The following is a summary of the Cummins Inc. (CMI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Cummins reported Q1 2024 revenues of $8.4 billion, a decrease of 1% compared to Q1 2023.

• EBITDA was $2.6 billion or 30.6% compared to $1.4 billion or 16.1% a year ago.

• The Q1 results included a net gain of $1.3 billion related to the divestiture of Atmus and $29 million of restructuring expenses.

• Gross margin dollars improved compared to the first quarter of 2023 despite lower volumes and higher R&D expenses.

• The company raised its guidance in both Engines and Power Systems due to higher volumes and cost reduction efforts.

Business Progress:

• Cummins completed the separation of the Filtration business, Atmus Filtration Technologies and launched Cummins HELM platform and four new generator sets in the Centum series in Q1.

• The company is investing in new engine platforms, including hydrogen and battery technologies, to meet upcoming EPA regulations.

• Cummins has received final regulatory approval for a battery joint venture set to start production in 2027, positioning the company for the adoption of electric vehicles in the commercial market.

• The company is increasing R&D investments, especially in fuel-agnostic engine platforms, expecting product launches from 2026.

• Investments are being made in the Accelera business for new product launches.

More details: Cummins IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.