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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cummins Inc | NYSE:CMI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.89 | 0.67% | 285.79 | 286.00 | 282.91 | 285.08 | 553,648 | 01:00:00 |
Cummins Inc. (NYSE: CMI) today reported results for the first quarter of 2024.
“We continued to see strong demand from customers 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 also completed the separation of Atmus, allowing Cummins to continue its focus on advancing innovative power solutions and positioning Atmus to pursue its own plans for profitable growth. I am deeply appreciative of our Cummins employees across the globe, whose broad expertise and diverse perspectives are driving our ability to innovate for our customers and meet global demand.”
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 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, net of transaction costs and other expenses, of $1.3 billion, or $9.08 per diluted share, and restructuring expenses of $29 million, or $0.15 per diluted share. The first quarter of 2023 included costs related to the separation of Atmus of $18 million, or $0.10 per diluted share. The tax rate in the first quarter was 8.7%, primarily due to the nontaxable gain on the separation of Atmus.
Earnings before interest, taxes, depreciation and amortization (EBITDA) in the first quarter were $2.6 billion, or 30.6% of sales, compared to $1.4 billion, or 16.1% of sales, a year ago. EBITDA for the first quarter of 2024 and the first quarter of 2023 included the gain and costs noted above.
2024 Outlook:
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. The prior guidance, which was also a decline of 2% to 5%, assumed the inclusion of the financial results of Atmus for the full year. Due to strong global demand, the revenue guidance is unchanged as compared to the prior guidance despite the separation of Atmus. The current EBITDA guidance is an increase from the prior guidance of between 14.4% and 15.4%.
Cummins plans to continue to generate strong operating cash flow and returns for shareholders and is committed to our long-term strategic goal of returning 50% of operating cash flow back to shareholders. In the near term, we will focus on reinvesting for profitable growth, dividends and reducing debt.
“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.”
First Quarter 2024 Highlights:
1 Generally Accepted Accounting Principles in the U.S.
First quarter 2024 detail (all comparisons to same period in 2023):
Components Segment
Engine Segment
Distribution Segment
Power Systems Segment
Accelera Segment
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 Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 75,500 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment, and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $735 million on sales of $34.1 billion in 2023. See how Cummins is powering a world that's always on by accessing news releases and more information at https://www.cummins.com/.
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 Agreement in Principle to settle regulatory proceedings regarding our emissions certification and compliance process for pick-up truck applications. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse consequences resulting from entering into the Agreement in Principle, including required additional mitigation projects, adverse reputational impacts and potential resulting legal actions; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; evolving environmental and climate change legislation and regulatory initiatives; changes in international, national and regional trade laws, regulations and policies; changes in taxation; global legal and ethical compliance costs and risks; future bans or limitations on the use of diesel-powered products; failure to successfully integrate and / or failure to fully realize all of the anticipated benefits of the acquisition of Meritor, Inc. (Meritor); raw material, transportation and labor price fluctuations and supply shortages; aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; climate change, global warming, more stringent climate change regulations, accords, mitigation efforts, greenhouse gas regulations or other legislation designed to address climate change; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions and divestitures and related uncertainties of entering such transactions; increasing interest rates; challenging markets for talent and ability to attract, develop and retain key personnel; exposure to potential security breaches or other disruptions to our information technology environment and data security; political, economic and other risks from operations in numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; failure to meet environmental, social and governance (ESG) expectations or standards, or achieve our ESG goals; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2023 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.
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
March 31,
In millions, except per share amounts
2024
2023
NET SALES
$
8,403
$
8,453
Cost of sales
6,362
6,424
GROSS MARGIN
2,041
2,029
OPERATING EXPENSES AND INCOME
Selling, general and administrative expenses
839
753
Research, development and engineering expenses
369
350
Equity, royalty and interest income from investees
123
119
Other operating expense, net
33
19
OPERATING INCOME
923
1,026
Interest expense
89
87
Other income, net
1,387
90
INCOME BEFORE INCOME TAXES
2,221
1,029
Income tax expense
193
223
CONSOLIDATED NET INCOME
2,028
806
Less: Net income attributable to noncontrolling interests
35
16
NET INCOME ATTRIBUTABLE TO CUMMINS INC.
