Cummins Reports Strong Third Quarter 2024 Results
Cummins reported strong Q3 2024 results with revenues of $8.5 billion, flat compared to Q3 2023. Net income reached $809 million, or $5.86 per diluted share, up from $656 million last year. EBITDA was $1.4 billion, or 16.4% of sales, compared to 14.6% in 2023.
While North American sales decreased 1%, international revenues grew 2%. The company maintained its full-year 2024 revenue guidance of down 3% to flat but raised EBITDA expectations to approximately 15.5%. Notable segment performances included Distribution (+16% sales) and Power Systems (+17% sales), while Components declined 16%.
Cummins ha riportato risultati solidi per il terzo trimestre del 2024 con ricavi di 8,5 miliardi di dollari, invariati rispetto al terzo trimestre del 2023. L'utile netto ha raggiunto 809 milioni di dollari, ovvero 5,86 dollari per azione diluita, in aumento rispetto ai 656 milioni di dollari dell'anno scorso. L'EBITDA è stato di 1,4 miliardi di dollari, pari al 16,4% delle vendite, rispetto al 14,6% del 2023.
Sebbene le vendite in Nord America siano diminuite dell'1%, i ricavi internazionali sono cresciuti del 2%. L'azienda ha mantenuto la sua previsione di ricavi per l'intero anno 2024, pari a un calo del 3% o immutati, ma ha aumentato le aspettative dell'EBITDA a circa il 15,5%. Le prestazioni dei segmenti degni di nota hanno incluso Distribuzione (+16% nelle vendite) e Sistemi di Potenza (+17% nelle vendite), mentre i Componenti hanno registrato un calo del 16%.
Cummins reportó resultados sólidos en el tercer trimestre de 2024 con ingresos de 8.5 mil millones de dólares, sin cambios en comparación con el tercer trimestre de 2023. La utilidad neta alcanzó los 809 millones de dólares, o 5.86 dólares por acción diluida, en aumento desde los 656 millones del año pasado. El EBITDA fue de 1.4 mil millones de dólares, o el 16.4% de las ventas, en comparación con el 14.6% en 2023.
A pesar de que las ventas en América del Norte disminuyeron un 1%, los ingresos internacionales crecieron un 2%. La empresa mantuvo su guía de ingresos para todo el año 2024 de una caída del 3% a sin cambios, pero aumentó las expectativas de EBITDA a aproximadamente el 15.5%. Las actuaciones notables por segmento incluyeron Distribución (+16% en ventas) y Sistemas de Potencia (+17% en ventas), mientras que los Componentes cayeron un 16%.
컴인스는 2024년 3분기 강력한 실적을 보고하며, 수익은 85억 달러로 2023년 3분기와 동일했습니다. 순이익은 8억 900만 달러, 즉 희석 주당 5.86달러로 지난해 6억 5천6백만 달러에서 증가했습니다. EBITDA는 14억 달러로 매출의 16.4%에 해당하며, 2023년의 14.6%와 비교되었습니다.
북미 판매가 1% 감소했지만, 국제 수익은 2% 증가했습니다. 회사는 2024년 전체 연도 수익 전망을 3% 감소 또는 변동 없는 수치로 유지했지만, EBITDA 예상치를 약 15.5%로 상향 조정했습니다. 주목할 만한 부문 실적에는 배급 (+16% 매출) 및 전력 시스템 (+17% 매출)이 포함되었고, 부품은 16% 감소했습니다.
Cummins a annoncé des résultats solides pour le troisième trimestre 2024 avec des revenus de 8,5 milliards de dollars, inchangés par rapport au troisième trimestre 2023. Le revenu net a atteint 809 millions de dollars, soit 5,86 dollars par action diluée, en hausse par rapport à 656 millions de dollars l'année précédente. L'EBITDA était de 1,4 milliard de dollars, soit 16,4 % des ventes, contre 14,6 % en 2023.
Bien que les ventes en Amérique du Nord aient diminué de 1 %, les revenus internationaux ont augmenté de 2 %. L'entreprise a maintenu ses prévisions de revenus pour l'année 2024, prévoyant une baisse de 3 % à un chiffre stable, mais a relevé ses attentes en matière d'EBITDA à environ 15,5 %. Les performances notables des segments comprenaient Distribution (+16 % des ventes) et Systèmes de Puissance (+17 % des ventes), tandis que les Composants ont enregistré une baisse de 16 %.
Cummins berichtete über starke Ergebnisse im dritten Quartal 2024 mit einem Umsatz von 8,5 Milliarden Dollar, unverändert im Vergleich zum dritten Quartal 2023. Der Nettoertrag erreichte 809 Millionen Dollar, oder 5,86 Dollar pro verwässerter Aktie, ein Anstieg von 656 Millionen Dollar im Vorjahr. Das EBITDA betrug 1,4 Milliarden Dollar, oder 16,4% des Umsatzes, verglichen mit 14,6% im Jahr 2023.
Während die Verkäufe in Nordamerika um 1% zurückgingen, stiegen die internationalen Einnahmen um 2%. Das Unternehmen hielt seine Umsatzprognose für das gesamte Jahr 2024 mit einem Rückgang von 3% oder stabil bei, hob jedoch die EBITDA-Erwartungen auf etwa 15,5% an. Bemerkenswerte Segmentleistungen umfassten Distribution (+16% Umsatz) und Power Systems (+17% Umsatz), während die Komponenten um 16% zurückgingen.
- Net income increased 23% YoY to $809 million
- EBITDA margin improved to 16.4% from 14.6% YoY
- Distribution segment sales grew 16% with strong data center demand
- Power Systems segment sales increased 17% with improved margins
- Quarterly dividend increased from $1.68 to $1.82 per share
- Components segment sales declined 16% with lower margins
- North American heavy-duty truck market showing softening demand
- Accelera segment reported EBITDA loss of $115 million
- Overall revenue remained flat year-over-year
- Maintained downward revenue guidance for 2024 (down 3% to flat)
Insights
A strong quarterly performance with
Key positives include strong performance in Power Systems (EBITDA margin
The
The strategic progress in alternative power solutions is noteworthy. Full production of the X15N natural gas engine and the new electrolyzer facility in Spain (500MW capacity, expandable to 1GW) position Cummins well in the clean energy transition. The diverse portfolio showcased at IAA Transportation 2024, including hydrogen ICE, fuel cells and battery solutions, demonstrates technological leadership in multiple decarbonization pathways.
