Cummins reported strong results for the fourth quarter and full year 2024. The company’s fourth-quarter revenues were $8.4 billion, reflecting a slight decrease of 1% from the previous year. Despite a decline in heavy-duty truck demand in North America, the company reported GAAP net income of $418 million, or $3.02 per diluted share. This was a significant improvement from the $1.4 billion net loss in the fourth quarter of 2023. However, the quarter included a $312 million charge related to the reorganization of its Accelera by Cummins segment.

For the full year, Cummins achieved revenues of $34.1 billion, with net income of $3.9 billion, or $28.37 per diluted share. The company had strong growth in EBITDA, which increased to 18.6% of sales, from 8.9% in 2023. The full-year results also included a gain from the separation of Atmus Filtration Technologies, which contributed $1.3 billion to the net income.

Looking forward to 2025, Cummins expects revenue to be slightly lower or higher by up to 3%, with EBITDA margin expected between 16.2% and 17.2%. The company anticipates weaker demand in North America’s on-highway truck markets but remains optimistic about improving profitability and cash flow due to strength in other key markets.

Key highlights for 2024 included the launch of Cummins HELM™ engine platforms, the formation of a joint venture with Daimler Trucks & Buses to advance zero-emissions technology, and the introduction of new generator sets. Cummins also continued its focus on shareholder returns, increasing its dividend for the 15th consecutive year and returning $969 million to shareholders.

In the first quarter of 2025, the company expects a slightly weaker market, but it remains committed to delivering strong financial performance and investing in future growth.