Cummins Inc. reported second-quarter revenues of $8.6 billion for 2025, a decrease of 2% compared to the same period in 2024. The company's net income for the quarter was $890 million, or $6.43 per diluted share, up from $726 million, or $5.26 per diluted share, in 2024. EBITDA for the quarter was $1.6 billion, representing 18.4% of sales, an increase from 15.3% a year ago. The decline in revenues was attributed to a 6% drop in North America, while international revenues grew by 5% due to increased demand in Europe and China. The company did not provide a full-year outlook due to ongoing economic uncertainties affecting key markets.
In addition to its financial results, Cummins announced a dividend increase from $1.82 to $2.00 per share, marking the 16th consecutive year of dividend increases. The company highlighted strong performance in its Power Systems and Distribution segments, with sales in the Power Systems segment increasing by 19%. However, the Engine and Components segments saw significant declines in sales, primarily due to reduced on-highway demand in North America. The company remains focused on its sustainability initiatives and the ongoing development of its zero-emissions investments.
linkAug 05, 2025 07:39:48
Cummins Inc. has elected Matthew Tsien, a former executive at General Motors, to its Board of Directors, effective July 14, 2025. Mr. Tsien is recognized as an independent director under applicable regulations and will serve on several key committees, including the Audit Committee and the Governance and Nominating Committee. His appointment is expected to enhance the company's strategic direction, particularly in the areas of technology and innovation, as he brings over 40 years of experience in the automotive sector.
Cummins Inc. reported a revenue of approximately $34.1 billion and a net income of about $3.9 billion for the year 2024. The company operates through five business segments and is committed to its Destination Zero strategy, focusing on sustainability and energy transition. Cummins employs around 69,600 people globally and has a diverse product portfolio that includes various powertrain technologies and components aimed at addressing the evolving needs of its customers.
linkJul 14, 2025 16:43:48
Cummins Inc. has entered into a 5-Year Credit Agreement and a 3-Year Credit Agreement, allowing the company to secure up to $4 billion in revolving loans and letters of credit. The 5-Year Credit Agreement matures on June 2, 2030, while the 3-Year Credit Agreement matures on June 2, 2028. Both agreements will not be secured by liens on the company's assets, and the company will guarantee all borrowings by its subsidiary borrowers under these agreements.
The Credit Agreements allow for incremental term loans and increases in maximum availability, subject to certain conditions. Current ratings for the company's senior unsecured long-term debt are A2 by Moody’s and A by Standard & Poor’s, which will influence the interest rates applicable to the borrowings. The agreements also include financial covenants, such as maintaining a debt-to-capital ratio not exceeding 0.65:1, and customary events of default.
linkJun 02, 2025 17:00:28
Cummins Inc. has successfully completed a public offering totaling $2 billion in senior notes, which includes $300 million of 4.250% notes due in 2028, $700 million of 4.700% notes due in 2031, and $1 billion of 5.300% notes due in 2035. The interest on these notes will be paid semi-annually, with the first payments starting in November 2025 for the 2028 and 2035 notes, and February 2026 for the 2031 notes. The funds raised will be used for general corporate purposes, including potential refinancing of existing debt.
The notes are registered under the Securities Act of 1933 and are governed by a series of indentures that outline their terms, including redemption conditions and events of default. If an event of default occurs, the trustee or holders of a significant portion of the notes can accelerate payment. The offering is expected to have implications for the company's financial position and liquidity management.
linkMay 09, 2025 13:57:15
Cummins Inc. reported first quarter revenues of $8.2 billion, a decrease of 3% from the same period in 2024. The company's net income was $824 million, or $5.96 per diluted share, significantly lower than the $2.0 billion reported in the first quarter of 2024, which included a substantial gain from the separation of Atmus. The EBITDA for the quarter was $1.5 billion, representing 17.9% of sales, down from 30.6% in the previous year, largely due to the absence of the prior year's one-time gain. The company has decided not to provide a revenue or profitability outlook for the remainder of 2025 due to economic uncertainties caused by tariffs.