However, the Accelera segment's continued losses (
-
Third quarter revenues of
; GAAP1 Net Income of$8.5 billion , or$809 million 9.6% of sales -
EBITDA in the third quarter was
16.4% of sales; Diluted EPS of$5.86 -
The company is maintaining its full year 2024 revenue guidance of down
3% to flat. -
EBITDA is now expected to be approximately
15.5% compared to previous guidance of15.0% to15.5% .
“We achieved strong sales and profitability in the third quarter, led by improvement in our Power Systems and Distribution businesses, and have adjusted our full year projection for EBITDA percentage to be at the top end of the prior range,” said Jennifer Rumsey, Chair and CEO of Cummins. “We continue to advance our Destination Zero strategy as we deliver innovative technologies for our customers, strengthen our position in key markets and drive improvement in our financial performance.”
Third quarter revenues of
Net income attributable to Cummins in the third quarter was
Earnings before interest, taxes, depreciation and amortization (EBITDA) in the third quarter were
2024 Outlook:
Based on its current forecast, Cummins is maintaining its full-year 2024 revenue guidance to be in the range of down
Cummins plans to continue generating strong operating cash flow and returns for shareholders and is committed to our long-term strategic goal of returning
“We solidified our expectations on profitability for 2024 to the top end of our prior range thanks to continued improvements in Power Systems and Distribution segments. Although we faced slowing demand in the North American heavy-duty truck market during the third quarter and anticipate this trend to persist into the fourth quarter, Cummins remains well-positioned to deliver strong financial performance, invest in future growth and return cash to shareholders,” said Rumsey.
Third Quarter 2024 Highlights:
-
Cummins increased its quarterly common stock cash dividend from
to$1.68 per share. The company has increased the quarterly dividend to shareholders for 15 consecutive years.$1.82
- Cummins started full production of the X15N™ natural gas engine at its Jamestown Engine Plant, which celebrated its 50th anniversary in the third quarter. The Cummins X15N is part of the X-series Cummins’ HELM™ lineup, a global engine platform that is derived from a common base and offers multiple fuel types including natural gas, advanced diesel and hydrogen.
-
Cummins attended IAA Transportation 2024 in
Hannover, Germany , to showcase a diverse portfolio of powertrain and component technologies as part of the company’s Destination Zero strategy to progress industry decarbonization. Highlighted products at the booth includedEuro-7 ready X10 and the X15H hydrogen internal combustion engines, a hydrogen fuel cell engine, next-generation lithium iron phosphate battery solutions, eAxles, eTurbocharger, eCompressor and hydrogen fuel storage solutions, as well as fully integrated powertrains.
-
Accelera™ by Cummins celebrated the opening of its new electrolyzer manufacturing plant in Guadalajara, Castilla-La Mancha,
Spain . The plant has the capacity to produce 500 megawatts (MW) of electrolyzers per year, scalable to more than 1 gigawatt (GW) per year in the future.
-
Cummins was recognized as one of the 2024 100 Best Companies by Seramount, an organization focused on empowering inclusive workplaces; named a Veteran Friendly Employer by
U.S. Veterans Magazine; and ranked #55 on Glassdoor’s Best Places to Work in 2024.
1 Generally Accepted Accounting Principles in the
Third quarter 2024 detail (all comparisons to same period in 2023):
Components Segment
-
Sales -
, down$2.7 billion 16% -
Segment EBITDA -
, or$351 million 12.9% of sales compared to , or$441 million 13.6% of sales, which included the operating results of the Atmus business and of costs related to its separation$20 million -
Revenues in
North America decreased by14% and international sales decreased by18% primarily due to the separation of Atmus and lower demand in heavy-duty truck.
Engine Segment
-
Sales -
, down$2.9 billion 1% -
Segment EBITDA -
, or$427 million 14.7% of sales, compared to , or$395 million 13.5% of sales -
Revenues decreased
2% inNorth America and increased4% in international markets due to softening demand in the North American heavy-duty truck market and strength in global medium-duty truck markets.
Distribution Segment
-
Sales -
, up$3.0 billion 16% -
Segment EBITDA -
, or$370 million 12.5% of sales, compared to , or$306 million 12.1% of sales -
Revenues in
North America increased13% and international sales increased by25% driven by increased demand for power generation products, particularly for data center applications, and pricing actions.
Power Systems Segment
-
Sales -
, up$1.7 billion 17% -
Segment EBITDA -
, or$328 million 19.4% of sales, compared to , or$234 million 16.2% of sales -
Power generation revenues increased
24% driven by increased global demand, particularly for the data center market. Industrial revenues increased7% primarily due to strong mining demand more than offsetting weaker oil and gas markets.
Accelera Segment
-
Sales -
, up$110 million 7% -
Segment EBITDA loss -
$115 million - Revenues increased due to increased electrolyzer installations. Costs associated with the development of electric powertrains, fuel cells and electrolyzers, as well as products to support battery electric vehicles, are contributing to EBITDA losses.
About Cummins Inc.
Cummins Inc., a global power solutions leader, is comprised of five business segments – Components, Engine, Distribution, Power Systems and Accelera by Cummins – supported by our global manufacturing and extensive service and support network, skilled workforce and vast technological expertise. Cummins is committed to its Destination Zero strategy, which is grounded in the company’s commitment to sustainability and helping its customers successfully navigate the energy transition with its broad portfolio of products. The products range from advanced diesel, natural gas, electric and hybrid powertrains and powertrain-related components including, aftertreatment, turbochargers, fuel systems, valvetrain technologies, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, batteries, electrified power systems, hydrogen production technologies and fuel cell products. Headquartered in
Forward-looking disclosure statement
Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues, EBITDA and the Settlement Agreements to resolve regulatory proceedings regarding our emissions certification and compliance process for certain engines primarily used in pick-up truck applications in the
Presentation of Non-GAAP Financial Information
EBITDA is a non-GAAP measure used in this release and is defined and reconciled to what management believes to be the most comparable GAAP measure in a schedule attached to this release, except for forward-looking measures of EBITDA where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of the non-cash items that are excluded from the non-GAAP outlook measure. Cummins presents this information as it believes it is useful to understanding the Company's operating performance, and because EBITDA is a measure used internally to assess the performance of the operating units.
Webcast information
Cummins management will host a teleconference to discuss these results today at 10 a.m. EDT. This teleconference will be webcast and available on the Investor Relations section of the Cummins website at www.cummins.com. Participants wishing to view the visuals available with the audio are encouraged to sign-in a few minutes prior to the start of the teleconference.
