Cummins Q1 2024 net income $2.0 billion on Atmus gain; revenue down 1%
Cummins reported first-quarter 2024 revenue of $8.4 billion, down 1% from a year earlier, while net income attributable to Cummins rose to $2.0 billion, mainly because of a $1.3 billion non-taxable gain from the March 18 divestiture of its remaining Atmus stake. The company raised its 2024 EBITDA guidance to 14.5% to 15.5% of sales but left its revenue decline forecast of 2% to 5% unchanged, and EBITDA excluding special items fell to $1.3 billion from $1.4 billion.
Key points
- Q1 revenue was $8.4 billion, down 1% from Q1 2023; diluted EPS was $14.03 versus $5.55 a year earlier.
- The results include a $1.3 billion gain ($9.08 per diluted share) from the Atmus separation and $29 million of restructuring expenses.
- EBITDA excluding special items was $1.3 billion, or 15.5% of sales, compared with $1.4 billion, or 16.3%, in Q1 2023.
- 2024 guidance: revenue to fall 2% to 5% (unchanged), and EBITDA raised to 14.5% to 15.5% of sales from 14.4% to 15.4%.
The filing
Written by AI on Nov 8, 2026, 1:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 02, 2024.
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