Cummins sees record revenue, despite sales troubles

Cummins is reporting record revenue and other measures for 2024.

The Columbus based engine company issued its quarterly and annual reports yesterday. According to Jennifer Rumsey, Cummins chair and CEO, the company had record full year revenues, net income and earnings before interest, taxes, depreciation and amortization. She said the company has made “significant progress in advancing our Destination Zero strategy” but also that “the adoption of certain zero-emissions solutions has slowed in some regions around the world.”

Although year over year revenues were flat statistically, the company still eked out a record year with $34.1 billion in revenue in 2024, compared to $34.065 billion in 2023. Operating expenses were down and operating income was up leading to net income of $3.9 billion dollars compared to $735 million in 2023.

2023 revenues were affected by $2 billion in settlement with the federal government lawsuit, as well as $100 million for the separation of the filtration business.

In the 4th quarter of 2024, revenues of $8.4 billion were down by about 1 percent over the previous year. The company said that sales were flat in North America while international revenues were down 3 percent from the same time in 2023.

Looking ahead, the company expects 2025 revenue to be in the range of down -2 percent to up 3 percent, year over year.