CUMMINS INC. AND SUBSIDIARIES |
||||||
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME |
||||||
(Unaudited) (a) |
||||||
|
|
Three months ended |
||||
|
|
September 30, |
||||
In millions, except per share amounts |
|
2024 |
|
2023 |
||
NET SALES |
|
$ |
8,456 |
|
$ |
8,431 |
Cost of sales |
|
|
6,285 |
|
|
6,360 |
GROSS MARGIN |
|
|
2,171 |
|
|
2,071 |
OPERATING EXPENSES AND INCOME |
|
|
|
|
||
Selling, general and administrative expenses |
|
|
807 |
|
|
831 |
Research, development and engineering expenses |
|
|
359 |
|
|
376 |
Equity, royalty and interest income from investees |
|
|
99 |
|
|
118 |
Other operating expense, net |
|
|
54 |
|
|
32 |
OPERATING INCOME |
|
|
1,050 |
|
|
950 |
Interest expense |
|
|
83 |
|
|
97 |
Other income, net |
|
|
76 |
|
|
25 |
INCOME BEFORE INCOME TAXES |
|
|
1,043 |
|
|
878 |
Income tax expense |
|
|
200 |
|
|
188 |
CONSOLIDATED NET INCOME |
|
|
843 |
|
|
690 |
Less: Net income attributable to noncontrolling interests |
|
|
34 |
|
|
34 |
NET INCOME ATTRIBUTABLE TO CUMMINS INC. |
|
$ |
809 |
|
$ |
656 |
|
|
|
|
|
||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. |
|
|
|
|
||
Basic |
|
$ |
5.90 |
|
$ |
4.63 |
Diluted |
|
$ |
5.86 |
|
$ |
4.59 |
|
|
|
|
|
||
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING |
|
|
|
|
||
Basic |
|
|
137.2 |
|
|
141.8 |
Diluted |
|
|
138.1 |
|
|
142.8 |
|
|
|
|
|
||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in |
CUMMINS INC. AND SUBSIDIARIES |
||||||
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME |
||||||
(Unaudited) (a) |
||||||
|
|
Nine months ended |
||||
|
|
September 30, |
||||
In millions, except per share amounts |
|
2024 |
|
2023 |
||
NET SALES |
|
$ |
25,655 |
|
$ |
25,522 |
Cost of sales |
|
|
19,250 |
|
|
19,274 |
GROSS MARGIN |
|
|
6,405 |
|
|
6,248 |
OPERATING EXPENSES AND INCOME |
|
|
|
|
||
Selling, general and administrative expenses |
|
|
2,474 |
|
|
2,457 |
Research, development and engineering expenses |
|
|
1,107 |
|
|
1,110 |
Equity, royalty and interest income from investees |
|
|
325 |
|
|
370 |
Other operating expense, net |
|
|
131 |
|
|
78 |
OPERATING INCOME |
|
|
3,018 |
|
|
2,973 |
Interest expense |
|
|
281 |
|
|
283 |
Other income, net |
|
|
1,504 |
|
|
166 |
INCOME BEFORE INCOME TAXES |
|
|
4,241 |
|
|
2,856 |
Income tax expense |
|
|
618 |
|
|
623 |
CONSOLIDATED NET INCOME |
|
|
3,623 |
|
|
2,233 |
Less: Net income attributable to noncontrolling interests |
|
|
95 |
|
|
67 |
NET INCOME ATTRIBUTABLE TO CUMMINS INC. |
|
$ |
3,528 |
|
$ |
2,166 |
|
|
|
|
|
||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC. |
|
|
|
|
||
Basic |
|
$ |
25.47 |
|
$ |
15.29 |
Diluted |
|
$ |
25.31 |
|
$ |
15.19 |
|
|
|
|
|
||
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING |
|
|
|
|
||
Basic |
|
|
138.5 |
|
|
141.7 |
Diluted |
|
|
139.4 |
|
|
142.6 |
|
|
|
|
|
||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in |
CUMMINS INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(Unaudited) (a) |
||||||||
In millions, except par value |
|
September 30,
|
|
December 31,
|
||||
ASSETS |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
1,733 |
|
|
$ |
2,179 |
|
Marketable securities |
|
|
518 |
|
|
|
562 |
|
Total cash, cash equivalents and marketable securities |
|
|
2,251 |
|
|
|
2,741 |
|
Accounts and notes receivable, net |
|
|
5,387 |
|
|
|
5,583 |
|
Inventories |
|
|
6,134 |
|
|
|
5,677 |
|
Prepaid expenses and other current assets |
|
|
1,544 |
|
|
|
1,197 |
|
Total current assets |
|
|
15,316 |
|
|
|
15,198 |
|
Long-term assets |
|
|
|
|
||||
Property, plant and equipment, net |
|
|
6,176 |
|
|
|
6,249 |
|
Investments and advances related to equity method investees |
|
|
1,922 |
|
|
|
1,800 |
|
Goodwill |
|
|
2,412 |
|
|
|
2,499 |
|
Other intangible assets, net |
|
|
2,462 |
|
|
|
2,519 |
|
Pension assets |
|
|
1,208 |
|
|
|
1,197 |
|
Other assets |
|
|
2,556 |
|
|
|
2,543 |
|
Total assets |
|
$ |
32,052 |
|
|
$ |
32,005 |
|
|
|
|
|
|
||||
LIABILITIES |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Accounts payable (principally trade) |
|
$ |
4,206 |
|
|
$ |
4,260 |
|
Loans payable |
|
|
441 |
|
|
|
280 |
|
Commercial paper |
|
|
1,636 |
|
|
|
1,496 |
|
Current maturities of long-term debt |
|
|
654 |
|
|
|
118 |
|
Accrued compensation, benefits and retirement costs |
|
|
1,011 |
|
|
|
1,108 |
|
Current portion of accrued product warranty |
|
|
685 |
|
|
|
667 |
|
Current portion of deferred revenue |
|
|
1,225 |
|
|
|
1,220 |
|
Other accrued expenses |
|
|
1,745 |
|
|
|
3,754 |
|
Total current liabilities |
|
|
11,603 |
|
|
|
12,903 |
|
Long-term liabilities |
|
|
|
|
||||
Long-term debt |
|
|
4,856 |
|
|
|
4,802 |
|
Deferred revenue |
|
|
1,090 |
|
|
|
966 |
|
Other liabilities |
|
|
3,162 |
|
|
|
3,430 |
|
Total liabilities |
|
$ |
20,711 |
|
|
$ |
22,101 |
