Cummins Breaks Revenue Records, Adds New Products and Partnerships in 2024
Cummins Inc. posted $8.447 billion in fourth quarter 2024 revenue, compared to $8.543 billion in the fourth quarter of 2023, a 1.1-percent decline. Sales in North America were flat while international revenues decreased 3 percent.
For the full year, revenue numbers were essentially flat, with $34.102 billion in 2024 revenue, compared to $34.065 billion in 2023, a 1.1-percent increase. Sales in North America increased 1 percent and international revenues decreased 1 percent compared to 2023. 2023 included a full year of Atmus Filtration Technologies revenues, whereas 2024 included Atmus until final separation on March 18.
“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. “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.
“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 percent to up 3 percent, and EBITDA to be in the range of 16.2 percent and 17.2 percent of sales.
Cummins plans to continue generating strong operating cash flow and returns for shareholders, and is committed to its long-term strategic goal of returning 50 percent of operating cash flow back to shareholders.
“In 2025, we anticipate that demand will be slightly weaker in the North America on-highway truck markets, particularly in the first half of the year, but offset by strength in other key markets,” said Rumsey. “Despite a relatively flat revenue forecast and relative weakness in the key North America 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.”
2024 highlights
During 2024, Cummins introduced the Cummins HELM engine platforms. Applied across Cummins’ B, X10 and X15-series engine portfolios, the HELM platforms provide customers with the option 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, which celebrated its 50th anniversary in 2024.
Cummins and Isuzu announced the launch of a new 6.7-liter engine designed for use in Isuzu’s new medium-duty truck lineup 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. Availability of the medium-duty truck is expected in 2026 and will include Accelera’s next generation lithium iron phosphate battery technology.
Accelera by Cummins, Daimler Trucks & Buses PACCAR, and EVE Energy completed the formation of their joint venture, 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 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 the most critical applications such as data centers, healthcare facilities and wastewater treatment plants. These products deliver a step-change improvement in power density, assured reliability, sustainability and low emissions.
