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    Cummins Reports Strong Second Quarter 2024 Results

    8/1/24 7:30:00 AM ET
    $CMI
    Industrial Machinery/Components
    Industrials
    Get the next $CMI alert in real time by email
    • Record second quarter revenues of $8.8 billion; GAAP1 Net Income of $726 million
    • EBITDA in the second quarter was 15.3% of sales; Diluted EPS of $5.26
    • Full year revenues are expected to range from down 3% to flat; an improvement from prior guidance of down 2% to 5%.
    • EBITDA is now expected to be in the range of 15.0% to 15.5%; an increase from previous guidance of 14.5% to 15.5%.

    Cummins Inc. (NYSE:CMI) today reported results for the second quarter of 2024.

    "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 on 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 across the globe."

    Second quarter revenues of $8.8 billion increased 2% from the same quarter in 2023. Sales in North America increased 4% while international revenues decreased 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 before interest, taxes, depreciation and amortization (EBITDA) in the second quarter 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.

    2024 Outlook:

    Based on its current forecast, Cummins is raising its full-year 2024 revenue guidance to be down 3% to flat, due to stronger than expected demand across several markets, especially in North America on-highway and power generation. EBITDA is expected to be in the range of 15.0% to 15.5%, raising the midpoint and narrowing the range of the previous guidance of 14.5% to 15.5%.

    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 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 still expect slowing demand in the North America heavy-duty truck market in the second half of the year," said Rumsey. "Despite the lower outlook for the second half, Cummins is in a strong position to keep investing in future growth, bringing new technologies to customers and returning cash to shareholders."

    Second Quarter 2024 Highlights:

    • Cummins announced an increase in the quarterly common stock cash dividend from $1.68 to $1.82 per share. The company has increased the quarterly dividend to shareholders for 15 consecutive years.
    • Accelera™ by Cummins, Daimler Trucks & Buses and PACCAR completed the formation of their joint venture, now known as Amplify Cell Technologies, to localize 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 construction of 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 and Isuzu announced the launch of a new 6.7-liter engine designed for use in Isuzu's new medium-duty truck lineup. The "Isuzu DB6A" will power on-highway truck applications built for the Japanese market and will be available for the Asia Pacific markets and other global markets later this year. Cummins also announced plans to launch a battery electric powertrain for Isuzu's F-series in North America. Availability of the medium-duty truck is expected in 2026 and will include Accelera's next generation lithium iron phosphate (LFP) battery technology.
    • Cummins hosted its biennial Analyst Day and shared plans to raise its long-term financial expectations, relative to its prior Analyst Day, and deliver increasing returns to shareholders.
    • For the third consecutive year, Morgan Stanley Capital International (MSCI) awarded Cummins a AAA rating – the highest in the industry – for the ability to manage the most significant environmental, social and governance risks and opportunities relative to peers.
    • In July, Accelera was awarded $75 million for zero-emissions manufacturing from the Department of Energy to convert approximately 360,000 sq. ft. of existing manufacturing space at our Columbus (Indiana) Engine Plant for zero-emissions components and electric powertrain systems. The $75 million grant is the largest federal grant ever awarded solely to Cummins and is part of the appropriations related to the Inflation Reduction Act.

    1 Generally Accepted Accounting Principles in the U.S.

    Second quarter 2024 detail (all comparisons to same period in 2023):

    Components Segment

    • Sales - $3.0 billion, down 13%
    • Segment EBITDA - $406 million, or 13.6% of sales compared to $486 million, or 14.2% of sales, which included the Atmus business and $18 million of costs related to the separation of Atmus
    • Revenues in North America decreased by 10% and international sales decreased by 17% primarily due to the separation of Atmus and lower demand in China and Europe.

    Engine Segment

    • Sales - $3.2 billion, up 5%
    • Segment EBITDA - $445 million, or 14.1% of sales, compared to $425 million, or 14.2% of sales
    • Revenues increased 7% in North America and increased 2% in international markets due to strong demand in the North American medium-duty truck market and pricing actions.

    Distribution Segment

    • Sales - $2.8 billion, up 9%
    • Segment EBITDA - $314 million, or 11.1% of sales, compared to $299 million, or 11.5% of sales
    • Revenues in North America increased 6% and international sales increased by 16% driven by increased demand for power generation products and pricing actions.

    Power Systems Segment

    • Sales - $1.6 billion, up 9%
    • Segment EBITDA - $301 million, or 18.9% of sales, compared to $201 million, or 13.8% of sales
    • Power generation revenues increased 16% driven by increased global demand, particularly for the data center market. Industrial revenues increased 2% primarily due to strong mining demand more than offsetting weaker demand in oil and gas markets.

    Accelera Segment

    • Sales - $111 million, up 31%
    • Segment EBITDA loss - $117 million
    • Revenues increased due to increased electrolyzer installations.
    • Costs associated with the development of electric powertrains, fuel cells and electrolyzers, as well as products to support battery electric vehicles are contributing to EBITDA losses.

