Cummins 2025 Q1 results show drop in revenue and demand
US engine maker Cummins Inc. has reported revenues of $8.2bn for the first three months of 2025, showing a decrease of 3 per cent compared to the same quarter in 2024.
Cummins Q1 2025 revenues total $8.2bn, a decrease of 3 per cent compared to the same period in 2024. Sales in North America decline by 1 per cent, while international revenues fell 5 per cent, affected by lower demand in Latin America and Asia Pacific. Higher sales in China partially offset the decline.
Net income attributable to Cummins in Q1 2025 is $824m, or $5.96 per diluted share, compared to $2bn, or $14.03 per diluted share, in the prior-year quarter. The 2024 figure included a $1.3bn gain related to the separation of Atmus Filtration Technologies, net of transaction costs and other expenses, and $29m in restructuring expenses.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) stand at $1.5bn, or 17.9 per cent of sales. In the first quarter of 2024, EBITDA was $2.6bn, or 30.6 per cent of sales, including the gain and costs related to the Atmus transaction.
Due to ongoing economic uncertainty, Indiana-based Cummins is not providing a revenue or profitability outlook for the remainder of 2025.
“The company delivered strong financial results in the first quarter of 2025, led by record performance in our Power Systems Segment,” says Jennifer Rumsey, chair and chief executive officer. “I want to thank our global employees for their commitment to delivering for our customers in an increasingly challenging environment. Due to growing economic uncertainty driven by tariffs, we have withdrawn our full-year forecast.”
In the first quarter, Cummins introduced the X10 engine as part of the Cummins HELM platform. This model is designed to replace both the L9 and X12 engine platforms. According to the company, it is aimed at meeting performance, durability and efficiency requirements across heavy and medium-duty applications. The X10 joins the X15 and B Series engines as part of the product range intended to meet various operational needs.
The company also revealed the new B7.2 diesel engine. This model features a slightly larger displacement and is intended to serve as a global platform compatible with various applications and duty cycles.
Production of both the B7.2 and X10 engines is scheduled to take place at the Rocky Mount Engine Plant in North Carolina, with manufacturing for the North American market beginning in 2027.
In the engine segment, which includes the marine business division, first quarter 2025 sales total $2.8bn, a decline of 5 per cent compared to the same period in 2024. Revenue in North America fell 4 per cent, and international markets declined 11 per cent, primarily due to reduced demand in the US and Latin America. EBITDA for the segment is $458m, or 16.5 per cent of sales, up from $414m, or 14.1 per cent, in the previous year.
“While the outlook for the remainder of the year remains unclear, we remain confident in our position and that our Destination Zero strategy is the right one,” says Rumsey. “Cummins is in a strong position to navigate through economic uncertainty, and we look forward to reinstating our forecast when conditions allow.”
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