|
|
|
|
|
|
||||
EQUITY |
|
|
|
|
||||
Cummins Inc. shareholders’ equity |
|
|
|
|
||||
Common stock, |
|
$ |
2,612 |
|
|
$ |
2,564 |
|
Retained earnings |
|
|
20,660 |
|
|
|
17,851 |
|
Treasury stock, at cost, 85.4 and 80.7 shares |
|
|
(10,783 |
) |
|
|
(9,359 |
) |
Accumulated other comprehensive loss |
|
|
(2,174 |
) |
|
|
(2,206 |
) |
Total Cummins Inc. shareholders’ equity |
|
|
10,315 |
|
|
|
8,850 |
|
Noncontrolling interests |
|
|
1,026 |
|
|
|
1,054 |
|
Total equity |
|
$ |
11,341 |
|
|
$ |
9,904 |
|
Total liabilities and equity |
|
$ |
32,052 |
|
|
$ |
32,005 |
|
|
|
|
|
|
||||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in |
CUMMINS INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited) (a) |
||||||||
|
|
Three months ended |
||||||
|
|
September 30, |
||||||
In millions |
|
2024 |
|
2023 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
||||
Consolidated net income |
|
$ |
843 |
|
|
$ |
690 |
|
Adjustments to reconcile consolidated net income to net cash provided by operating activities |
|
|
||||||
Depreciation and amortization |
|
|
266 |
|
|
|
257 |
|
Deferred income taxes |
|
|
(7 |
) |
|
|
(106 |
) |
Equity in income of investees, net of dividends |
|
|
12 |
|
|
|
13 |
|
Pension and OPEB expense |
|
|
9 |
|
|
|
1 |
|
Pension contributions and OPEB payments |
|
|
(13 |
) |
|
|
(12 |
) |
Changes in current assets and liabilities, net of acquisitions |
|
|
|
|
||||
Accounts and notes receivable |
|
|
270 |
|
|
|
188 |
|
Inventories |
|
|
(257 |
) |
|
|
85 |
|
Other current assets |
|
|
(219 |
) |
|
|
(54 |
) |
Accounts payable |
|
|
(236 |
) |
|
|
(22 |
) |
Accrued expenses |
|
|
(67 |
) |
|
|
282 |
|
Other, net |
|
|
39 |
|
|
|
207 |
|
Net cash provided by operating activities |
|
|
640 |
|
|
|
1,529 |
|
|
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
||||
Capital expenditures |
|
|
(259 |
) |
|
|
(280 |
) |
Acquisition of businesses, net of cash acquired |
|
|
— |
|
|
|
7 |
|
Investments in marketable securities—acquisitions |
|
|
(349 |
) |
|
|
(328 |
) |
Investments in marketable securities—liquidations |
|
|
428 |
|
|
|
382 |
|
Other, net |
|
|
(83 |
) |
|
|
(35 |
) |
Net cash used in investing activities |
|
|
(263 |
) |
|
|
(254 |
) |
|
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
||||
Proceeds from borrowings |
|
|
141 |
|
|
|
42 |
|
Net borrowings of commercial paper |
|
|
55 |
|
|
|
92 |
|
Payments on borrowings and finance lease obligations |
|
|
(163 |
) |
|
|
(163 |
) |
Dividend payments on common stock |
|
|
(250 |
) |
|
|
(238 |
) |
Payments for purchase of redeemable noncontrolling interests |
|
|
— |
|
|
|
(175 |
) |
Other, net |
|
|
(26 |
) |
|
|
(24 |
) |
Net cash used in financing activities |
|
|
(243 |
) |
|
|
(466 |
) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
|
|
9 |
|
|
|
1 |
|
Net increase in cash and cash equivalents |
|
|
143 |
|
|
|
810 |
|
Cash and cash equivalents at beginning of period |
|
|
1,590 |
|
|
|
1,802 |
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
$ |
1,733 |
|
|
$ |
2,612 |
|
|
|
|
|
|
||||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in |
CUMMINS INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited) (a) |
||||||||
|
|
Nine months ended |
||||||
|
|
September 30, |
||||||
In millions |
|
2024 |
|
2023 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
||||
Consolidated net income |
|
$ |
3,623 |
|
|
$ |
2,233 |
|
Adjustments to reconcile consolidated net income to net cash provided by operating activities |
|
|
|
|
||||
Gain related to divestiture of Atmus |
|
|
(1,333 |
) |
|
|
— |
|
Depreciation and amortization |
|
|
794 |
|
|
|
760 |
|
Deferred income taxes |
|
|
(106 |
) |
|
|
(238 |
) |
Equity in income of investees, net of dividends |
|
|
(74 |
) |
|
|
(100 |
) |
Pension and OPEB expense |
|
|
28 |
|
|
|
4 |
|
Pension contributions and OPEB payments |
|
|
(72 |
) |
|
|
(115 |
) |
Changes in current assets and liabilities, net of acquisitions and divestiture |
|
|
|
|
||||
Accounts and notes receivable |
|
|
109 |
|
|
|
(447 |
) |
Inventories |
|
|
(726 |
) |
|
|
(318 |
) |
Other current assets |
|
|
(370 |
) |
|
|
(191 |
) |
Accounts payable |
|
|
27 |
|
|
|
43 |
|
Accrued expenses |
|
|
(2,000 |
) |
|
|
543 |
|
Other, net |
|
|
165 |
|
|
|
333 |
|
Net cash provided by operating activities |
|
|
65 |
|
|
|
2,507 |
|
|
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
||||
Capital expenditures |
|
|
(668 |
) |
|
|
(694 |
) |
Acquisition of businesses, net of cash acquired |
|
|
(58 |
) |
|
|
(127 |
) |
Investments in marketable securities—acquisitions |
|
|
(1,062 |
) |
|
|
(976 |
) |
Investments in marketable securities—liquidations |
|
|
1,113 |
|
|
|
1,002 |
|
Cash associated with Atmus divestiture |
|
|
(174 |
) |
|
|
— |
|
Other, net |
|
|
(220 |
) |
|
|
