales also showed a notable increase, reaching $25.816 billion in the current period, up from $21.355 billion in the prior year. This escalation in costs is reflective of the company's higher sales volume and potentially increased production expenses.
The gross margin for Cummins Inc. for the year ended December 31, 2023, stood at $8.249 billion, compared to $6.719 billion in the same period in 2022. This indicates an improvement in the company's profitability over the year.
Operating income, however, experienced a decline, with a reported figure of $1.761 billion for the most recent period, down from $2.929 billion in the previous year. This decrease in operating income may be attributed to higher operating expenses incurred by the company during the year.
Earnings per share for Cummins Inc. also witnessed a decline in the current period, with basic earnings per share at $5.19 and diluted earnings per share at $5.15. This is a decrease from the previous year's figures of $15.20 and $15.12 for basic and diluted earnings per share, respectively.
In terms of net income, Cummins Inc. reported a consolidated net income of $840 million for the 12 months ending December 31, 2023, compared to $2.183 billion in the same period in 2022. This substantial decrease in net income highlights the financial challenges faced by the company during the year.
Overall, the financial performance of Cummins Inc. in the most recent reporting period reflects a mixed outcome, with a strong increase in revenue but a decline in profitability and earnings per share compared to the previous year. The company may need to focus on optimizing its cost structure and operational efficiency to enhance its bottom line in the upcoming periods.
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