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 June 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) Telep ...

Core Insights - Cummins reported $8.8 billion in revenue for Q2 2024, a year-over-year increase of 1.8% and an EPS of $5.26, up from $5.18 a year ago, exceeding Zacks Consensus Estimates for both revenue and EPS [1] Revenue Performance - Net Sales- Eliminations: Reported at -$1.87 billion, slightly better than the average estimate of -$1.88 billion, representing a year-over-year change of -2.4% [3] - Net Sales- Power System: $1.59 billion, exceeding the average estimate of $1.49 billion, with a year-over-year increase of +9.1% [4] - Net Sales- Components: $2.98 billion, slightly above the average estimate of $2.95 billion, but a year-over-year decline of -12.9% [5] - Net Sales- Distribution: $2.83 billion, surpassing the average estimate of $2.68 billion, reflecting a year-over-year increase of +9% [6] - Net Sales- Engine: $3.15 billion, exceeding the average estimate of $2.93 billion, with a year-over-year increase of +5.5% [7] Segment Performance - Net Sales- Accelera: $111 million, below the average estimate of $118.18 million [8] - Net Sales- Engine- Off-highway: $432 million, below the average estimate of $472.43 million, representing a year-over-year decline of -10.7% [9] - Net Sales- Engine- Light-duty Automotive: $461 million, slightly above the average estimate of $449.45 million, with a year-over-year increase of +3.6% [9] - Net Sales- Engine- Medium-duty Truck and Bus: $1.07 billion, exceeding the average estimate of $964.59 million, with a year-over-year increase of +14% [10] - Net Sales- Engine- Heavy-duty Truck: $1.18 billion, above the average estimate of $1.09 billion, with a year-over-year increase of +6% [11] - Net Sales- Power System- Power generation: $987 million, exceeding the average estimate of $935.22 million, with a year-over-year increase of +15.6% [12] - Net Sales- Components- Emission Solutions: $941 million, below the average estimate of $960.52 million, with a year-over-year decline of -2.4% [13] Stock Performance - Cummins shares have returned +7.3% over the past month, outperforming the Zacks S&P 500 composite's +1.1% change, with a current Zacks Rank 3 (Hold) indicating potential performance in line with the broader market [13]

Cummins (CMI) came out with quarterly earnings of $5.26 per share, beating the Zacks Consensus Estimate of $4.85 per share. This compares to earnings of $5.18 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 8.45%. A quarter ago, it was expected that this engine maker would post earnings of $5.11 per share when it actually produced earnings of $5.10, delivering a surprise of -0.20%. Over the last four quarters, the company has ...

EXHIBIT 99 News Release August 1, 2024 Cummins Reports Strong Second Quarter 2024 Results • Record second quarter revenues of $8.8 billion; GAAP Net Income of $726 million • EBITDA in the second quarter was 15.3% of sales; Diluted EPS of $5.26 • Full year revenues are expected to range from down 3% to flat; an improvement from prior guidance of down 2% to 5%. • EBITDA is now expected to be in the range of 15.0% to 15.5%; an increase from previous guidance of 14.5% to 15.5%. 1 COLUMBUS, IND. - Cummins Inc. ( ...

DETROIT, July 24, 2024 (GLOBE NEWSWIRE) -- SDVerse, a marketplace for buyers and sellers of automotive software, on July 24th, 2024, announced that global power technology leader Cummins Inc. has joined the first-ever software marketplace, SDVerse, as Premier Partner. With this partnership, Cummins will gain access to innovative solutions, accelerating development with faster procurement, boosting efficiency, performance, and profitability in commercial mobility. SDVerse is a digital marketplace supporting ...

Group 1: Investment and Expansion - Cummins Inc. will invest an additional $75 million, matching a grant from the Department of Energy, totaling $150 million to enhance production of battery packs and other components for its zero-emissions division, Accelera by Cummins [1][12] - The expansion is expected to create approximately 250 full-time jobs, allowing existing employees to transition into these new roles over time [1] Group 2: Financial Performance and Projections - The Accelera segment has faced increasing R&D and engineering expenses, resulting in operating losses of $223 million in 2021, $334 million in 2022, and $443 million in 2023, with expectations of losses between $400 million and $430 million in 2024 [2] - Accelera is projected to achieve break-even by 2027, supported by its extensive technology portfolio and strong relationships with OEMs and end customers [9] Group 3: Environmental Impact - The Columbus Engine Plant (CEP) will allocate around half of its 1.42 million-square-foot facility to zero-emissions manufacturing, with electric powertrains projected to reduce carbon dioxide emissions by approximately 104 million metric tons by 2030 [7] Group 4: Strategic Vision - Cummins is committed to a zero-emissions future through its Destination Zero strategy, offering diverse solutions including fuel-agnostic engine platforms and fully electric and hydrogen fuel cell solutions [13] - The DOE grant is viewed as a significant milestone in enhancing battery production in the U.S. and reinforcing Cummins' global leadership in electrified solutions for commercial markets [4]

