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Cummins’ Demand Remains Strong, Despite Flat First Quarter Sales

May 30, 2024
Cummins posted $8.403 billion in net first quarter 2024 sales, down from $8.453 billion in the first quarter of 2023, a decline of less than 1 percent.

Cummins posted $8.403 billion in net first quarter 2024 sales, down from $8.453 billion in the first quarter of 2023, a decline of less than 1 percent.

In March, Cummins finalized the separation of Atmus Filtration Technologies Inc. through a share exchange offer. Also, in the first quarter, Accelera by Cummins, Daimler Trucks & Buses and PACCAR selected Marshall County, Miss., as the future site of advanced battery cell manufacturing for their planned joint venture. The joint venture will localize battery cell production for commercial electric vehicles and is expected to create more than 2,000 manufacturing jobs in the United States, with the option for further expansion as demand grows. The 21-gigwatt hour factory is expected to begin producing battery cells in 2027.

Also in the first quarter, Cummins re-introduced a fuel agnostic platform under the Cummins HELM platform name. As the next product in the Cummins HELM 15-liter platform, Cummins said it will launch the next generation diesel X15 in North America for the heavy duty on-highway market, which will be compliant with the U.S. EPA and CARB 2027 aligned regulations.

In April, Cummins Power Generation introduced four new generator sets to the Centum Series, two each powered by Cummins’ QSK50 and QSK78 engines. In response to high market demand, these new models have been engineered specifically for the most critical applications such as data centers, healthcare facilities and wastewater treatment plants. These products build on decades of experience meeting customers' needs and deliver a step-change improvement in power density, assured reliability, sustainability and low emissions.

“We continued to see strong demand from customers in the first quarter of 2024, reflecting the quality and performance of our products,” said Jennifer Rumsey, chair and CEO. “We delivered solid profitability and also completed the separation of Atmus, allowing Cummins to continue its focus on advancing innovative power solutions and positioning Atmus to pursue its own plans for profitable growth.”

Sales in the engine segment were down 2 percent year over year. Sales in the Components segment dropped 6 percent, while Sales in the Distribution segment rose 5 percent. The Power Systems segment rose 5 percent and the Accelera segment jumped 9 percent year over year.

Cummins is headquartered in Columbus, Ind.

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.