Meritor Acquisition and 2022 Financial Results
Table of Contents
Sales for our Power Systems segment by product line were as follows:
2022 vs. 2021
Sales
Years ended December 31,
2022 vs. 2021
Favorable/(Unfavorable)
2021 vs. 2020
In millions
2022
2021
2020
Amount
Percent
Amount
Percent
Power generation
$
2,790 $
2,515 $
2,167
$
275
11 % $
348
16 %
Industrial
1,772
1,534
1,188
238
16 %
346
29 %
Generator technologies
471
366
276
105
29 %
90
33 %
Total sales
$
5,033 $
4,415 S
3,631 $
618
14 % $
784
22 %
Power Systems segment sales increased $618 million across all product lines. The following were the primary drivers:
Power generation sales increased $275 million mainly due to improved pricing and higher demand in Latin America, North America and India.
Industrial sales increased $238 million principally due to stronger aftermarket demand and improved oil and gas sales in North America and China.
•
Generator technologies sales increased $105 million due to higher demand in Europe and India.
These increases were partially offset by unfavorable foreign currency fluctuations, primarily in the Euro, Indian rupee and British pound.
Segment EBITDA
Power Systems segment EBITDA increased $100 million, primarily due to favorable pricing, partially offset by higher material costs, increased freight costs due to supply chain
constraints and costs associated with the suspension of our Russian operations.
New Power Segment Results
The New Power segment designs, manufactures, sells and supports hydrogen production solutions as well as electrified power systems with innovative components and
subsystems, including battery, fuel cell and electric powertrain technologies. The New Power segment is currently in the early stages of commercializing these technologies with
efforts primarily focused on the development of our electrolyzers for hydrogen production and electrified power systems and related components and subsystems.
Financial data for the New Power segment was as follows:
In millions
External sales
Intersegment sales
Total sales
Research, development and engineering expenses
Equity, royalty and interest loss from investees
Segment EBITDA
"NM" - not meaningful information
Favorable/(Unfavorable)
Years ended December 31,
2022 vs. 2021
Favorable/(Unfavorable)
2021 vs. 2020
2022
2021
2020
Amount
$
176
$
108 $
71
$
68
Percent
63
Amount
Percent
% $
37
52 %
22
8
1
14
NM
7
NM
198
116
72
82
71 %
44
61 %
171
102
109
(69)
(68) %
7
6 %
(8)
(3)
(4)
(5)
NM
1
25 %
(340)
(223)
(172)
(117)
(52) %
(51)
(30) %
New Power segment sales increased 71 percent principally due to higher electrified components sales, traction sales since the completion of the Meritor and Siemens CVP
acquisitions and improved sales of fuel cells and electrolyzers.
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