(65 |
) |
Net cash used in investing activities |
|
|
(1,069 |
) |
|
|
(860 |
) |
|
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
||||
Proceeds from borrowings |
|
|
2,623 |
|
|
|
779 |
|
Net borrowings (payments) of commercial paper |
|
|
140 |
|
|
|
(566 |
) |
Payments on borrowings and finance lease obligations |
|
|
(1,386 |
) |
|
|
(391 |
) |
Dividend payments on common stock |
|
|
(719 |
) |
|
|
(683 |
) |
Payments for purchase of redeemable noncontrolling interests |
|
|
— |
|
|
|
(175 |
) |
Other, net |
|
|
(94 |
) |
|
|
(33 |
) |
Net cash provided by (used in) financing activities |
|
|
564 |
|
|
|
(1,069 |
) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
|
|
(6 |
) |
|
|
(67 |
) |
Net (decrease) increase in cash and cash equivalents |
|
|
(446 |
) |
|
|
511 |
|
Cash and cash equivalents at beginning of year |
|
|
2,179 |
|
|
|
2,101 |
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
$ |
1,733 |
|
|
$ |
2,612 |
|
|
|
|
|
|
||||
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in |
CUMMINS INC. AND SUBSIDIARIES |
||||||||||||||||||||||||||||||||
SEGMENT INFORMATION |
||||||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||||||
In millions |
|
Components |
|
Engine |
|
Distribution |
|
Power
|
|
Accelera |
|
Total
|
|
Intersegment
|
|
Total |
||||||||||||||||
Three months ended September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
External sales |
|
$ |
2,287 |
|
|
$ |
2,215 |
|
|
$ |
2,942 |
|
|
$ |
912 |
|
|
$ |
100 |
|
|
$ |
8,456 |
|
|
$ |
— |
|
|
$ |
8,456 |
|
Intersegment sales |
|
|
437 |
|
|
|
698 |
|
|
|
10 |
|
|
|
775 |
|
|
|
10 |
|
|
|
1,930 |
|
|
|
(1,930 |
) |
|
|
— |
|
Total sales |
|
|
2,724 |
|
|
|
2,913 |
|
|
|
2,952 |
|
|
|
1,687 |
|
|
|
110 |
|
|
|
10,386 |
|
|
|
(1,930 |
) |
|
|
8,456 |
|
Research, development and engineering expenses |
|
|
85 |
|
|
|
147 |
|
|
|
13 |
|
|
|
57 |
|
|
|
57 |
|
|
|
359 |
|
|
|
— |
|
|
|
359 |
|
Equity, royalty and interest income (loss) from investees |
|
|
12 |
|
|
|
53 |
|
|
|
25 |
|
|
|
20 |
|
|
|
(11 |
) |
|
|
99 |
|
|
|
— |
|
|
|
99 |
|
Interest income |
|
|
4 |
|
|
|
2 |
|
|
|
7 |
|
|
|
1 |
|
|
|
— |
|
|
|
14 |
|
|
|
— |
|
|
|
14 |
|
EBITDA (2) |
|
|
351 |
|
|
|
427 |
|
|
|
370 |
|
|
|
328 |
|
|
|
(115 |
) |
|
|
1,361 |
|
|
|
28 |
|
|
|
1,389 |
|
Depreciation and amortization (3) |
|
|
121 |
|
|
|
62 |
|
|
|
31 |
|
|
|
33 |
|
|
|
16 |
|
|
|
263 |
|
|
|
— |
|
|
|
263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
EBITDA as a percentage of segment sales |
|
|
12.9 |
% |
|
|
14.7 |
% |
|
|
12.5 |
% |
|
|
19.4 |
% |
|
|
NM |
|
|
|
13.1 |
% |
|
|
|
|
16.4 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Three months ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
External sales |
|
$ |
2,780 |
|
|
$ |
2,236 |
|
|
$ |
2,519 |
|
|
$ |
798 |
|
|
$ |
98 |
|
|
$ |
8,431 |
|
|
$ |
— |
|
|
$ |
8,431 |
|
Intersegment sales |
|
|
456 |
|
|
|
695 |
|
|
|
16 |
|
|
|
646 |
|
|
|
5 |
|
|
|
1,818 |
|
|
|
(1,818 |
) |
|
|
— |
|
Total sales |
|
|
3,236 |
|
|
|
2,931 |
|
|
|
2,535 |
|
|
|
1,444 |
|
|
|
103 |
|
|
|
10,249 |
|
|
|
(1,818 |
) |
|
|
8,431 |
|
Research, development and engineering expenses |
|
|
93 |
|
|
|
159 |
|
|
|
14 |
|
|
|
60 |
|
|
|
50 |
|
|
|
376 |
|
|
|
— |
|
|
|
376 |
|
Equity, royalty and interest income (loss) from investees |
|
|
26 |
|
|
|
62 |
|
|
|
22 |
|
|
|
11 |
|
|
|
(3 |
) |
|
|
118 |
|
|
|
— |
|
|
|
118 |
|
Interest income |
|
|
8 |
|
|
|
4 |
|
|
|
9 |
|
|
|
3 |
|
|
|
— |
|
|
|
24 |
|
|
|
— |
|
|
|
24 |
|
EBITDA (2) |
|
|
441 |
|
(4) |
|
395 |
|
|
|
306 |
|
|
|
234 |
|
|
|
(114 |
) |
|
|
1,262 |
|
|
|
(32 |
) |
|
|
1,230 |
|
Depreciation and amortization (3) |
|
|
120 |
|
|
|
59 |
|
|
|
28 |
|
|
|
30 |
|
|
|
18 |
|
|
|
255 |
|
|
|
— |
|
|
|
255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
EBITDA as a percentage of segment sales |
|
|
13.6 |
% |
|
|
13.5 |
% |
|
|
12.1 |
% |
|
|
16.2 |
% |
|
|
NM |
|
|
|
12.3 |
% |
|
|
|
|
14.6 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
"NM" - not meaningful information |
||||||||||||||||||||||||||||||||
(1) Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended September 30, 2024 and 2023, except for |
||||||||||||||||||||||||||||||||
(2) EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. |
||||||||||||||||||||||||||||||||
(3) Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in the Condensed Consolidated Statements of Net Income as interest expense. A portion of depreciation expense is included in research, development and engineering expenses. |
||||||||||||||||||||||||||||||||
(4) Included |
CUMMINS INC. AND SUBSIDIARIES |
||||||||||||||||||||||||||||||||
SEGMENT INFORMATION |
||||||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||||||
In millions |
|
Components |
|
Engine |
|
Distribution |
|
Power
|
|
