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CMI 8-K filings in 2024
Every material Form 8-K Cummins filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Cummins reported third-quarter 2024 revenue of $8.5 billion, flat year over year, and net income attributable to Cummins of $809 million, up from $656 million a year earlier. The company now expects full-year 2024 EBITDA of about 15.5% of sales, at the top of its prior 15.0% to 15.5% range, while keeping its full-year revenue guidance of down 3% to flat. The company also raised its quarterly dividend from $1.68 to $1.82 per share.
Q3 2024 diluted EPS was $5.86, compared with $4.59 in Q3 2023; net income attributable to Cummins was $809 million versus $656 million.
Q3 2024 EBITDA was 16.4% of sales, compared with 14.6% a year earlier.
Full-year 2024 EBITDA guidance is about 15.5%, versus the prior range of 15.0% to 15.5%; revenue guidance of down 3% to flat was maintained.
Quarterly common stock dividend increased from $1.68 to $1.82 per share.
Cummins reported record second-quarter revenue of $8.8 billion, up 2% from a year earlier, and diluted EPS of $5.26, up from $5.05. The company raised its full-year 2024 revenue and EBITDA margin guidance and increased its quarterly dividend to $1.82 per share from $1.68, but still expects slowing demand in the North America heavy-duty truck market in the second half.
Q2 net income attributable to Cummins was $726 million, versus $720 million a year earlier; diluted EPS was $5.26 versus $5.05.
Full-year 2024 revenue is now expected to be down 3% to flat; EBITDA is expected at 15.0% to 15.5% of sales, up from a prior range of 14.5% to 15.5%.
Quarterly common stock dividend raised from $1.68 to $1.82 per share, the 15th consecutive year of increases.
Power Systems segment EBITDA rose to $301 million from $201 million, or 18.9% of sales versus 13.8%.
On June 3, 2024, Cummins entered into a new 5-year credit agreement and a new 364-day credit agreement, each allowing borrowings of up to $2.0 billion outstanding at any time, with JPMorgan Chase Bank as administrative agent. Both agreements replace earlier versions, and the company will guarantee all borrowings by its subsidiary borrowers. The filing describes the agreements as a source of committed borrowing capacity and does not report any amount drawn.
5-year credit agreement allows up to $2.0 billion outstanding and matures June 3, 2029.
364-day credit agreement allows up to $2.0 billion outstanding until its Commitment Termination Date of June 2, 2025, with an option to convert revolving loans into term loans maturing one year later for a 0.5% fee.
Each facility can be increased by up to $1.0 billion, subject to conditions including lender consent.
Based on current A2 (Moody's) and A (S&P) senior unsecured ratings, the applicable rates would be 0.75% (364-day) and 0.875% (5-year), and a financial covenant caps the net debt to total capital ratio at 0.65:1.
Cummins Inc. said senior vice president Tony Satterthwaite will retire, effective September 15, 2024, after 36 years in leadership positions with the company. The filing reports a departure of a senior executive but no change to financial results, guidance or the company's leadership at the chief executive level.
Senior Vice President Tony Satterthwaite will retire effective September 15, 2024.
Satterthwaite joined Cummins in 1988 and has held sales, regional and business leadership roles, including President and Chief Operating Officer and Vice Chairman.
Chair and CEO Jennifer Rumsey praised his leadership, including his role during the COVID-19 pandemic.
The announcement was made in a press release dated May 30, 2024, filed as Exhibit 99.
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.
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%.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Cummins filing is on SEC EDGAR ↗. 8-K briefs of other companies →