Cummins Inc. has reported a historic high in their Q2 earnings. The second-quarter revenue was $8.6 billion, with a GAAP net income of $720 million, marking a 31% increase compared to the same period in 2022. Accelerating the profitability, EBITDA constituted 15.1% of the sales with a diluted earnings per share of $5.05.

The North American region experienced a quarterly growth of 31%, and the international revenue saw a rise of 32%.

A Word from the Leadership

Jennifer Rumsey, the chairman and CEO of Cummins, expressed her delight at this achievement in a statement. She attributed the success to strong demand in most key markets and regions. Rumsey thanked the committed Cummins team for ensuring product quality, strengthening customer relationships, and navigating ongoing supply chain constraints.

Maritime Business & Engine Sales

While the maritime business was not detailed in the quarterly report, sales from the engine department touched $3 billion, an 8% rise from 2022. Engine sales in North America grew by 7%, while international markets recorded a 10% increase.

Power Systems & the Approach towards Sustainability

The company reported $2.6 billion in sales from its power systems, with a 20% revenue growth in North America. Cummins Accelerata, the sustainability initiative of the company, recorded a sale of $85 million, a staggering 102% increase from the second quarter of 2022.

Cummins & Atmus IPO: A Significant Move

The Q2 net income for Cummins was $720 million compared to $702 million in 2022. Cummins retained approximately 80.5% of Atmus’s circulating shares post-IPO, which generated a net gain of $299 million. Atmus added debt of $650 million post IPO.

Cummins & US President Joe Biden

President Biden visited the Cummins factory in Fridley, Minnesota, in April and toured Accelerata, the United States' first electrolyzer manufacturing plant for producing low-carbon and carbon-free hydrogen systems. This came after Cummins announced in October 2022 that it would first produce electrolyzers in the US, two months after President Biden signed the ‘Reduce Inflation Act’.

The achievements of Cummins Inc. in Q2, along with their strategic plans, provide a promising outlook for the maritime and boating industry.