Cummins sees flat sales for quarter and declines in revenue

Cummins is seeing flat sales and revenues fell in the first quarter of this year, but income nearly tripled from the same period last year.

The Columbus based engine manufacturer, released its first quarter report today, saying that revenues of $8.4 billion were down 1 percent from the same quarter last year. The report says that sales in North America were flat but international revenue decreased 1 percent due to lower demand in China and Europe.

However, the company also saw net income of $2 billion, up from $790 million in the same quarter of last year. That increase is due to the gain from spinning off the former filtration business and restructuring expenses in last year’s first quarter.

Earnings before interest, taxes, depreciation and amortization in the first quarter were $2.6 billion compared to $1.4 billion a year ago.

Cummins Chair and CEO Jennifer Rumsey said that spinning the filtration business off into its own company, Atmus, allows that business to pursue its own plans for profitability, while “allowing Cummins to continue its focus on advancing innovative power solutions…”

Cummins complete report is available here: https://investor.cummins.com/news/detail/646/cummins-reports-first-quarter-2024-results