    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 the Settlement Agreements to resolve regulatory proceedings regarding our emissions certification and compliance process for certain engines primarily used in pick-up truck applications in the U.S. 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 Settlement Agreements, 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.; 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

     

     

    June 30,

    In millions, except per share amounts

     

    2024

     

    2023

    NET SALES

     

    $

    8,796

     

    $

    8,638

    Cost of sales

     

     

    6,603

     

     

    6,490

    GROSS MARGIN

     

     

    2,193

     

     

    2,148

    OPERATING EXPENSES AND INCOME

     

     

     

     

    Selling, general and administrative expenses

     

     

    828

     

     

    873

    Research, development and engineering expenses

     

     

    379

     

     

    384

    Equity, royalty and interest income from investees

     

     

    103

     

     

    133

    Other operating expense, net

     

     

    44

     

     

    27

    OPERATING INCOME

     

     

    1,045

     

     

    997

    Interest expense

     

     

    109

     

     

    99

    Other income, net

     

     

    41

     

     

    51

    INCOME BEFORE INCOME TAXES

     

     

    977

     

     

    949

    Income tax expense

     

     

    225

     

     

    212

    CONSOLIDATED NET INCOME

     

     

    752

     

     

    737

    Less: Net income attributable to noncontrolling interests

     

     

    26

     

     

    17

    NET INCOME ATTRIBUTABLE TO CUMMINS INC.

     

    $

    726

     

    $

    720

     

     

     

     

     

    EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.

     

     

     

     

    Basic

     

    $

    5.30

     

    $

    5.08

    Diluted

     

    $

    5.26

     

    $

    5.05

     

     

     

     

     

    WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING

     

     

     

     

    Basic

     

     

    137.1

     

     

    141.7

    Diluted

     

     

    137.9

     

     

    142.5

     

    (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 NET INCOME

    (Unaudited) (a)

     

     

     

     

     

    Six months ended

     

     

    June 30,

    In millions, except per share amounts

     

    2024

     

    2023

    NET SALES

     

    $

    17,199

     

    $

    17,091

    Cost of sales

     

     

    12,965

     

     

    12,914

    GROSS MARGIN

     

     

    4,234

     

     

    4,177

    OPERATING EXPENSES AND INCOME

     

     

     

     

    Selling, general and administrative expenses

     

     

    1,667

     

     

    1,626

    Research, development and engineering expenses

     

     

    748

     

     

    734

    Equity, royalty and interest income from investees

     

     

    226

     

     

    252

    Other operating expense, net

     

     

    77

     

     

    46

    OPERATING INCOME

     

     

    1,968

     

     

    2,023

    Interest expense

     

     

    198

     

     

    186

    Other income, net

     

     

    1,428

     

     

    141

    INCOME BEFORE INCOME TAXES

     

     

    3,198

     

     

    1,978

    Income tax expense

     

     

    418

     

     

    435

    CONSOLIDATED NET INCOME

     

     

    2,780

     

     

    1,543

    Less: Net income attributable to noncontrolling interests

     

     

    61

     

     

    33

    NET INCOME ATTRIBUTABLE TO CUMMINS INC.

     

    $

    2,719

     

    $

    1,510

     

     

     

     

     

    EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.

     

     

     

     

    Basic

     

    $

    19.53

     

    $

    10.66

    Diluted

     

    $

    19.42

     

    $

    10.60

     

     

     

     

     

    WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING

     

     

     

     

    Basic

     

     

    139.2

     

     

    141.6

    Diluted

     

     

    140.0

     

     

    142.5

     

     

     

     

     

    (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

     

    June 30,

    2024

     

    December 31,

    2023

    ASSETS

     

     

     

     

    Current assets

     

     

     

     

    Cash and cash equivalents

     

    $

    1,590

     

     

    $

    2,179

     

    Marketable securities

     

     

    593

     

     

     

    562

     

    Total cash, cash equivalents and marketable securities

     

     

    2,183

     

     

     

    2,741

     

    Accounts and notes receivable, net

     

     

    5,606

     

     

     

    5,583

     

    Inventories

     

     

    5,857

     

     

     

    5,677

     

    Prepaid expenses and other current assets

     

     

    1,316

     

     

     

    1,197

     

    Total current assets

     

     

    14,962

     

     

     

    15,198

     

    Long-term assets

     

     

     

     

    Property, plant and equipment, net

     

     

    6,053

     

     

     

    6,249

     

    Investments and advances related to equity method investees

     

     

    1,828

     

     

     

    1,800

     

    Goodwill

     

     

    2,394

     

     

     

    2,499

     

    Other intangible assets, net

     

     

    2,502

     

     

     

    2,519

     

    Pension assets

     

     

    1,192

     

     

     

    1,197

     

    Other assets

     

     

    2,389

     

     

     

    2,543

     

    Total assets

     

    $

    31,320

     

     

    $

    32,005

     

     

     

     

     

     

    LIABILITIES

     

     

     

     

    Current liabilities

     

     

     

     

    Accounts payable (principally trade)

     

    $

    4,405

     

     

    $

    4,260

     

    Loans payable

     

     

    329

     

     

     

    280

     

    Commercial paper

     

     

    1,581

     

     

     

    1,496

     

    Current maturities of long-term debt

     

     

    167

     

     

     

    118

     

    Accrued compensation, benefits and retirement costs

     