Accelera |
|
Total
|
|
Intersegment
|
|
Total |
||||||||||||||||
Nine months ended September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
External sales |
|
$ |
7,647 |
|
|
$ |
6,923 |
|
|
$ |
8,292 |
|
|
$ |
2,508 |
|
|
$ |
285 |
|
|
$ |
25,655 |
|
|
$ |
— |
|
|
$ |
25,655 |
|
Intersegment sales |
|
|
1,391 |
|
|
|
2,069 |
|
|
|
24 |
|
|
|
2,157 |
|
|
|
29 |
|
|
|
5,670 |
|
|
|
(5,670 |
) |
|
|
— |
|
Total sales |
|
|
9,038 |
|
|
|
8,992 |
|
|
|
8,316 |
|
|
|
4,665 |
|
|
|
314 |
|
|
|
31,325 |
|
|
|
(5,670 |
) |
|
|
25,655 |
|
Research, development and engineering expenses |
|
|
250 |
|
|
|
468 |
|
|
|
41 |
|
|
|
180 |
|
|
|
166 |
|
|
|
1,105 |
|
|
|
2 |
|
|
|
1,107 |
|
Equity, royalty and interest income (loss) from investees |
|
|
51 |
|
|
|
158 |
|
|
|
73 |
|
|
|
65 |
|
|
|
(22 |
) |
|
|
325 |
|
|
|
— |
|
|
|
325 |
|
Interest income |
|
|
21 |
|
|
|
16 |
|
|
|
29 |
|
|
|
7 |
|
|
|
— |
|
|
|
73 |
|
|
|
— |
|
|
|
73 |
|
EBITDA (2) |
|
|
1,230 |
|
(3) |
|
1,286 |
|
|
|
978 |
|
|
|
866 |
|
|
|
(333 |
) |
|
|
4,027 |
|
|
|
1,279 |
|
|
|
5,306 |
|
Depreciation and amortization (4) |
|
|
367 |
|
|
|
181 |
|
|
|
92 |
|
|
|
99 |
|
|
|
45 |
|
|
|
784 |
|
|
|
— |
|
|
|
784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
EBITDA as a percentage of total sales |
|
|
13.6 |
% |
|
|
14.3 |
% |
|
|
11.8 |
% |
|
|
18.6 |
% |
|
|
NM |
|
|
|
12.9 |
% |
|
|
|
|
20.7 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Nine months ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
External sales |
|
$ |
8,747 |
|
|
$ |
6,751 |
|
|
$ |
7,494 |
|
|
$ |
2,271 |
|
|
$ |
259 |
|
|
$ |
25,522 |
|
|
$ |
— |
|
|
$ |
25,522 |
|
Intersegment sales |
|
|
1,471 |
|
|
|
2,154 |
|
|
|
42 |
|
|
|
1,973 |
|
|
|
14 |
|
|
|
5,654 |
|
|
|
(5,654 |
) |
|
|
— |
|
Total sales |
|
|
10,218 |
|
|
|
8,905 |
|
|
|
7,536 |
|
|
|
4,244 |
|
|
|
273 |
|
|
|
31,176 |
|
|
|
(5,654 |
) |
|
|
25,522 |
|
Research, development and engineering expenses |
|
|
287 |
|
|
|
441 |
|
|
|
43 |
|
|
|
189 |
|
|
|
150 |
|
|
|
1,110 |
|
|
|
— |
|
|
|
1,110 |
|
Equity, royalty and interest income (loss) from investees |
|
|
71 |
|
|
|
198 |
|
|
|
70 |
|
|
|
42 |
|
|
|
(11 |
) |
|
|
370 |
|
|
|
— |
|
|
|
370 |
|
Interest income |
|
|
21 |
|
|
|
14 |
|
|
|
24 |
|
|
|
7 |
|
|
|
1 |
|
|
|
67 |
|
|
|
— |
|
|
|
67 |
|
EBITDA (2) |
|
|
1,434 |
|
(3) |
|
1,277 |
|
|
|
940 |
|
|
|
654 |
|
|
|
(322 |
) |
|
|
3,983 |
|
|
|
(88 |
) |
|
|
3,895 |
|
Depreciation and amortization (4) |
|
|
368 |
|
|
|
166 |
|
|
|
84 |
|
|
|
91 |
|
|
|
47 |
|
|
|
756 |
|
|
|
— |
|
|
|
756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
EBITDA as a percentage of total sales |
|
|
14.0 |
% |
|
|
14.3 |
% |
|
|
12.5 |
% |
|
|
15.4 |
% |
|
|
NM |
|
|
|
12.8 |
% |
|
|
|
|
15.3 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
"NM" - not meaningful information |
||||||||||||||||||||||||||||||||
(1) Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. The nine months ended September 30, 2024, included a |
||||||||||||||||||||||||||||||||
(2) EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. |
||||||||||||||||||||||||||||||||
(3) Included |
||||||||||||||||||||||||||||||||
(4) Depreciation and amortization, as shown on a segment basis, excluded the amortization of debt discount and deferred costs included in the Condensed Consolidated Statements of Net Income as interest expense. The amortization of debt discount and deferred costs was |
CUMMINS INC. AND SUBSIDIARIES |
SELECT FOOTNOTE DATA |
(Unaudited) |
EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES
Equity, royalty and interest income from investees included in our Condensed Consolidated Statements of Net Income for the reporting periods was as follows:
|
|
Three months ended |
|
Nine months ended |
||||||||
|
|
September 30, |
|
September 30, |
||||||||
In millions |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Manufacturing entities |
|
|
|
|
|
|
|
|
||||
Chongqing Cummins Engine Company, Ltd. |
|
$ |
15 |
|
$ |
7 |
|
$ |
51 |
|
$ |
29 |
Dongfeng Cummins Engine Company, Ltd. |
|
|
14 |
|
|
15 |
|
|
51 |
|
|
52 |
Beijing Foton Cummins Engine Co., Ltd. |
|
|
6 |
|
|
8 |
|
|
29 |
|
|
33 |
Tata Cummins, Ltd. |
|
|
6 |
|
|
6 |
|
|
22 |
|
|
21 |
All other manufacturers |
|
|
7 |
|
|
18 |
|
|
41 |
|
|
69 |
Distribution entities |
|
|
|
|
|
|
|
|
||||
Komatsu Cummins Chile, Ltda. |
|
|
15 |
|
|
13 |
|
|
42 |
|
|
40 |
All other distributors |
|
|
3 |
|
|
3 |
|
|
10 |
|
|
10 |
Cummins share of net income |
|
|
66 |
|
|
70 |
|
|
246 |
|
|
254 |
Royalty and interest income |
|
|
33 |
|
|
48 |
|
|
79 |
|
|
116 |
Equity, royalty and interest income from investees |
|
$ |
99 |
|
$ |
118 |
|
$ |
325 |
|
$ |
370 |
INCOME TAXES
Our effective tax rate for 2024, excluding discrete items, is expected to approximate 23.5 percent.
