Cummins Inc. reported net sales of $8.796 billion in the second quarter of 2024, compared to $8.638 billion in the second quarter of 2023, an increase of 1.8 percent. For the first six months of the year, net sales were $17.199 billion, compared to $17.091 billion a year earlier, an increase of 0.6 percent. Although the increases were small, they still exceeded the company’s expectations.
In North America, sales increased 4 percent in the second quarter, while international revenue declined 2 percent.
“We delivered record revenues and solid profitability in the second quarter, led by significant improvement in our Power Systems business,” said Jennifer Rumsey, Cummins chairman and CEO. “As we shared at our Analyst Day in May, our Destination Zero strategy is the right strategy to grow our business and meet our customers’ needs today and in the future. We continue to deliver innovative technologies to our customers, meet our financial commitments and strengthen our position in key markets. I want to thank our talented employees for their continued efforts to deliver business results and make Cummins more competitive globally.”
During the quarter, Accelera by Cummins, Daimler Trucks & Buses and PACCAR completed the formation of their joint venture, now called Amplify Cell Technologies, to localize battery cell production and the battery supply chain in the U.S. This strategic collaboration will advance zero-emissions technology for electric commercial vehicles and industrial applications. Amplify began construction on a 21 gigawatt-hour (GWh) factory in Marshall County, Mississippi, with potential for further expansion as demand increases. The factory is expected to create more than 2,000 U.S. manufacturing jobs and is scheduled to begin production in 2027.
Additionally, Cummins and Isuzu announced the launch of a new 6.7-liter engine designed for use in Isuzu’s new medium-duty truck line. The “Isuzu DB6A” will power highway truck applications designed for the Japanese market and will be available for the Asia-Pacific and other global markets later this year. Cummins also announced plans to launch a battery-electric powertrain for Isuzu’s F-Series in North America. The medium-duty truck is expected to be available in 2026 and will feature Accelera’s next-generation lithium iron phosphate (LFP) battery technology.
Department of Energy awards $75 million
In July, Accelera received $75 million in zero-emissions manufacturing funding from the Department of Energy to convert approximately 360,000 square feet of existing manufacturing space at its Columbus, Indiana, engine plant to zero-emissions components and electric propulsion systems. The $75 million grant is the largest federal grant ever awarded exclusively to Cummins and is part of funding allocations under the Inflation Reduction Act.
During the quarter, Cummins’ Power Systems segment increased its revenue 9 percent, with power generation revenue increasing 16 percent, driven by increased global demand, particularly in the data center market. The Accelera segment grew 31 percent, driven by increasing electrolyzer installations. The Distribution segment increased its revenue 9 percent, driven by increased demand for power generation products. The Engine segment increased its revenue 5 percent, driven by strong demand in the North American medium-duty truck market.
The components segment recorded a decline of 13 percent, mainly due to the spin-off of Atmus and lower demand in China and Europe.