     

    801

     

     

     

    1,108

     

    Current portion of accrued product warranty

     

     

    660

     

     

     

    667

     

    Current portion of deferred revenue

     

     

    1,311

     

     

     

    1,220

     

    Other accrued expenses

     

     

    1,890

     

     

     

    3,754

     

    Total current liabilities

     

     

    11,144

     

     

     

    12,903

     

    Long-term liabilities

     

     

     

     

    Long-term debt

     

     

    5,426

     

     

     

    4,802

     

    Deferred revenue

     

     

    1,046

     

     

     

    966

     

    Other liabilities

     

     

    3,128

     

     

     

    3,430

     

    Total liabilities

     

    $

    20,744

     

     

    $

    22,101

     

     

     

     

     

     

    EQUITY

     

     

     

     

    Cummins Inc. shareholders' equity

     

     

     

     

    Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued

     

    $

    2,582

     

     

    $

    2,564

     

    Retained earnings

     

     

    20,101

     

     

     

    17,851

     

    Treasury stock, at cost, 85.5 and 80.7 shares

     

     

    (10,797

    )

     

     

    (9,359

    )

    Accumulated other comprehensive loss

     

     

    (2,335

    )

     

     

    (2,206

    )

    Total Cummins Inc. shareholders' equity

     

     

    9,551

     

     

     

    8,850

     

    Noncontrolling interests

     

     

    1,025

     

     

     

    1,054

     

    Total equity

     

    $

    10,576

     

     

    $

    9,904

     

    Total liabilities and equity

     

    $

    31,320

     

     

    $

    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

     

     

    June 30,

    In millions

     

    2024

     

    2023

    CASH FLOWS FROM OPERATING ACTIVITIES

     

     

     

     

    Consolidated net income

     

    $

    752

     

     

    $

    737

     

    Adjustments to reconcile consolidated net income to net cash (used in) provided by operating activities

     

     

    Depreciation and amortization

     

     

    263

     

     

     

    257

     

    Deferred income taxes

     

     

    (61

    )

     

     

    (94

    )

    Equity in income of investees, net of dividends

     

     

    (8

    )

     

     

    (46

    )

    Pension and OPEB expense

     

     

    10

     

     

     

    2

     

    Pension contributions and OPEB payments

     

     

    (11

    )

     

     

    (11

    )

    Changes in current assets and liabilities, net of acquisitions

     

     

     

     

    Accounts and notes receivable

     

     

    (150

    )

     

     

    (14

    )

    Inventories

     

     

    (115

    )

     

     

    (140

    )

    Other current assets

     

     

    24

     

     

     

    5

     

    Accounts payable

     

     

    (64

    )

     

     

    (316

    )

    Accrued expenses

     

     

    (1,540

    )

     

     

    110

     

    Other, net

     

     

    49

     

     

     

    (7

    )

    Net cash (used in) provided by operating activities

     

     

    (851

    )

     

     

    483

     

     

     

     

     

     

    CASH FLOWS FROM INVESTING ACTIVITIES

     

     

     

     

    Capital expenditures

     

     

    (240

    )

     

     

    (221

    )

    Acquisition of businesses, net of cash acquired

     

     

    1

     

     

     

    (134

    )

    Investments in marketable securities—acquisitions

     

     

    (334

    )

     

     

    (322

    )

    Investments in marketable securities—liquidations

     

     

    254

     

     

     

    275

     

    Other, net

     

     

    (81

    )

     

     

    24

     

    Net cash used in investing activities

     

     

    (400

    )

     

     

    (378

    )

     

     

     

     

     

    CASH FLOWS FROM FINANCING ACTIVITIES

     

     

     

     

    Proceeds from borrowings

     

     

    84

     

     

     

    694

     

    Net borrowings (payments) of commercial paper

     

     

    972

     

     

     

    (629

    )

    Payments on borrowings and finance lease obligations

     

     

    (475

    )

     

     

    (86

    )

    Dividend payments on common stock

     

     

    (230

    )

     

     

    (223

    )

    Other, net

     

     

    (43

    )

     

     

    4

     

    Net cash provided by (used in) financing activities

     

     

    308

     

     

     

    (240

    )

    EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

     

     

    (8

    )

     

     

    (43

    )

    Net decrease in cash and cash equivalents

     

     

    (951

    )

     

     

    (178

    )

    Cash and cash equivalents at beginning of period

     

     

    2,541

     

     

     

    1,980

     

    CASH AND CASH EQUIVALENTS AT END OF PERIOD

     

    $

    1,590

     

     

    $

    1,802

     

     

     

     

     

     

    (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)

     

     

     

     

     

    Six months ended

     

     

    June 30,

    In millions

     

    2024

     

    2023

    CASH FLOWS FROM OPERATING ACTIVITIES

     

     

     

     

    Consolidated net income

     

    $

    2,780

     

     

    $

    1,543

     

    Adjustments to reconcile consolidated net income to net cash (used in) provided by operating activities

     

     

     

     

    Gain related to divestiture of Atmus

     

     

    (1,333

    )

     

     

    —

     

    Depreciation and amortization

     

     

    528

     

     

     

    503

     