Our effective tax rates for the three and nine month periods ended September 30, 2024, were 19.2 percent and 14.6 percent, respectively. Our effective tax rates for the three and nine months ended September 30, 2023, were 21.4 percent and 21.8 percent, respectively.
The three months ended September 30, 2024, contained net favorable discrete tax items of
The nine months ended September 30, 2024, contained favorable discrete tax items primarily due to the
The three months ended September 30, 2023, contained net favorable discrete tax items of
The nine months ended September 30, 2023, contained net favorable discrete tax items of
CUMMINS INC. AND SUBSIDIARIES |
FINANCIAL MEASURES THAT SUPPLEMENT GAAP |
(Unaudited) |
Reconciliation of Non GAAP measures - Earnings before interest, income taxes, depreciation and amortization and noncontrolling interests (EBITDA)
We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. We believe EBITDA excluding special items is a useful measure of our operating performance without regard to the impact of the gain recognized and costs associated with the divestiture of Atmus and restructuring actions. This statement excludes forward looking measures of EBITDA where a reconciliation to the corresponding accounting principles generally accepted in
EBITDA is not in accordance with, or an alternative for, GAAP and may not be consistent with measures used by other companies. It should be considered supplemental data; however, the amounts included in the EBITDA calculation are derived from amounts included in the Condensed Consolidated Statements of Net Income. Below is a reconciliation of net income attributable to Cummins Inc. to EBITDA for each of the applicable periods:
|
|
Three months ended |
|
Nine months ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
In millions |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net income attributable to Cummins Inc. |
|
$ |
809 |
|
|
$ |
656 |
|
|
$ |
3,528 |
|
|
$ |
2,166 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Cummins Inc. as a percentage of net sales |
|
|
9.6 |
% |
|
|
7.8 |
% |
|
|
13.8 |
% |
|
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Add: |
|
|
|
|
|
|
|
|
||||||||
Net income attributable to noncontrolling interests |
|
|
34 |
|
|
|
34 |
|
|
|
95 |
|
|
|
67 |
|
Consolidated net income |
|
|
843 |
|
|
|
690 |
|
|
|
3,623 |
|
|
|
2,233 |
|
|
|
|
|
|
|
|
|
|
||||||||
Add: |
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
|
83 |
|
|
|
97 |
|
|
|
281 |
|
|
|
283 |
|
Income tax expense |
|
|
200 |
|
|
|
188 |
|
|
|
618 |
|
|
|
623 |
|
Depreciation and amortization |
|
|
263 |
|
|
|
255 |
|
|
|
784 |
|
|
|
756 |
|
EBITDA |
|
$ |
1,389 |
|
|
$ |
1,230 |
|
|
$ |
5,306 |
|
|
$ |
3,895 |
|
|
|
|
|
|
|
|
|
|
||||||||
EBITDA as a percentage of net sales |
|
|
16.4 |
% |
|
|
14.6 |
% |
|
|
20.7 |
% |
|
|
15.3 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Less: |
|
|
|
|
|
|
|
|
||||||||
Gain related to the divestiture of Atmus |
|
|
— |
|
|
|
— |
|
|
|
1,333 |
|
|
|
— |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Atmus divestiture costs |
|
|
— |
|
|
|
26 |
|
|
|
35 |
|
|
|
67 |
|
Restructuring actions |
|
|
— |
|
|
|
— |
|
|
|
29 |
|
|
|
— |
|
EBITDA, excluding the impact of gain recognized and costs associated with the divestiture of Atmus and restructuring actions |
|
$ |
1,389 |
|
|
$ |
1,256 |
|
|
$ |
4,037 |
|
|
$ |
3,962 |
|
|
|
|
|
|
|
|
|
|
||||||||
EBITDA, excluding the impact of gain recognized and costs associated with the divestiture of Atmus and restructuring actions, as a percentage of net sales |
|
|
16.4 |
% |
|
|
14.9 |
% |
|
|
15.7 |
% |
|
|
15.5 |
% |
CUMMINS INC. AND SUBSIDIARIES |
SEGMENT SALES DATA |
(Unaudited) |
Components Segment Sales by Business
Sales for our Components segment by business were as follows:
2024 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Drivetrain and braking systems |
|
$ |
1,232 |
|
$ |
1,256 |
|
$ |
1,131 |
|
$ |
— |
|
$ |
3,619 |
Emission solutions |
|
|
971 |
|
|
941 |
|
|
864 |
|
|
— |
|
|
2,776 |
Components and software |
|
|
611 |
|
|
623 |
|
|
581 |
|
|
— |
|
|
1,815 |
Atmus (1) |
|
|
353 |
|
|
— |
|
|
— |
|
|
— |
|
|
353 |
Automated transmissions |
|
|
165 |
|
|
162 |
|
|
148 |
|
|
— |
|
|
475 |
Total sales |
|
$ |
3,332 |
|
$ |
2,982 |
|
$ |
2,724 |
|
$ |
— |
|
$ |
9,038 |
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) Included sales through the March 18, 2024, divestiture. |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
2023 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Drivetrain and braking systems |
|
$ |
1,272 |
|
$ |
1,249 |
|
$ |
1,177 |
|
$ |
1,124 |
|
$ |
4,822 |
Emission solutions |
|
|
1,056 |
|
|
964 |
|
|
893 |
|
|
922 |
|
|
3,835 |
Components and software |
|
|
633 |
|
|
616 |
|
|
583 |
|
|
577 |
|
|
2,409 |
Atmus |
|
|
417 |
|
|
417 |
|
|
396 |
|
|
399 |
|
|
1,629 |
Automated transmissions |
