Cummins Inc. (NYSE: CMI) recently released its Q4 and full year 2024 results.

Despite the decline in demand for heavy trucks in North America, Cummins still achieved strong operating results in the fourth quarter and achieved record sales revenue, net income, pre tax profit, and earnings per share for the full year.

In the fourth quarter, we incurred related expenses due to the restructuring of the Accelerator business unit. Given the slowdown in demand for some zero emission solutions in certain regions, we have integrated our Accelerator business with the aim of streamlining operations and focusing on investments.

——Chairman and CEO of Cummins

Rong ZhanningJennifer Rumsey

2024 is a year of transformation for Cummins, as we have made significant progress in advancing our zero carbon strategy and achieved record breaking performance. I am proud of our employees who have provided innovative technology to customers, consolidated our position in key markets, and achieved our financial performance goalsRong ZhanningIn summary.

In the fourth quarter of 2024, the revenue was 8.4 billion US dollars,Decreased by 1% compared to the same period in 2023. North American sales remained stable, while international revenue decreased by 3%.

Cummins belongs to the company in the fourth quarterNet income was $418 million, or diluted earnings per share of $3.02,And in the same period of 2023, the net loss was $1.4 billion, or diluted earnings per share of $10.01.

In the fourth quarter of 2024, the pre tax profit was $1 billion, with a pre tax profit margin of 12.1%,And in the same period last year, there was a loss of 878 million US dollars, accounting for -10.3% of sales.

Cummins achieved sales of $34.1 billion in 2024, which is the same as in 2023.North American sales increased by 1%, while international revenue decreased by 1%. 2023 includes the full year revenue of Amherst, while 2024 only includes the revenue of Amherst as of March 18th before the divestment. Including joint ventures,In 2024, Cummins' enterprises in China achieved a total sales revenue of 6.5 billion US dollars.

Cummins' net income for the full year of 2024 was $3.9 billion, or diluted earnings per share of $28.37,And in 2023, it will be $735 million, or diluted earnings per share of $5.15. The 2024 performance includes a net income of $1.3 billion, or diluted earnings per share of $9.28, related to the divestment of Amherst's business; $312 million in expenses related to the Accelerator restructuring action, equivalent to diluted earnings per share of $2.12; And the restructuring expenses for the first quarter amounted to $29 million, or diluted earnings per share of $0.16.

Cummins achieved a pre tax profit of 6.3 billion US dollars in 2024, with a pre tax profit margin of 18.6%,Compared to the same period last year, it was $3 billion with an EBIT margin of 8.9%.