Power Generation Revenues Jump 24 Percent in Third Quarter for Cummins

Cummins posted $8.456 billion in third quarter 2024 revenue compared to $8.431 billion in the third quarter of 2023, essentially flat year over year. Power generation revenues increased 24 percent driven by increased global demand, particularly for the data center market. Industrial revenues increased 7 percent primarily because of strong mining demand, more than offsetting weaker oil and gas market.

Cummins Accelera segment posted $110 million in sales, a 7-percent year-over-year increase. Revenues increased because of increased electrolyzer installations. The engine segment dropped by 1 percent  to $2.9 billion. Revenues decreased 2 percent in North America and increased 4 percent in international markets because of softening demand in the North American heavy-duty truck market and strength in global medium-duty truck markets.

For the first nine months of 2024, Cummins posted $25.655 billion, compared to $25.522 billion in the first nine months of 2023, a 5.2-percent hike.

“We achieved strong sales and profitability in the third quarter, led by improvement in our Power Systems and Distribution businesses, and have adjusted our full year projection for EBITDA percentage to be at the top end of the prior range,” said Jennifer Rumsey, chair and CEO of Cummins. “We continue to advance our Destination Zero strategy as we deliver innovative technologies for our customers, strengthen our position in key markets and drive improvement in our financial performance.”