    Deferred income taxes

     

     

    (99

    )

     

     

    (132

    )

    Equity in income of investees, net of dividends

     

     

    (86

    )

     

     

    (113

    )

    Pension and OPEB expense

     

     

    19

     

     

     

    3

     

    Pension contributions and OPEB payments

     

     

    (59

    )

     

     

    (103

    )

    Changes in current assets and liabilities, net of acquisitions and divestitures

     

     

     

     

    Accounts and notes receivable

     

     

    (161

    )

     

     

    (635

    )

    Inventories

     

     

    (469

    )

     

     

    (403

    )

    Other current assets

     

     

    (151

    )

     

     

    (137

    )

    Accounts payable

     

     

    263

     

     

     

    65

     

    Accrued expenses

     

     

    (1,933

    )

     

     

    261

     

    Other, net

     

     

    126

     

     

     

    126

     

    Net cash (used in) provided by operating activities

     

     

    (575

    )

     

     

    978

     

     

     

     

     

     

    CASH FLOWS FROM INVESTING ACTIVITIES

     

     

     

     

    Capital expenditures

     

     

    (409

    )

     

     

    (414

    )

    Acquisition of businesses, net of cash acquired

     

     

    (58

    )

     

     

    (134

    )

    Investments in marketable securities—acquisitions

     

     

    (713

    )

     

     

    (648

    )

    Investments in marketable securities—liquidations

     

     

    685

     

     

     

    620

     

    Cash associated with Atmus divestiture

     

     

    (174

    )

     

     

    —

     

    Other, net

     

     

    (137

    )

     

     

    (30

    )

    Net cash used in investing activities

     

     

    (806

    )

     

     

    (606

    )

     

     

     

     

     

    CASH FLOWS FROM FINANCING ACTIVITIES

     

     

     

     

    Proceeds from borrowings

     

     

    2,482

     

     

     

    737

     

    Net borrowings (payments) of commercial paper

     

     

    85

     

     

     

    (658

    )

    Payments on borrowings and finance lease obligations

     

     

    (1,223

    )

     

     

    (228

    )

    Dividend payments on common stock

     

     

    (469

    )

     

     

    (445

    )

    Other, net

     

     

    (68

    )

     

     

    (9

    )

    Net cash provided by (used in) financing activities

     

     

    807

     

     

     

    (603

    )

    EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

     

     

    (15

    )

     

     

    (68

    )

    Net decrease in cash and cash equivalents

     

     

    (589

    )

     

     

    (299

    )

    Cash and cash equivalents at beginning of year

     

     

    2,179

     

     

     

    2,101

     

    CASH AND CASH EQUIVALENTS AT END OF PERIOD

     

    $

    1,590

     

     

    $

    1,802

     

     

     

     

     

     

    (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)

    REORGANIZATION WITHIN CERTAIN SEGMENTS

    Beginning in the second quarter of 2024, we realigned certain businesses within our Components segment to be consistent with how our segment manager now monitors performance. We reorganized the businesses to combine the engine components and software and electronics businesses into the newly formed components and software business. We also renamed our axles and brakes business to "drivetrain and braking systems." We began reporting results for these changes within our Components segment effective April 1, 2024, and reflected these changes in the historical periods presented. The changes had no impact on our consolidated results. The adjusted prior period balances for the newly combined engine components and software business are shown below:

    Components Segment

    External sales in 2024, 2023 and 2022 for our Components segment by business, as adjusted, were as follows:

     

    2024

     

     

     

     

     

     

     

     

     

     

    In millions

     

    Q1

     

     

     

     

     

     

     

     

    Drivetrain and braking systems

     

    $

    1,232

     

     

     

     

     

     

     

     

    Emission solutions

     

     

    856

     

     

     

     

     

     

     

     

    Components and software

     

     

    300

     

     

     

     

     

     

     

     

    Atmus

     

     

    289

     

     

     

     

     

     

     

     

    Automated transmission

     

     

    165

     

     

     

     

     

     

     

     

    Total sales

     

    $

    2,842

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    2023

     

     

     

     

     

     

     

     

     

     

    In millions

     

    Q1

     

    Q2

     

    Q3

     

    Q4

     

    YTD

    Drivetrain and braking systems

     

    $

    1,272

     

    $

    1,249

     

    $

    1,177

     

    $

    1,124

     

    $

    4,822

    Emission solutions

     

     

    939

     

     

    842

     

     

    803

     

     

    841

     

     

    3,425

    Components and software

     

     

    312

     

     

    312

     

     

    289

     

     

    312

     

     

    1,225

    Atmus

     

     

    342

     

     

    341

     

     

    324

     

     

    338

     

     

    1,345

    Automated transmissions

     

     

    178

     

     

    180

     

     

    187

     

     

    169

     

     

    714

    Total sales

     

    $

    3,043

     

    $

    2,924

     

    $

    2,780

     

    $

    2,784

     

    $

    11,531

     

     

     

     

     

     

     

     

     

     

     

    2022

     

     

     

     

     

     

     

     

     

     

    In millions

     

    YTD

     

     

     

     

     

     

     

     

    Drivetrain and braking systems

     

    $

    1,879

     

     

     

     

     

     

     

     

    Emission solutions

     

     

    3,086

     

     

     

     

     

     

     

     

    Components and software

     

     

    1,030

     

     

     

     

     

     

     

     

    Atmus

     

     

    1,259

     

     

     

     

     

     

     

     

    Automated transmissions

     

     

    593

     

     

     

     

     

     

     

     

    Total sales

     

    $

    7,847

     

     

     

     

     

     

     

     

     

    Consolidated sales in 2024, 2023, and 2022 for our Components segment by business, as adjusted, are presented in the segment sales data section below.

