Cummins Inc (Ex. Cummins Engine Inc)

Latest Results (17.12.2024):

Revenue and Income

In the third quarter of 2024, Cummins Inc (Ex. Cummins Engine Inc) reported revenues of $8.5 billion, which remained flat compared to the same quarter in 2023. The company achieved a GAAP net income of $809 million, representing 9.6% of sales. This reflects an increase from the previous year's net income of $656 million for the same period.

EBITDA Performance

Cummins Inc (Ex. Cummins Engine Inc) reported an EBITDA of $1.4 billion for the third quarter of 2024, which is 16.4% of sales. This marks an improvement from the previous year's third-quarter EBITDA of $1.2 billion, or 14.6% of sales. The increase in EBITDA is attributed to improved performance in the Power Systems and Distribution segments.

Dividend Increase

During the third quarter of 2024, Cummins Inc (Ex. Cummins Engine Inc) increased its quarterly common stock cash dividend from $1.68 to $1.82 per share. This marks the 15th consecutive year that the company has increased its quarterly dividend to shareholders, demonstrating its commitment to returning value to investors.

2024 Financial Outlook

Cummins Inc (Ex. Cummins Engine Inc) is maintaining its full-year 2024 revenue guidance, expecting it to range from a 3% decrease to flat. The company has adjusted its EBITDA expectations to approximately 15.5%, at the top end of the previous guidance range of 15.0% to 15.5%. The company plans to focus on generating strong operating cash flow and returning 50% of it to shareholders.

Segment Performance

In the third quarter of 2024, Cummins Inc (Ex. Cummins Engine Inc) saw varied performance across its segments. The Distribution segment experienced a 16% increase in sales, while the Power Systems segment saw a 17% rise. However, the Components segment faced a 16% decline in sales, primarily due to the separation of Atmus and reduced demand in the heavy-duty truck market.