|
|
179 |
|
|
179 |
|
|
187 |
|
|
169 |
|
|
714 |
Total sales |
|
$ |
3,557 |
|
$ |
3,425 |
|
$ |
3,236 |
|
$ |
3,191 |
|
$ |
13,409 |
Engine Segment Sales by Market and Unit Shipments by Engine Classification
Sales for our Engine segment by market were as follows:
2024 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Heavy-duty truck |
|
$ |
1,059 |
|
$ |
1,184 |
|
$ |
1,021 |
|
$ |
— |
|
$ |
3,264 |
Medium-duty truck and bus |
|
|
995 |
|
|
1,074 |
|
|
1,073 |
|
|
— |
|
|
3,142 |
Light-duty automotive |
|
|
438 |
|
|
461 |
|
|
395 |
|
|
— |
|
|
1,294 |
Off-highway |
|
|
436 |
|
|
432 |
|
|
424 |
|
|
— |
|
|
1,292 |
Total sales |
|
$ |
2,928 |
|
$ |
3,151 |
|
$ |
2,913 |
|
$ |
— |
|
$ |
8,992 |
|
|
|
|
|
|
|
|
|
|
|
|||||
2023 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Heavy-duty truck |
|
$ |
1,114 |
|
$ |
1,117 |
|
$ |
1,116 |
|
$ |
1,052 |
|
$ |
4,399 |
Medium-duty truck and bus |
|
|
903 |
|
|
942 |
|
|
931 |
|
|
894 |
|
|
3,670 |
Light-duty automotive |
|
|
439 |
|
|
445 |
|
|
455 |
|
|
423 |
|
|
1,762 |
Off-highway |
|
|
530 |
|
|
484 |
|
|
429 |
|
|
410 |
|
|
1,853 |
Total sales |
|
$ |
2,986 |
|
$ |
2,988 |
|
$ |
2,931 |
|
$ |
2,779 |
|
$ |
11,684 |
Unit shipments by engine classification (including unit shipments to Power Systems and off-highway engine units included in their respective classification) were as follows:
2024 |
|
|
|
|
|
|
|
|
|
|
Units |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
Heavy-duty |
|
33,600 |
|
37,500 |
|
32,400 |
|
— |
|
103,500 |
Medium-duty |
|
75,800 |
|
79,600 |
|
79,200 |
|
— |
|
234,600 |
Light-duty |
|
54,800 |
|
57,200 |
|
41,400 |
|
— |
|
153,400 |
Total units |
|
164,200 |
|
174,300 |
|
153,000 |
|
— |
|
491,500 |
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Units |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
Heavy-duty |
|
34,700 |
|
36,400 |
|
36,300 |
|
34,500 |
|
141,900 |
Medium-duty |
|
78,900 |
|
76,000 |
|
71,300 |
|
67,900 |
|
294,100 |
Light-duty |
|
55,000 |
|
53,600 |
|
53,300 |
|
49,600 |
|
211,500 |
Total units |
|
168,600 |
|
166,000 |
|
160,900 |
|
152,000 |
|
647,500 |
Distribution Segment Sales by Product Line
Sales for our Distribution segment by product line were as follows:
2024 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Parts |
|
$ |
1,001 |
|
$ |
990 |
|
$ |
1,004 |
|
$ |
— |
|
$ |
2,995 |
Power generation |
|
|
707 |
|
|
954 |
|
|
1,091 |
|
|
— |
|
|
2,752 |
Engines |
|
|
421 |
|
|
437 |
|
|
402 |
|
|
— |
|
|
1,260 |
Service |
|
|
406 |
|
|
448 |
|
|
455 |
|
|
— |
|
|
1,309 |
Total sales |
|
$ |
2,535 |
|
$ |
2,829 |
|
$ |
2,952 |
|
$ |
— |
|
$ |
8,316 |
|
|
|
|
|
|
|
|
|
|
|
|||||
2023 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Parts |
|
$ |
1,057 |
|
$ |
1,019 |
|
$ |
995 |
|
$ |
1,000 |
|
$ |
4,071 |
Power generation |
|
|
492 |
|
|
614 |
|
|
606 |
|
|
797 |
|
|
2,509 |
Engines |
|
|
456 |
|
|
531 |
|
|
511 |
|
|
499 |
|
|
1,997 |
Service |
|
|
401 |
|
|
431 |
|
|
423 |
|
|
417 |
|
|
1,672 |
Total sales |
|
$ |
2,406 |
|
$ |
2,595 |
|
$ |
2,535 |
|
$ |
2,713 |
|
$ |
10,249 |
Power Systems Segment Sales by Product Line and Unit Shipments by Engine Classification
Sales for our Power Systems segment by product line were as follows:
2024 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Power generation |
|
$ |
853 |
|
$ |
987 |
|
$ |
1,055 |
|
$ |
— |
|
$ |
2,895 |
Industrial |
|
|
420 |
|
|
478 |
|
|
508 |
|
|
— |
|
|
1,406 |
Generator technologies |
|
|
116 |
|
|
124 |
|
|
124 |
|
|
— |
|
|
364 |
Total sales |
|
$ |
1,389 |
|
$ |
1,589 |
|
$ |
1,687 |
|
$ |
— |
|
$ |
4,665 |
|
|
|
|
|
|
|
|
|
|
|
|||||
2023 |
|
|
|
|
|
|
|
|
|
|
|||||
In millions |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
|||||
Power generation |
|
$ |
770 |
|
$ |
854 |
|
$ |
850 |
|
$ |
866 |
|
$ |
3,340 |
Industrial |
|
|
455 |
|
|
468 |
|
|
475 |
|
|
456 |
|
|
1,854 |
Generator technologies |
|
|
118 |
|
|
135 |
|
|
119 |
|
|
107 |
|
|
479 |
Total sales |
|
$ |
1,343 |
|
$ |
1,457 |
|
$ |
1,444 |
|
$ |
1,429 |
|
$ |
5,673 |
High-horsepower unit shipments by engine classification were as follows:
2024 |
|
|
|
|
|
|
|
|
|
|
Units |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
Power generation |
|
3,000 |
|
3,700 |
|
2,900 |
|
— |
|
9,600 |
Industrial |
|
1,300 |
|
1,500 |
|
1,700 |
|
— |
|
4,500 |
Total units |
|
4,300 |
|
5,200 |
|
4,600 |
|
— |
|
14,100 |
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Units |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
Power generation |
|
2,900 |
|
3,300 |
|
2,800 |
|
3,300 |
|
12,300 |
Industrial |
|
1,500 |
|
1,600 |
|
1,800 |
|
1,800 |
|
6,700 |
Total units |
|
4,400 |
|
4,900 |
|
4,600 |
|
5,100 |
|
19,000 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105615360/en/
Natalie Guzman
Enterprise Communications
812-377-0500
natalie.guzman@cummins.com
Source: Cummins Inc.
FAQ
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