Financial Performance - The company generated revenues of $2,580,514 and net income after taxes of $61,072 in Q2 2024, with overall gross profit margins at 57.5% [2] - Year-to-date cash flow from operations reached $1.5 million, representing a $3.3 million positive swing compared to the same period last year [15] - The company paid out $528,081 in dividends during Q2 2024, slightly up from $522,330 in Q2 2023, maintaining its quarterly dividend payout for the 49th consecutive quarter [15][13] Working Capital and Dividends - The company's working capital for Q2 2024 was $25.2 million, an increase of $0.8 million from Q2 2023 [3] - A quarterly dividend of $0.0125 per common share will be paid on August 13, 2024, representing an annualized yield of 4.2% based on a closing price of $1.19 per share on July 12, 2024 [4] Market Opportunities and Product Development - The company has received a large first order from a new reseller in Brazil, indicating significant market opportunities in South America [5] - The primary R&D focus is on the development and commercialization of the next generation Ka-band Electronically Steered Antenna System (ESA), with initial deliveries for field testing expected by the end of 2024 [6][8] Company Overview - C-COM Satellite Systems Inc. is a leading global designer, developer, and manufacturer of transportable and mobile satellite-based antenna systems, with over 10,000 antenna systems sold in more than 100 countries [7][18] - The company is engaged in the design of a unique multi-orbit antenna aimed at providing low-cost, high-throughput mobility applications over satellite [8]

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Core Insights - Cummins is focusing on returning value to shareholders through reasonable debt levels and operational efficiency, having returned $921 million via dividends last year [1] - The company is advancing in electrification and clean energy technologies, with a $500 million electrolyzer backlog and facility expansions to meet rising demand [2] - Lower truck production in North America is expected to reduce engine shipments by 5-10% in 2024, leading to flat or decreased revenue in the Engine unit and a decline in EBITDA margins [3] - Cummins shares currently trade at a P/E ratio of 13.44, lower than the sector's 17.13 but higher than its five-year median [4] - The Zacks Consensus Estimate indicates a year-over-year decline in revenues and earnings for 2024, with downward estimate revisions for EPS [5] - The company has raised its quarterly dividend by 8.3% to $1.82/share, marking the 15th consecutive year of payout hikes [8] - Cummins holds an 'A' credit rating from S&P Global Ratings, with a return on equity of 25%, significantly higher than the auto sector's 11% [9] - The Power Systems segment is expected to benefit from growth in power generation volumes, particularly in China and India, supporting revenue growth expectations [11] - Cummins shares have increased by 14.4% year to date, outperforming the auto sector [12] - The company's dividend yield stands at 2.5%, with a sustainable payout ratio of 35% [16] - Cummins is strategically positioned for long-term growth through its product portfolio and commitment to carbon neutrality, bolstered by the acquisition of Meritor [17]

Core Viewpoint - The article discusses eight dividend stocks expected to announce dividend increases in July 2024, highlighting their current and forecasted dividend yields, historical performance, and the significance of dividend growth in investment decisions [4][10]. Dividend Stocks Overview Stanley Black & Decker (SWK) - Current Dividend Yield: 3.99% (as of 7/9/24) - Forecasted Dividend Yield: 4.16% - Consecutive Dividend Increases: 55+ - 2023 Dividend Increase: 1.25% - 5-Year Average Dividend Growth Rate: 4.18% [3] Cummins (CMI) - Current Dividend Yield: 2.49% (as of 7/9/24) - Forecasted Dividend Yield: 2.69% - Consecutive Dividend Increases: 18+ - 2023 Dividend Increase: 7.01% - 5-Year Average Dividend Growth Rate: 8.08% [3] J.M. Smuckers (SJM) - Current Dividend Yield: 3.86% (as of 7/9/24) - Forecasted Dividend Yield: 4.03% - Consecutive Dividend Increases: 23+ - 2023 Dividend Increase: 3.92% - 5-Year Average Dividend Growth Rate: 4.51% [7] Cintas (CTAS) - Current Dividend Yield: 0.76% (as of 7/9/24) - Forecasted Dividend Yield: 0.92% - Consecutive Dividend Increases: 35+ - 2023 Dividend Increase: 17.39% - 5-Year Average Dividend Growth Rate: 21.37% [8] Mondelez (MDLZ) - Current Dividend Yield: 2.57% (as of 7/9/24) - Forecasted Dividend Yield: 2.84% - Consecutive Dividend Increases: 10+ - 2023 Dividend Increase: 10.39% - 5-Year Average Dividend Growth Rate: 10.33% [8] Norfolk Southern (NSC) - Current Dividend Yield: Not specified - Consecutive Dividend Increases: Streak at risk due to no increase last year - 2023 Dividend Payout higher than 2022 [17] PPG Industries (PPG) - Current Dividend Yield: 2.05% (as of 7/9/24) - Forecasted Dividend Yield: 2.19% - Consecutive Dividend Increases: 51+ - 2023 Dividend Increase: 4.84% - 5-Year Average Dividend Growth Rate: 6.65% [18] Hershey's (HSY) - Current Dividend Yield: 2.97% (as of 7/9/24) - Forecasted Dividend Yield: 3.33% - Consecutive Dividend Increases: 14+ - 2023 Dividend Increase: 32.24% - 5-Year Average Dividend Growth Rate: 12.15% [15]