COLUMBUS, Ind. – Cummins Inc. reported results for the second quarter of 2024 on Thursday.
“We achieved record quarterly sales and solid profitability in the second quarter, led by significant improvement in our Power Systems business,” said Jennifer Rumsey, Chair and CEO of Cummins. “As we shared during our Analyst Day in May, our Destination Zero strategy is the right strategy for growing our business and meeting our customers’ needs today and in the future. We continue to deliver innovative technologies for our customers, execute our financial commitments, and strengthen our position in key markets. I want to thank our talented employees for their continued efforts to drive business results and make Cummins more competitive.”
Second-quarter revenues of $8.8 billion increased 2% from the same quarter in 2023. Sales in North America increased by 4% while international revenues decreased by 2%.
Net income attributable to Cummins in the second quarter was $726 million, or $5.26 per diluted share, compared to $720 million, or $5.05 per diluted share, in 2023. The second quarter of 2023 included costs related to the separation of Atmus of $23 million, or $0.13 per diluted share. The tax rate in the second quarter was 23.0% including $9 million, or $0.07 per diluted share, of favorable discrete tax items.
Earnings in the second quarter before interest, taxes, depreciation, and amortization (EBITDA) were $1.3 billion, or 15.3% of sales, compared to $1.3 billion, or 15.1% of sales, a year ago. EBITDA for the second quarter of 2023 included the costs related to the separation of Atmus noted above.
Read the complete story on the strong second quarter on the Cummins website by going here.
