Power Generation Revenues Jump 24 Percent in Third Quarter for Cummins
Cummins posted $8.456 billion in third quarter 2024 revenue compared to $8.431 billion in the third quarter of 2023, essentially flat year over year. Power generation revenues increased 24 percent driven by increased global demand, particularly for the data center market. Industrial revenues increased 7 percent primarily because of strong mining demand, more than offsetting weaker oil and gas market.
Cummins Accelera segment posted $110 million in sales, a 7-percent year-over-year increase. Revenues increased because of increased electrolyzer installations. The engine segment dropped by 1 percent to $2.9 billion. Revenues decreased 2 percent in North America and increased 4 percent in international markets because of softening demand in the North American heavy-duty truck market and strength in global medium-duty truck markets.
For the first nine months of 2024, Cummins posted $25.655 billion, compared to $25.522 billion in the first nine months of 2023, a 5.2-percent hike.
“We achieved strong sales and profitability in the third quarter, led by improvement in our Power Systems and Distribution businesses, and have adjusted our full year projection for EBITDA percentage to be at the top end of the prior range,” said Jennifer Rumsey, chair and CEO of Cummins. “We continue to advance our Destination Zero strategy as we deliver innovative technologies for our customers, strengthen our position in key markets and drive improvement in our financial performance.”
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.