     

    CUMMINS INC. AND SUBSIDIARIES

    SEGMENT INFORMATION

    (Unaudited)

     

    In millions

     

    Components

     

    Engine

     

    Distribution

     

    Power Systems

     

    Accelera

     

    Total Segments

     

    Intersegment Eliminations (1)

     

    Total

    Three months ended June 30, 2024

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    External sales

     

    $

    2,518

     

     

    $

    2,468

     

     

    $

    2,821

     

     

    $

    888

     

     

    $

    101

     

     

    $

    8,796

     

     

    $

    —

     

     

    $

    8,796

     

    Intersegment sales

     

     

    464

     

     

     

    683

     

     

     

    8

     

     

     

    701

     

     

     

    10

     

     

     

    1,866

     

     

     

    (1,866

    )

     

     

    —

     

    Total sales

     

     

    2,982

     

     

     

    3,151

     

     

     

    2,829

     

     

     

    1,589

     

     

     

    111

     

     

     

    10,662

     

     

     

    (1,866

    )

     

     

    8,796

     

    Research, development and engineering expenses

     

     

    81

     

     

     

    167

     

     

     

    14

     

     

     

    63

     

     

     

    54

     

     

     

    379

     

     

     

    —

     

     

     

    379

     

    Equity, royalty and interest income (loss) from investees

     

     

    13

     

     

     

    48

     

     

     

    24

     

     

     

    26

     

     

     

    (8

    )

     

     

    103

     

     

     

    —

     

     

     

    103

     

    Interest income

     

     

    9

     

     

     

    7

     

     

     

    11

     

     

     

    3

     

     

     

    —

     

     

     

    30

     

     

     

    —

     

     

     

    30

     

    EBITDA (2)

     

     

    406

     

     

     

    445

     

     

     

    314

     

     

     

    301

     

     

     

    (117

    )

     

     

    1,349

     

     

     

    (4

    )

     

     

    1,345

     

    Depreciation and amortization (3)

     

     

    121

     

     

     

    61

     

     

     

    30

     

     

     

    32

     

     

     

    15

     

     

     

    259

     

     

     

    —

     

     

     

    259

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    EBITDA as a percentage of segment sales

     

     

    13.6

    %

     

     

    14.1

    %

     

     

    11.1

    %

     

     

    18.9

    %

     

     

    NM

     

     

     

    12.7

    %

     

     

     

     

    15.3

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three months ended June 30, 2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    External sales

     

    $

    2,924

     

     

    $

    2,263

     

     

    $

    2,576

     

     

    $

    794

     

     

    $

    81

     

     

    $

    8,638

     

     

    $

    —

     

     

    $

    8,638

     

    Intersegment sales

     

     

    501

     

     

     

    725

     

     

     

    19

     

     

     

    663

     

     

     

    4

     

     

     

    1,912

     

     

     

    (1,912

    )

     

     

    —

     

    Total sales

     

     

    3,425

     

     

     

    2,988

     

     

     

    2,595

     

     

     

    1,457

     

     

     

    85

     

     

     

    10,550

     

     

     

    (1,912

    )

     

     

    8,638

     

    Research, development and engineering expenses

     

     

    103

     

     

     

    148

     

     

     

    15

     

     

     

    66

     

     

     

    52

     

     

     

    384

     

     

     

    —

     

     

     

    384

     

    Equity, royalty and interest income (loss) from investees

     

     

    24

     

     

     

    71

     

     

     

    24

     

     

     

    18

     

     

     

    (4

    )

     

     

    133

     

     

     

    —

     

     

     

    133

     

    Interest income

     

     

    7

     

     

     

    7

     

     

     

    8

     

     

     

    2

     

     

     

    1

     

     

     

    25

     

     

     

    —

     

     

     

    25

     

    EBITDA (2)

     

     

    486

     

    (4

    )

     

    425

     

     

     

    299

     

     

     

    201

     

     

     

    (114

    )

     

     

    1,297

     

     

     

    7

     

     

     

    1,304

     

    Depreciation and amortization (3)

     

     

    125

     

     

     

    56

     

     

     

    28

     

     

     

    32

     

     

     

    15

     

     

     

    256

     

     

     

    —

     

     

     

    256

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    EBITDA as a percentage of segment sales

     

     

    14.2

    %

     

     

    14.2

    %

     

     

    11.5

    %

     

     

    13.8

    %

     

     

    NM

     

     

     

    12.3

    %

     

     

     

     

    15.1

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    "NM" - not meaningful information

    (1) Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended June 30, 2024 and 2023, except for $5 million of costs associated with the divestiture of Atmus Filtration Technologies Inc. (Atmus) in 2023.

