Cummins Q1 revenue $8.4B, diluted EPS $14.03 (incl $9.08 Atmus gain); raises FY EBITDA guidance to 14.5%-15.5%

CUMMINS INC

2024-Q1 EPS reported $14.03 revenue$8,403,000,000

Revenue $8.4B, down 1% YoY; GAAP net income $2.0B, diluted EPS $14.03 vs $5.55 in Q1 2023.
Net gain of $1.3B ($9.08/diluted share) from Atmus separation; restructuring costs $29M ($0.15/share).
FY 2024 revenue guidance unchanged at down 2%-5% (ex-Atmus); EBITDA guidance raised to 14.5%-15.5% from 14.4%-15.4%.
Components sales $3.3B (-6%), Engine $2.9B (-2%), Distribution $2.5B (+5%), Power Systems $1.4B (+3%), Accelera $93M (+9%) with EBITDA loss $101M.
Atmus separation completed in March via share exchange; no retained shares. Demand strong, but expects slowing in H2 2024.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CUMMINS INC reported the first quarter of 2024 results: revenue $8.4 billion, net income $2.0 billion, EPS $14.03 per diluted share. Guidance raised.

Period: the first quarter of 2024
Revenue: $8.4 billion
Net income: $2.0 billion
EPS: $14.03 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

of the Company under the Securities Act of 1933 or the Exchange Act. --- EX-99 (EX-99) --- May 2, 2024 Cummins Reports First Quarter 2024 Results • First quarter revenues of $8.4 billion; GAAP 1 Net Income of $2.0 billion • EBITDA in the first quarter was 30.6% of sales; Diluted EPS of $14.03 • First quarter results include a net gain of $1.3 billion, or $9.08

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Source: SEC EDGAR

accession 0000026172-24-000019

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