$
1,993
$
790
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.
Basic
$
14.10
$
5.58
Diluted
$
14.03
$
5.55
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING
Basic
141.3
141.5
Diluted
142.1
142.4
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America.
CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (a)
In millions, except par value
March 31, 2024
December 31, 2023
ASSETS
Current assets
Cash and cash equivalents
$
2,541
$
2,179
Marketable securities
510
562
Total cash, cash equivalents and marketable securities
3,051
2,741
Accounts and notes receivable, net
5,463
5,583
Inventories
5,758
5,677
Prepaid expenses and other current assets
1,348
1,197
Total current assets
15,620
15,198
Long-term assets
Property, plant and equipment, net
6,011
6,249
Investments and advances related to equity method investees
1,774
1,800
Goodwill
2,406
2,499
Other intangible assets, net
2,455
2,519
Pension assets
1,187
1,197
Other assets
2,374
2,543
Total assets
$
31,827
$
32,005
LIABILITIES
Current liabilities
Accounts payable (principally trade)
$
4,476
$
4,260
Loans payable
342
280
Commercial paper
609
1,496
Current maturities of long-term debt
113
118
Accrued compensation, benefits and retirement costs
561
1,108
Current portion of accrued product warranty
652
667
Current portion of deferred revenue
1,236
1,220
Other accrued expenses
3,697
3,754
Total current liabilities
11,686
12,903
Long-term liabilities
Long-term debt
5,771
4,802
Deferred revenue
1,061
966
Other liabilities
3,208
3,430
Total liabilities
$
21,726
$
22,101
EQUITY
Cummins Inc. shareholders’ equity
Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued
$
2,557
$
2,564
Retained earnings
19,605
17,851
Treasury stock, at cost, 85.7 and 80.7 shares
(10,831
)
(9,359
)
Accumulated other comprehensive loss
(2,264
)
(2,206
)
Total Cummins Inc. shareholders’ equity
9,067
8,850
Noncontrolling interests
1,034
1,054
Total equity
$
10,101
$
9,904
Total liabilities and equity
$
31,827
$
32,005
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America.
CUMMINS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (a)
Three months ended
March 31,
In millions
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income
$
2,028
$
806
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Gain related to divestiture of Atmus
(1,333
)
—
Depreciation and amortization
265
246
Deferred income taxes
(38
)
(38
)
Equity in income of investees, net of dividends
(78
)
(67
)
Pension and OPEB expense
9
1
Pension contributions and OPEB payments
(48
)
(92
)
Changes in current assets and liabilities, net of acquisitions and divestitures
Accounts and notes receivable
(11
)
(621
)
Inventories
(354
)
(263
)
Other current assets
(175
)
(142
)
Accounts payable
327
381
Accrued expenses
(393
)
151
Other, net
77
133
Net cash provided by operating activities
276
495
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures
(169
)
(193
)
Acquisition of business, net of cash acquired
(59
)
—
Investments in marketable securities—acquisitions
(379
)
(326
)
Investments in marketable securities—liquidations
431
345
Cash associated with Atmus divestiture
(174
)
—
Other, net
(56
)
(54
)
Net cash used in investing activities
(406
)
(228
)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
2,398
43
Net payments of commercial paper
(887
)
(29
)
Payments on borrowings and finance lease obligations
(748
)
(142
)
Dividend payments on common stock
(239
)
(222
)
Other, net
(25
)
(13
)
Net cash provided by (used in) financing activities
499
(363
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
(7
)
(25
)
Net increase (decrease) in cash and cash equivalents
362
(121
)
Cash and cash equivalents at beginning of year
2,179
2,101
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
2,541
$
1,980
(a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America.
