Cummins reports Q1 EPS $14.03, consensus $5.13

Reports Q1 revenue $8.4B, consensus $8.45B. Net income attributable to Cummins in the first quarter was $2B, or $14.03 per diluted share, compared to $790M, or $5.55 per diluted share, in 2023. The results reflect the gain related to the separation of Atmus, net of transaction costs and other expenses, of $1.3B, or $9.08 per diluted share, and restructuring expenses of $29M, or 15c per diluted share. The first quarter of 2023 included costs related to the separation of Atmus of $18M, or 10c per diluted share. The tax rate in the first quarter was 8.7%, primarily due to the nontaxable gain on the separation of Atmus. “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. I am deeply appreciative of our Cummins employees across the globe, whose broad expertise and diverse perspectives are driving our ability to innovate for our customers and meet global demand.”