Cummins releases 2021 financial results. Revenues higher by 21 percent compared to 2020

Cummins released its 2021 financial results, according to which the Group’s revenues were higher by 21 percent compared to the previous year, with the latter strongly affected by the pandemic outburst.

More into details, revenues for the full year reached 24 billion dollars (21.5 billion euros), with both sales in North America and abroad increasing compared to 2021 (respectively, by 17% and 27%). EBITDA for the year was $3.5 billion (€3.1 billion; 14.7 percent of sales) compared to $3.1 billion (€2.8 billion; 15.7 percent of sales) in 2020. 

Cummins has recently announced some significant partnerships focused on hydrogen development. The one with Air Products is addressed to the development of fuel cell trucks, while the one signed with Chevron intends to invest in search of business opportunities in hydrogen or other green energy sources. The company is focusing deeply on the hydrogen economy, without leaving apart battery-electric applications: Cummins is also into partnership with Gillig (it provides drivetrain as well), still in the US, and with BusTech group in Australia. Cummins battery technology will be powering electric buses by Canadian manufacturer Letenda.

Cummins’ 2021 financial results

«Strong economic recovery combined with high demand for our products resulted in record full year revenues in 2021. Our industry continues to experience significant supply chain constraints resulting in elevated manufacturing, logistics, and material costs resulting in margins below our expectations, particularly in the fourth quarter», said Chairman and CEO Tom Linebarger. «We have taken actions to improve margins in 2022 and expect to generate strong incremental margins through increased pricing, surcharges, a number of cost reduction initiatives and operational improvements».