In terms of segment performance, the Engine Segment saw sales decline by 5% to $2.8 billion, while the Components Segment experienced a 20% drop in sales to $2.7 billion. Conversely, the Distribution Segment reported a 15% increase in sales, reaching $2.9 billion, and the Power Systems Segment grew by 19% to $1.6 billion, driven by demand in power generation. Additionally, Cummins announced new engine models and an acquisition aimed at enhancing its product offerings and sustainability initiatives.
linkMay 05, 2025 07:42:49
Cummins Inc. has announced the retirement of Sharon Barner, Chief Administrative Officer, effective May 31, after 13 years of service. Barner has been recognized for her leadership in various capacities, including her role in navigating the company through the COVID-19 pandemic and overseeing significant acquisitions, such as Meritor. Her contributions have been noted for fostering a culture of collaboration and mentorship within the company, as well as her commitment to increasing diversity in leadership roles and supporting community initiatives through her philanthropic efforts.
On the other hand, the announcement highlights a transition period for Cummins as they will need to appoint a successor to Barner. The loss of her extensive experience in legal and regulatory affairs, as well as her leadership in corporate functions, may present challenges as the company continues to navigate complex business environments. Barner's departure could impact ongoing projects and the integration of recent acquisitions, necessitating a smooth transition to maintain operational continuity.
linkMar 18, 2025 09:06:51
Cummins Inc. reported fourth quarter revenues of $8.4 billion and net income of $418 million, marking a significant recovery from a net loss of $1.4 billion in the same quarter last year. The full year 2024 also showed positive results with revenues totaling $34.1 billion and net income of $3.9 billion, a substantial increase from $735 million in 2023. The company highlighted its ongoing commitment to returning value to shareholders, having increased its dividend for the 15th consecutive year and returning nearly $1 billion through dividends in 2024.
However, the fourth quarter results were impacted by $312 million in charges related to the reorganization of the Accelera segment, primarily non-cash expenses. Additionally, revenues in the fourth quarter decreased by 1% compared to the same period in 2023, with international sales down 3%. The company also faced challenges in its Components segment, which saw a 17% decline in sales, attributed to lower demand in the heavy-duty truck markets and the separation of Atmus Filtration Technologies. Despite these challenges, Cummins remains focused on its strategic goals and investments in future growth.
linkFeb 04, 2025 07:41:08
Cummins Inc. reported third quarter revenues of $8.5 billion, which remained flat compared to the same period last year. The net income attributable to the company increased to $809 million, or $5.86 per diluted share, up from $656 million, or $4.59 per diluted share, in 2023. EBITDA also improved to 16.4% of sales, up from 14.6% a year prior. The company announced an increase in its quarterly dividend, marking the 15th consecutive year of dividend growth, and highlighted advancements in its Power Systems and Distribution segments as key contributors to its financial performance. Additionally, Cummins maintained its full-year revenue guidance, projecting a decrease of 3% to flat for 2024 while adjusting EBITDA expectations to approximately 15.5%.
Conversely, Cummins faced challenges in the Components and Engine segments, with sales decreasing by 16% and 1% respectively. The North American market saw a 1% decline in sales, with a noted decrease in the heavy-duty truck market. The Accelera segment reported an EBITDA loss of $115 million, reflecting ongoing investments in electric powertrains and fuel cells. Overall, while the company showcased strong profitability and consistent dividend growth, it is navigating a mixed market environment with some declining segments.
linkNov 05, 2024 07:38:29
Cummins achieved record revenues of $8.8 billion and net income of $726 million in Q2 2024, marking solid growth. The company raised its full-year revenue guidance due to strong demand, particularly in North America. A quarterly dividend increase reflects its commitment to shareholders. However, the Components Segment saw a 13% sales decline, and there are concerns about slowing demand in the heavy-duty truck market later this year.
linkAug 01, 2024 07:50:59
Cummins Inc. finalized two credit agreements totaling $4 billion, allowing for loans and letters of credit. The agreements do not require assets as collateral but have a financial covenant limiting debt ratio. The company can request additional loans under certain conditions. Interest rates vary based on loan type and benchmarks. The agreements also include customary default events and covenants. Cummins' credit ratings are A2 and A, affecting applicable interest rates. The agreements are available for review in the filed documents.
linkJun 03, 2024 16:38:36