Cummins said revenue for Q1 2024 was $8.4 billion, down 1% from a year earlier, and net income attributable to Cummins was $2.0 billion, or $14.03 per diluted share. The company cited lower demand in China and Europe as the reason international revenue fell 1%.

1. 01

   Cummins said revenue for Q1 2024 was $8.4 billion, down 1% from a year earlier, and net income attributable to Cummins was $2.0 billion, or $14.03 per diluted share. The company cited lower demand in China and Europe as the reason international revenue fell 1%.

2. 02

   The company said it sold its remaining 80.5% stake in Atmus on March 18, 2024 through a split-off and recognized a gain of about $1.3 billion in other income. It said it exchanged 67 million of its Atmus shares for 5.6 million shares of Cummins stock.

3. 03

   Cummins said EBITDA for Q1 was $2.6 billion, or 30.6% of sales. Excluding the gain and costs related to the Atmus divestiture and restructuring expenses, EBITDA was 15.5% of sales, compared with 16.3% a year earlier.

4. 04

   Cummins said it expects full-year 2024 revenue to decline 2% to 5% and EBITDA to be 14.5% to 15.5% of sales. The company said this is higher than its prior EBITDA outlook of 14.4% to 15.4%, which included Atmus for the full year.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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