Cummins first quarter 2019 revenues of $6.0 billion increased 8 percent from the same quarter in 2018. Increased truck production in North America and stronger demand in global construction drove the majority of the revenue increase. Currency negatively impacted revenues by 2 percent due to a stronger U.S. dollar.
Net income in the first quarter was $663 million, compared to net income of $325 million in Q1 of 2018.
Q1 sales in North America improved by 13 percent while international revenues increased by 1 percent. Earnings before interest, taxes, depreciation, and amortization (EBITDA) in the first quarter were $1.0 billion, or 17.2 percent of sales, compared to $700 million or 12.6 percent of sales a year ago. First quarter results include a non-segment and non-taxable gain of $37 million.
Cummins is maintaining its 2019 revenue guidance of flat to up 4 percent driven primarily by increased demand in North America on-highway markets. The company expects to return 75 percent of operating cash flow to shareholders in 2019 in the form of dividends and share repurchases.