    (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) Depreciation and amortization, as shown on a segment basis, excludes the amortization of debt discount and deferred costs included in the Condensed Consolidated Statements of Net Income as interest expense. A portion of depreciation expense is included in research, development and engineering expenses.

    (4) Included $18 million of costs associated with the divestiture of Atmus.

     

    CUMMINS INC. AND SUBSIDIARIES

    SEGMENT INFORMATION

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    In millions

     

    Components

     

    Engine

     

    Distribution

     

    Power Systems

     

    Accelera

     

    Total Segments

     

    Intersegment

    Eliminations (1)

     

    Total

    Six months ended June 30, 2024

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    External sales

     

    $

    5,360

     

     

    $

    4,708

     

     

    $

    5,350

     

     

    $

    1,596

     

     

    $

    185

     

     

    $

    17,199

     

     

    $

    —

     

     

    $

    17,199

     

    Intersegment sales

     

     

    954

     

     

     

    1,371

     

     

     

    14

     

     

     

    1,382

     

     

     

    19

     

     

     

    3,740

     

     

     

    (3,740

    )

     

     

    —

     

    Total sales

     

     

    6,314

     

     

     

    6,079

     

     

     

    5,364

     

     

     

    2,978

     

     

     

    204

     

     

     

    20,939

     

     

     

    (3,740

    )

     

     

    17,199

     

    Research, development and engineering expenses

     

     

    165

     

     

     

    321

     

     

     

    28

     

     

     

    123

     

     

     

    109

     

     

     

    746

     

     

     

    2

     

     

     

    748

     

    Equity, royalty and interest income (loss) from investees

     

     

    39

     

     

     

    105

     

     

     

    48

     

     

     

    45

     

     

     

    (11

    )

     

     

    226

     

     

     

    —

     

     

     

    226

     

    Interest income

     

     

    17

     

     

     

    14

     

     

     

    22

     

     

     

    6

     

     

     

    —

     

     

     

    59

     

     

     

    —

     

     

     

    59

     

    EBITDA (2)

     

     

    879

     

    (3

    )

     

    859

     

     

     

    608

     

     

     

    538

     

     

     

    (218

    )

     

     

    2,666

     

     

     

    1,251

     

     

     

    3,917

     

    Depreciation and amortization (4)

     

     

    246

     

     

     

    119

     

     

     

    61

     

     

     

    66

     

     

     

    29

     

     

     

    521

     

     

     

    —

     

     

     

    521

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    EBITDA as a percentage of total sales

     

     

    13.9

    %

     

     

    14.1

    %

     

     

    11.3

    %

     

     

    18.1

    %

     

     

    NM

     

     

     

    12.7

    %

     

     

     

     

    22.8

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Six months ended June 30, 2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    External sales

     

    $

    5,967

     

     

    $

    4,515

     

     

    $

    4,975

     

     

    $

    1,473

     

     

    $

    161

     

     

    $

    17,091

     

     

    $

    —

     

     

    $

    17,091

     

    Intersegment sales

     

     

    1,015

     

     

     

    1,459

     

     

     

    26

     

     

     

    1,327

     

     

     

    9

     

     

     

    3,836

     

     

     

    (3,836

    )

     

     

    —

     

    Total sales

     

     

    6,982

     

     

     

    5,974

     

     

     

    5,001

     

     

     

    2,800

     

     

     

    170

     

     

     

    20,927

     

     

     

    (3,836

    )

     

     

    17,091

     

    Research, development and engineering expenses

     

     

    194

     

     

     

    282

     

     

     

    29

     

     

     

    129

     

     

     

    100

     

     

     

    734

     

     

     

    —

     

     

     

    734

     

    Equity, royalty and interest income (loss) from investees

     

     

    45

     

     

     

    136

     

     

     

    48

     

     

     

    31

     

     

     

    (8

    )

     

     

    252

     

     

     

    —

     

     

     

    252

     

    Interest income

     

     

    13

     

     

     

    10

     

     

     

    15

     

     

     

    4

     

     

     

    1

     

     

     

    43

     

     

     

    —

     

     

     

    43

     

    EBITDA (2)

     

     

    993

     

    (3

    )

     

    882

     

     

     

    634

     

     

     

    420

     

     

     

    (208

    )

     

     

    2,721

     

     

     

    (56

    )

     

     

    2,665

     

    Depreciation and amortization (4)

     

     

    248

     

     

     

    107

     

     

     

    56

     

     

     

    61

     

     

     

    29

     

     

     

    501

     

     

     

    —

     

     

     

    501

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    EBITDA as a percentage of total sales

     

     

    14.2

    %

     

     

    14.8

    %

     

     

    12.7

    %

     

     

    15.0

    %

     

     

    NM

     

     

     

    13.0

    %

     

     

     

     

    15.6

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    "NM" - not meaningful information

    (1) Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. The six months ended June 30, 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 six months ended June 30, 2023, included $11 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 and $30 million of costs associated with the divestiture of Atmus for the six months ended June 30, 2024 and 2023, respectively.

    (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 $7 million and $2 million for the six months ended June 30, 2024 and 2023, respectively. A portion of depreciation expense is included in research, development and engineering expenses.

