Cummins reported record second-quarter revenue of $9.5 billion, up 9% year-over-year, and raised its full-year outlook on stronger-than-expected demand across several markets.
Net income attributable to Cummins was $932 million, or $6.73 per diluted share, compared with $890 million, or $6.43 per diluted share, in the same period last year. EBITDA for the quarter was $1.7 billion, or 17.5% of sales, versus 18.4% of sales a year ago, a decline the company attributed largely to higher incentive compensation tied to expected record full-year results.
“Cummins delivered record second-quarter results, reflecting robust customer orders for standby power for data centers and improving North American truck markets,” chair and CEO Jennifer Rumsey said in a statement. “Rising demand and disciplined execution drove record performance as we continue to perform well in a complex macroeconomic environment. We are raising our expectations for full-year performance and expect the second half of the year to be stronger than the first half.”
Cummins is projecting full-year revenue growth of 10% to 13%, up from its prior guidance of 8% to 11%, with EBITDA expected in a range of 18% to 18.5%. The company also raised its quarterly dividend to $2.20 per share from $2, marking 17 consecutive years of dividend increases, and returned $501 million to shareholders in the quarter through dividends and share repurchases.