CUMMINS INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Unaudited)
In millions
Components
Engine
Distribution
Power Systems
Accelera
Total Segments
Intersegment Eliminations (1)
Total
Three months ended March 31, 2024
External sales
$
2,842
$
2,240
$
2,529
$
708
$
84
$
8,403
$
—
$
8,403
Intersegment sales
490
688
6
681
9
1,874
(1,874
)
—
Total sales
3,332
2,928
2,535
1,389
93
10,277
(1,874
)
8,403
Research, development and engineering expenses
84
154
14
60
55
367
2
369
Equity, royalty and interest income (loss) from investees
26
57
24
19
(3
)
123
—
123
Interest income
8
7
11
3
—
29
—
29
EBITDA (2)
473
(3
)
414
294
237
(101
)
1,317
1,255
2,572
Depreciation and amortization (4)
125
58
31
34
14
262
—
262
EBITDA as a percentage of total sales
14.2
%
14.1
%
11.6
%
17.1
%
NM
12.8
%
30.6
%
Three months ended March 31, 2023
External sales
$
3,043
$
2,252
$
2,399
$
679
$
80
$
8,453
$
—
$
8,453
Intersegment sales
514
734
7
664
5
1,924
(1,924
)
—
Total sales
3,557
2,986
2,406
1,343
85
10,377
(1,924
)
8,453
Research, development and engineering expenses
91
134
14
63
48
350
—
350
Equity, royalty and interest income (loss) from investees
21
65
24
13
(4
)
119
—
119
Interest income
6
3
7
2
—
18
—
18
EBITDA (2)
507
(5
)
457
335
219
(94
)
1,424
(63
)
1,361
Depreciation and amortization (4)
123
51
28
29
14
245
—
245
EBITDA as a percentage of total sales
14.3
%
15.3
%
13.9
%
16.3
%
NM
13.7
%
16.1
%
"NM" - not meaningful information
(1) Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. The three months ended March 31, 2024, included a $1.3 billion gain related to the divestiture of Atmus and $14 million of costs associated with the divestiture of Atmus. The three months ended March 31, 2023, included $6 million of costs associated with the divestiture of Atmus.
(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 $21 million of costs associated with the divestiture of Atmus for the three months ended March 31, 2024.
(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 $3 million and $1 million for the three months ended March 31, 2024 and 2023, respectively. A portion of depreciation expense is included in research, development and engineering expenses.
(5) Included $12 million of costs associated with the divestiture of Atmus for the three months ended March 31, 2023.
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
March 31,
In millions
2024
2023
Manufacturing entities
Dongfeng Cummins Engine Company, Ltd.
$
22
$
19
Chongqing Cummins Engine Company, Ltd.
15
9
Beijing Foton Cummins Engine Co., Ltd.
13
16
Tata Cummins, Ltd.
9
8
All other manufacturers
23
19
Distribution entities
Komatsu Cummins Chile, Ltda.
13
14
All other distributors
5
3
Cummins share of net income
100
88
Royalty and interest income
23
31
Equity, royalty and interest income from investees
$
123
$
119
ATMUS DIVESTITURE
On March 18, 2024, we completed the divestiture of our remaining 80.5 percent ownership of Atmus common stock through a tax-free split-off. The transaction involved the exchange of our shares in Atmus for shares of Cummins stock with a 7.0 percent discount on the exchange ratio for Atmus shares. The exchange ratio was determined based on each entity's respective stock price using the daily volume weighted-average stock price for three days preceding the final exchange offer date. Based on the final exchange ratio, we exchanged all 67 million of our Atmus shares for 5.6 million shares of Cummins stock, which was recorded as treasury stock based on the fair value of the Cummins shares obtained.
We evaluated the full divestiture of Atmus and determined the transaction did not qualify for discontinued operation presentation. We recognized a gain related to the divestiture of approximately $1.3 billion (based on the difference between the fair value of the Cummins shares obtained less the carrying value of our Atmus investment), which was recorded as other income in the Condensed Consolidated Statements of Net Income for the three months ended March 31, 2024. Approximately $114 million of goodwill was included in the carrying value of the Atmus investment for purposes of calculating the gain. The operating results of Atmus were reported in the Condensed Consolidated Financial Statements through March 18, 2024, the date of divestiture.
INCOME TAXES
Our effective tax rate for 2024 is expected to approximate 24.0 percent, excluding any discrete items that may arise.
Our effective tax rates for the three months ended March 31, 2024 and 2023, were 8.7 percent and 21.7 percent, respectively.
The three months ended March 31, 2024, contained favorable discrete tax items primarily due to the $1.3 billion non-taxable gain on the Atmus split-off. Other discrete tax items were $21 million favorable primarily due to adjustments related to audit settlements.
