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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2024 Commission File Number 1-4949 CUMMINS INC. (Exact name of registrant as specified in its charter) Indiana 35-0257090 (State of Incorporation) (IRS Employer Identification No.) 500 Jackson Street Box 3005 Columbus, Indiana 47202-3005 (Address of principal executive offices) ...

Financial Performance - Sales for Q3 2024 were $8.5 billion, flat compared to Q3 2023, driven by high demand in global power generation markets and improved pricing, offset by lower North America heavy-duty truck volumes and the reduction in sales from the separation of Atmus [15][35] - EBITDA was $1.4 billion or 16.4%, compared to $1.2 billion or 14.6% a year ago, with improvements attributed to higher power generation volumes, pricing, and operational efficiency [16][36] - Net earnings for the quarter were $809 million or $5.86 per diluted share, compared to $656 million or $4.59 per diluted share in 2023, benefiting from increased earnings and a lower share count [40] Business Line Performance - Components revenue was $2.7 billion, a decrease of 16% from the prior year, with EBITDA margins decreasing from 13.6% to 12.9% due to the Atmus separation and a weaker heavy-duty truck market [43] - Engine segment revenues were $2.9 billion, a decrease of 1% from a year ago, with EBITDA increasing from 13.5% to 14.7% due to operational improvements and positive pricing [46] - Distribution segment revenues increased 16% to a record $3 billion, driven by increased demand for power generation products, particularly for data center applications [48] - Power Systems segment revenues were $1.7 billion, an increase of 17%, with EBITDA increasing from 16.2% to 19.4% of sales, driven by higher volumes and improved pricing [50] Market Performance - North America revenues declined 1% to $5.2 billion, primarily due to a softening heavy-duty market, while international revenues increased by 2% [17][35] - In China, revenues were $1.5 billion, a decrease of 4%, with weaker domestic truck and construction volumes partially offset by higher data center demand [20] - India revenues decreased by 12% to $641 million, with power generation revenues increasing by 49% year-on-year due to pre-buy demand and increased data center demand [23] Company Strategy and Industry Competition - The company is focused on its Destination Zero strategy, aiming to reduce the carbon footprint of its products while investing in cleaner power solutions [8][10] - The opening of Accelera's electrolyzer manufacturing plant in Spain is expected to support the development of zero-emission technologies in Europe [12] - The company anticipates continued strong demand in power generation markets, projecting growth of 15% to 20% in 2024 [29] Management Commentary on Operating Environment and Future Outlook - Management expects further softening in the heavy-duty truck market and has maintained its revenue outlook for 2024 to be down 3% to flat [24][25] - The company is committed to delivering strong financial performance and returning cash to shareholders, having returned $250 million in dividends during the quarter [32] - Management remains confident in the ability to navigate economic cyclicality while focusing on operational efficiencies and cost management [57] Other Important Information - The company experienced minor impacts from Hurricanes Helene and Milton, but employees effectively managed to minimize disruptions [13] - The effective tax rate for Q3 was 19.2%, including favorable discrete items [39] Q&A Session Summary Question: Concerns about Q4 guidance and heavy-duty truck market - Management acknowledged expectations of further softening in the heavy-duty market and highlighted factors affecting Q4 revenue guidance, including product changeovers and fewer working days [61][62] Question: Momentum in Power Generation - Management indicated that both pricing and capacity improvements are driving momentum in the Power Generation segment, with significant demand expected to continue [64][65] Question: California Omnibus regulations and pre-buy potential - Management noted that while there are uncertainties regarding state regulations, they anticipate a pre-buy period ahead of the 2027 regulations, which could impact demand [72][73] Question: Natural gas engine demand and market share - Management projected a potential market share of up to 8% for natural gas engines, driven by strong performance and demand from large fleets [89] Question: Capacity increases and future growth - Management is exploring opportunities to increase capacity in response to strong market conditions, particularly in power generation [96] Question: Incremental margins and pricing power - Management discussed the impact of retroactive pricing on margins and emphasized the importance of maintaining cost discipline while preparing for future demand [98][100]

Cummins Inc. (CMI) reported third-quarter 2024 earnings of $5.60 per share, which increased from $4.73 recorded in the corresponding quarter of 2023. The bottom line also surpassed the Zacks Consensus Estimate of $4.89 per share. The outperformance was driven by higher-than-expected revenues from the Power Systems and Distribution segments. Cummins’ revenues totaled $8.46 billion, up from $8.43 billion recorded in the year-ago quarter. The top line beat the Zacks Consensus Estimate of $8.28 billion.Stay up- ...

For the quarter ended September 2024, Cummins (CMI) reported revenue of $8.46 billion, up 0.3% over the same period last year. EPS came in at $5.60, compared to $4.73 in the year-ago quarter.The reported revenue represents a surprise of +2.18% over the Zacks Consensus Estimate of $8.28 billion. With the consensus EPS estimate being $4.89, the EPS surprise was +14.52%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expect ...

Third Quarter 2024 Earnings Teleconference November 5th, 2024 CONTENTS Q3 2024 Summary 2024 Guidance Q3 2024 Supplemental Information Appendix 2 Disclosure Regarding Forward-Looking Statements Information provided in this presentation that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regar ...

Cummins (CMI) came out with quarterly earnings of $5.60 per share, beating the Zacks Consensus Estimate of $4.89 per share. This compares to earnings of $4.73 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 14.52%. A quarter ago, it was expected that this engine maker would post earnings of $4.85 per share when it actually produced earnings of $5.26, delivering a surprise of 8.45%.Over the last four quarters, the company has s ...

EXHIBIT 99 News Release November 5, 2024 Cummins Reports Strong Third Quarter 2024 Results • Third quarter revenues of $8.5 billion; GAAP Net Income of $809 million, or 9.6% of sales • EBITDA in the third quarter was 16.4% of sales; Diluted EPS of $5.86 • The company is maintaining its full year 2024 revenue guidance of down 3% to flat. • EBITDA is now expected to be approximately 15.5% compared to previous guidance of 15.0% to 15.5%. 1 COLUMBUS, IND. - Cummins Inc. (NYSE: CMI) today reported results for th ...

Wall Street analysts forecast that Cummins (CMI) will report quarterly earnings of $4.89 per share in its upcoming release, pointing to a year-over-year increase of 3.4%. It is anticipated that revenues will amount to $8.28 billion, exhibiting a decline of 1.8% compared to the year-ago quarter.Over the last 30 days, there has been an upward revision of 1.1% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their i ...

Wall Street expects a year-over-year increase in earnings on lower revenues when Cummins (CMI) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on November 5. On ...