    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

     

    Six months ended

     

     

    June 30,

     

    June 30,

    In millions

     

    2024

     

    2023

     

    2024

     

    2023

    Manufacturing entities

     

     

     

     

     

     

     

     

    Chongqing Cummins Engine Company, Ltd.

     

    $

    21

     

    $

    13

     

    $

    36

     

    $

    22

    Dongfeng Cummins Engine Company, Ltd.

     

     

    15

     

     

    18

     

     

    37

     

     

    37

    Beijing Foton Cummins Engine Co., Ltd.

     

     

    10

     

     

    9

     

     

    23

     

     

    25

    Tata Cummins, Ltd.

     

     

    7

     

     

    7

     

     

    16

     

     

    15

    All other manufacturers

     

     

    11

     

     

    32

     

     

    34

     

     

    51

    Distribution entities

     

     

     

     

     

     

     

     

    Komatsu Cummins Chile, Ltda.

     

     

    14

     

     

    13

     

     

    27

     

     

    27

    All other distributors

     

     

    2

     

     

    4

     

     

    7

     

     

    7

    Cummins share of net income

     

     

    80

     

     

    96

     

     

    180

     

     

    184

    Royalty and interest income

     

     

    23

     

     

    37

     

     

    46

     

     

    68

    Equity, royalty and interest income from investees

     

    $

    103

     

    $

    133

     

    $

    226

     

    $

    252

     

    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 and six month periods ended June 30, 2024, were 23.0 percent and 13.1 percent, respectively. Our effective tax rates for the three and six months ended June 30, 2023, were 22.3 percent and 22.0 percent, respectively.

    The three months ended June 30, 2024, contained favorable discrete tax items of $9 million, or $0.07 per share, primarily due to share-based compensation tax benefits.

    The six months ended June 30, 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 $30 million, or $0.21 per share, primarily due to adjustments related to audit settlements and share-based compensation benefits.

    The three months ended June 30, 2023, contained net unfavorable discrete tax items of $3 million, or $0.02 per share.

    The six months ended June 30, 2023, contained net discrete tax items of zero, as the result of offsetting amounts for the first two quarters, primarily due to share-based compensation tax benefits and other discrete items.

    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

     

    Six months ended

     

     

    June 30,

     

    June 30,

    In millions

     

    2024

     

    2023

     

    2024

     

    2023

    Net income attributable to Cummins Inc.

     

    $

    726

     

     

    $

    720

     

     

    $

    2,719

     

     

    $

    1,510

     

     

     

     

     

     

     

     

     

     

    Net income attributable to Cummins Inc. as a percentage of net sales

     

     

    8.3

    %

     

     

    8.3

    %

     

     

    15.8

    %

     

     

    8.8

    %

     

     

     

     

     

     

     

     

     

    Add:

     

     

     

     

     

     

     

     

    Net income attributable to noncontrolling interests

     

     

    26

     

     

     

    17

     

     

     

    61

     

     

     

    33

     

    Consolidated net income

     

     

    752

     

     

     

    737

     

     

     

    2,780

     

     

     

    1,543

     

     

     

     

     

     

     

     

     

     

    Add:

     

     

     

     

     

     

     

     

    Interest expense

     

     

    109

     

     

     

    99

     

     

     

    198

     

     

     

    186

     

    Income tax expense

     

     

    225

     

     

     

    212

     

     

     

    418

     

     

     

    435

     

    Depreciation and amortization

     

     

    259

     

     

     

    256

     

     

     

    521

     

     

     

    501

     

    EBITDA

     

    $

    1,345

     

     

    $

    1,304

     

     

    $

    3,917

     

     

    $

    2,665

     

     

     

     

     

     

     

     

     

     

    EBITDA as a percentage of net sales

     

     

    15.3

    %

     

     

    15.1

    %

     

     

    22.8

    %

     

     

    15.6

    %

     

     

     

     

     

     

     

     

     

    Less:

     

     

     

     

     

     

     

     

    Gain related to the divestiture of Atmus

     

     

    —

     

     

     

    —

     

     

     

    1,333

     

     

     

    —

     

    Add:

     

     

     

     

     

     

     

     

    Atmus divestiture costs

     

     

    —

     

     

     

    23

     

     

     

    35

     

     

     

    41

     

    Restructuring actions

     

     

    —

     

     

     

    —

     

     

     

    29

     

     

     

    —

     

    EBITDA, excluding the impact of gain recognized and costs associated with the divestiture of Atmus and restructuring actions

     

    $

    1,345

     

     

    $

    1,327

     

     

    $

    2,648

     

     

    $

    2,706

     

     

     

     

     

     

     

     

     

     

    EBITDA, excluding the impact of gain recognized and costs associated with the divestiture of Atmus and restructuring actions, as a percentage of net sales

     

     

    15.3

    %

     

     

    15.4

    %

     

     

    15.4

    %

     

     

    15.8

    %

     

    CUMMINS INC. AND SUBSIDIARIES

    SEGMENT SALES DATA

    (Unaudited)

    Components Segment Sales by Business

    Sales for our Components segment by business, adjusted for the reorganized businesses as noted above, were as follows:

