Cummins, the US-headquartered global on- and off-highway machinery engine major, posted record full-year revenues in 2024 and strong fourth-quarter results.
Full-year 2024 revenues stood at $34.1 billion, with sales in North America up 1% and international revenues down 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.
2024 results included the gain related to the separation of Atmus Filtration Technologies, net of transaction costs and other expenses, of $1.3 billion, or $9.28 per diluted share. EBITDA in 2024 was $6.3 billion, or 18.6% of sales, compared to $3 billion, or 8.9% of sales, a year ago. EBITDA for 2024 and 2023 included the gains and costs noted above.
Cummins’ 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 decreased 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.
“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 and CEO of Cummins. She continued: “In the fourth quarter, we recorded charges related to the reorganisation 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.
“2024 marked a transformative year for Cummins as we made significant progress in advancing our Destination Zero strategy and delivered record results. I am tremendously proud of our employees for delivering innovative technologies for our customers, strengthening our position in key markets and achieving our financial performance targets.”
Based on its current forecast, Cummins projects full-year 2025 revenue to be in the range of down 2% to up 3% and EBITDA to be in the range of 16.2% and 17.2% of sales.
Cummins plans to continue generating strong operating cash flow and returns for shareholders and is committed to our long-term strategic goal of returning 50% of operating cash flow to shareholders.
“In 2025, we anticipate that demand will be slightly weaker in the North American on-highway truck markets, particularly in the first half of the year, but offset by strength in other key markets. Despite a relatively flat revenue forecast and relative weakness in the key North American truck markets, we expect to improve profitability and cash flow. Cummins remains well-positioned to deliver strong financial performance, invest in future growth and return cash to shareholders,” said Rumsey.
Cummins’ 2024 trading highlights included an increased common stock cash dividend for the 15th straight year, which returned $969 million to shareholders through dividends. The business finalised the complete separation of Atmus Filtration Technologies through a share exchange offer, which reduced Cummins’ outstanding shares by approximately 5.6 million.
Cummins introduced the HELM engine platforms. Applied across Cummins’ legendary B, X10, and X15-series engine portfolios, the HELM platforms allow customers to choose the fuel type—either advanced diesel or alternate fuels like natural gas and hydrogen—that best suits their business needs and offers the power customers expect while also reducing emissions. In September, Cummins began full production of the X15N natural gas engine at the Jamestown Engine Plant in New York, celebrating its 50th anniversary in 2024.
Cummins and Isuzu announced the launch of a new 6.7-litre engine designed for use in Isuzu’s new medium-duty truck lineup, which is available in Japan and other global markets. Cummins also announced plans to launch a battery electric powertrain for Isuzu’s F-series in North America. The medium-duty truck is expected to be available in 2026 and will include Accelera’s next-generation lithium iron phosphate (LFP) battery technology.
In 2024, Accelera by Cummins, Daimler Trucks & Buses, PACCAR and EVE Energy completed the formation of their joint venture, Amplify Cell Technologies, to localise battery cell production and the battery supply chain in the United States. This strategic collaboration will advance zero-emissions technology for electric commercial vehicles and industrial applications. Amplify began constructing a 21-gigawatt hour (GWh) factory in Marshall County, Miss., with potential for further expansion as demand grows. The factory is expected to create more than 2,000 U.S. manufacturing jobs and is targeting the start of production in 2027.
Cummins Power Generation introduced four new generator sets to the award-winning Centum Series, two each powered by Cummins’ QSK50 and QSK78 engines. In response to high market demand, these new models have been engineered specifically for critical applications such as data centres, healthcare facilities and wastewater treatment plants. These products build on decades of experience meeting our customers’ needs and deliver a step-change improvement in power density, assured reliability, sustainability and low emissions.
Cummins received several prestigious honours for its focus on its people and communities. Of note, the company was named industry leader in the Commercial Vehicle and Machinery category for America’s Most JUST Companies list and a 2024 Handshake Early Talent Award winner for our role in shaping the workforce of the future. For the third consecutive year, Morgan Stanley Capital International (MSCI) awarded Cummins a AAA rating – the highest sustainability rating in the industry. Additionally, Cummins was named a Veteran Friendly Employer by U.S. Veterans Magazine, a Top Company for Women to Work in Transportation, and ranked in the top 100 on Glassdoor’s Best Places to Work in 2024.
