COLUMBUS, Ind. – On Tuesday, Cummins Inc. announced its fourth quarter and full-year 2024 results.
“Cummins delivered strong operational results in the fourth quarter and achieved record full-year revenues, net income, EBITDA, and EPS, despite a decline in heavy-duty truck demand in North America,” said Jennifer Rumsey, Chair/CEO of Cummins. “In the fourth quarter, we recorded charges related to the reorganization of our Accelera by Cummins segment. The charges were the result of a strategic review to streamline operations and focus investments, as the adoption of certain zero-emissions solutions has slowed in some regions around the world.”
“I am proud of our employees for delivering innovative technologies for our customers, strengthening our position in key markets, and achieving our financial performance targets,” concluded Rumsey.
Fourth quarter 2024 revenues of $8.4 billion decreased 1% from the same quarter in 2023. Sales in North America were flat while international revenues were down by 3%.
Net income attributable to Cummins in the fourth quarter was $418 million, or $3.02 per diluted share, compared to a net loss of $1.4 billion, or $(10.01) per diluted share, in 2023. The current quarter results include Accelera reorganization actions of $312 million, primarily non-cash charges. The fourth quarter of 2023 included recording a charge related to the Settlement Agreements of $2.0 billion, costs of the voluntary retirement and separation programs of $42 million, and costs related to the separation of Atmus of $33 million.
Earnings in the fourth quarter before interest, taxes, depreciation, and amortization (EBITDA) were $1.0 billion, or 12.1% of sales, compared to a loss of $878 million, or negative 10.3% of sales, a year ago.
Full-year 2024 revenues of $34.1 billion were flat in 2023. Sales in North America increased 1% and international revenues decreased 1% compared to 2023.
Net income for 2024 was $3.9 billion, or $28.37 per diluted share, compared to $735 million, or $5.15 per diluted share, in 2023.
Based on its current forecast, Cummins projects 2025 revenue to be somewhere in the range of down 2% to up 3%, and EBITDA to be in the range of 16.2% and 17.2% of sales.
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