Cummins Inc. reported a net income of $3.9 billion for the fiscal year 2024, translating to earnings of $28.37 per diluted share, a significant increase from the $735 million net income or $5.15 per diluted share recorded in 2023. The company's total net sales for 2024 were $34.1 billion, slightly up from $34.1 billion in the previous year. The increase in profitability was primarily attributed to the absence of a $2.0 billion charge related to settlement agreements in 2023 and a $1.3 billion gain from the divestiture of Atmus Filtration Technologies, completed in March 2024.
In terms of operational changes, Cummins underwent a strategic reorganization of its Accelera segment, which focuses on electrified power systems. This restructuring resulted in a $312 million charge in the fourth quarter of 2024, primarily due to inventory write-downs and impairments. Additionally, the company completed the divestiture of its remaining 80.5% stake in Atmus, which reduced its outstanding shares by 5.6 million and provided a substantial gain. The divestiture was part of a broader strategy to streamline operations and focus on core business areas.
Geographically, Cummins' sales in the United States and Canada increased by 1% to $20.8 billion, driven by higher demand in power generation and medium-duty truck markets. However, international sales saw a slight decline of 1%, primarily due to reduced demand in China and Europe, which was partially offset by growth in Latin America and India. The company reported that approximately 39% of its total net sales came from international markets, consistent with the previous year.
Cummins' workforce stood at approximately 69,600 employees as of December 31, 2024, with about 22,000 represented by unions under collective bargaining agreements. The company continues to invest in research and development, with expenditures of $1.4 billion in 2024, aimed at enhancing product offerings and meeting future emission standards. Looking ahead, Cummins anticipates strong demand in its Power Systems business and expects improvements in North American pick-up truck demand, although challenges remain in the medium-duty and heavy-duty truck markets. The company is committed to maintaining its financial flexibility and plans to invest between $1.4 billion and $1.5 billion in capital expenditures in 2025.
About CUMMINS INC
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