     

    2024

     

     

     

     

     

     

     

     

     

     

    In millions

     

    Q1

     

    Q2

     

    Q3

     

    Q4

     

    YTD

    Drivetrain and braking systems

     

    $

    1,232

     

    $

    1,256

     

    $

    —

     

    $

    —

     

    $

    2,488

    Emission solutions

     

     

    971

     

     

    941

     

     

    —

     

     

    —

     

     

    1,912

    Components and software

     

     

    611

     

     

    623

     

     

    —

     

     

    —

     

     

    1,234

    Atmus (1)

     

     

    353

     

     

    —

     

     

    —

     

     

    —

     

     

    353

    Automated transmissions

     

     

    165

     

     

    162

     

     

    —

     

     

    —

     

     

    327

    Total sales

     

    $

    3,332

     

    $

    2,982

     

    $

    —

     

    $

    —

     

    $

    6,314

     

     

     

     

     

     

     

     

     

     

     

    (1) Included sales through the March 18, 2024, divestiture.

     

     

     

     

     

     

     

     

     

     

     

    2023

     

     

     

     

     

     

     

     

     

     

    In millions

     

    Q1

     

    Q2

     

    Q3

     

    Q4

     

    YTD

    Drivetrain and braking systems

     

    $

    1,272

     

    $

    1,249

     

    $

    1,177

     

    $

    1,124

     

    $

    4,822

    Emission solutions

     

     

    1,056

     

     

    964

     

     

    893

     

     

    922

     

     

    3,835

    Components and software

     

     

    633

     

     

    616

     

     

    583

     

     

    577

     

     

    2,409

    Atmus

     

     

    417

     

     

    417

     

     

    396

     

     

    399

     

     

    1,629

    Automated transmissions

     

     

    179

     

     

    179

     

     

    187

     

     

    169

     

     

    714

    Total sales

     

    $

    3,557

     

    $

    3,425

     

    $

    3,236

     

    $

    3,191

     

    $

    13,409

     

     

     

     

     

     

     

     

     

     

     

    2022

     

     

     

     

     

     

     

     

     

     

    In millions

     

    YTD

     

     

     

     

     

     

     

     

    Drivetrain and braking systems

     

    $

    1,879

     

     

     

     

     

     

     

     

    Emission solutions

     

     

    3,494

     

     

     

     

     

     

     

     

    Components and software

     

     

    2,213

     

     

     

     

     

     

     

     

    Atmus

     

     

    1,557

     

     

     

     

     

     

     

     

    Automated transmissions

     

     

    593

     

     

     

     

     

     

     

     

    Total sales

     

    $

    9,736

     

     

     

     

     

     

     

     

     

    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

     

    $

    1,184

     

    $

    —

     

    $

    —

     

    $

    2,243

    Medium-duty truck and bus

     

     

    995

     

     

    1,074

     

     

    —

     

     

    —

     

     

    2,069

    Light-duty automotive

     

     

    438

     

     

    461

     

     

    —

     

     

    —

     

     

    899

    Off-highway

     

     

    436

     

     

    432

     

     

    —

     

     

    —

     

     

    868

    Total sales

     

    $

    2,928

     

    $

    3,151

     

    $

    —

     

    $

    —

     

    $

    6,079

     

     

     

     

     

     

     

     

     

     

     

    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

     

    37,500

     

    —

     

    —

     

    71,100

    Medium-duty

     

    75,800

     

    79,600

     

    —

     

    —

     

    155,400

    Light-duty

     

    54,800

     

    57,200

     

    —

     

    —

     

    112,000

    Total units

     

    164,200

     

    174,300

     

    —

     

    —

     

    338,500

     

     

     

     

     

     

     

     

     

     

     

    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

     

    $

    990

     

    $

    —

     

    $

    —

     

    $

    1,991

    Power generation

     

     

    707

     

     

    954

     

     

    —

     

     

    —

     

     

    1,661

    Engines

     

     

    421

     

     

    437

     

     

    —

     

     

    —

     

     

    858

    Service

     

     

    406

     

     

    448

     

     

    —

     

     

    —

     

     

    854

    Total sales

     

    $

    2,535

     

    $

    2,829

     

    $

    —

     

    $

    —

     

    $

    5,364

     

     

     

     

     

     

     

     

     

     

     

    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

     

    $

    987

     

    $

    —

     

    $

    —

     

    $

    1,840

    Industrial

     

     

    420

     

     

    478

     

     

    —

     

     

    —

     

     

    898

    Generator technologies

     

     

    116

     

     

    124

     

     

    —

     

     

    —

     

     

    240

    Total sales

     

    $

    1,389

     

    $

    1,589

     

    $

    —

     

    $

    —

     

    $

    2,978

     

     

     

     

     

     

     

     

     

     

     

    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

     

    3,700

     

    —

     

    —

     

    6,700

    Industrial

     

    1,300

     

    1,500

     

    —

     

    —

     

    2,800

    Total units

     

    4,300

     

    5,200

     

    —

     

    —

     

    9,500

     

     

     

     

     

     

     

     

     

     

     

    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/20240731048332/en/

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