The three months ended March 31, 2023, contained favorable discrete tax items of $3 million, primarily due to share-based compensation tax benefits.
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 the United States (GAAP) measures is not available due to the variability, complexity and limited visibility of non-cash items that are excluded from the non-GAAP outlook measure.
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
March 31,
In millions
2024
2023
Net income attributable to Cummins Inc.
$
1,993
$
790
Net income attributable to Cummins Inc. as a percentage of net sales
23.7
%
9.3
%
Add:
Net income attributable to noncontrolling interests
35
16
Consolidated net income
2,028
806
Add:
Interest expense
89
87
Income tax expense
193
223
Depreciation and amortization
262
245
EBITDA
$
2,572
$
1,361
EBITDA as a percentage of net sales
30.6
%
16.1
%
Less:
Gain related to the divestiture of Atmus
1,333
—
Add:
Atmus divestiture costs
35
18
Restructuring actions
29
—
EBITDA, excluding the impact of gain recognized and costs associated with the divestiture of Atmus and restructuring actions
$
1,303
$
1,379
EBITDA, excluding the impact of gain recognized and costs associated with the divestiture of Atmus and restructuring actions, as a percentage of net sales
15.5
%
16.3
%
Net income and diluted earnings per share (EPS) attributable to Cummins Inc. excluding the gain recognized and costs associated with the divestiture of Atmus and restructuring actions
We believe these are useful measures of our operating performance for the periods presented as they illustrate our operating performance without regard to the gain recognized and costs associated with the divestiture of Atmus and restructuring actions. These measures are not in accordance with, or an alternative for GAAP and may not be consistent with measures used by other companies. This should be considered supplemental data. The following table reconciles net income and diluted EPS attributable to Cummins Inc. to net income and diluted EPS attributable to Cummins Inc. excluding special items for the following periods:
Three months ended March 31,
2024
In millions
Net Income
Diluted EPS
Net income and diluted EPS attributable to Cummins Inc.
$
1,993
$
14.03
Less:
Gain recognized and costs associated with the divestiture of Atmus, net of tax
1,291
9.08
Add:
Restructuring actions, net of tax
22
0.15
Net income and diluted EPS attributable to Cummins Inc. excluding the gain recognized and costs associated with the divestiture of Atmus and restructuring actions, net of tax
$
724
$
5.10
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
Axles and brakes
$
1,232
$
—
$
—
$
—
$
1,232
Emission solutions
971
—
—
—
971
Engine components
544
—
—
—
544
Atmus (1)
353
—
—
—
353
Automated transmissions
165
—
—
—
165
Software and electronics
67
—
—
—
67
Total sales
$
3,332
$
—
$
—
$
—
$
3,332
(1) Included sales through the March 18, 2024, divestiture.
2023
In millions
Q1
Q2
Q3
Q4
YTD
Axles and brakes
$
1,272
$
1,249
$
1,177
$
1,124
$
4,822
Emission solutions
1,056
964
893
922
3,835
Engine components
581
557
532
519
2,189
Atmus
417
417
396
399
1,629
Automated transmissions
179
179
187
169
714
Software and electronics
52
59
51
58
220
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
$
—
$
—
$
—
$
1,059
Medium-duty truck and bus
995
—
—
—
995
Light-duty automotive
438
—
—
—
438
Off-highway
436
—
—
—
436
Total sales
$
2,928
$
—
$
—
$
—
$
2,928
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
—
—
—
33,600
Medium-duty
75,800
—
—
—
75,800
Light-duty
54,800
—
—
—
54,800
Total units
164,200
—
—
—
164,200
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
$
—
$
—
$
—
$
1,001
Power generation
707
—
—
—
707
Engines
421
—
—
—
421
Service
406
—
—
—
406
Total sales
$
2,535
$
—
$
—
$
—
$
2,535
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
$
—
$
—
$
—
$
853
Industrial
420
—
—
—
420
Generator technologies
116
—
—
—
116
Total sales
$
1,389
$
—
$
—
$
—
$
1,389
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
—
—
—
3,000
Industrial
1,300
—
—
—
1,300
Total units
4,300
—
—
—
4,300
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/20240501092828/en/
Jon Mills Director, External Communications Cummins Inc. jon.mills@cummins.com
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