COLUMBUS, Ind. – Cummins Inc. reported good news Thursday for this year’s first quarter.
“We continued to see strong customer demand in the first quarter of 2024, reflecting the quality and performance of our products,” said Jennifer Rumsey, Chair and CEO. “We delivered solid profitability and completed the separation of Atmus, allowing Cummins to continue its focus on advancing innovative power solutions and positioning Atmus to pursue its plans for profitable growth.”
First-quarter revenues of $8.4 billion decreased 1% from the same quarter in 2023. Sales in North America were flat, and international revenues decreased by 1% due to lower demand in China and Europe.
Net income attributable to Cummins in the first quarter was $2.0 billion, or $14.03 per diluted share, compared to $790 million, or $5.55 per diluted share, in 2023. The results reflect the gain related to the separation of Atmus.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) were $2.6 billion, or 30.6% of sales, compared to $1.4 billion, or 16.1% of sales, last year.
Based on its current forecast, 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 14.5% and 15.5% of sales.
“We have raised our expectations on revenue and profitability for 2024 due to continued demand for Cummins’ products and services. We do still expect slowing demand in some of our key markets in the second half of the year,” said Rumsey. “Despite lower sales, Cummins is in a strong position to keep investing in future growth, bringing new technologies to customers and returning cash to shareholders.”
Read the whole Cummins story about its first-quarter results here.