a very will, the and Investor earnings team. only but James with been James’ also think managers of Jack continue And Relations that to the addition and to He financial company have not to sure Cummins. voice good I everybody. And that, understood a to Finance, the I improve financial Thank our what Relations not am worked is was Jack he he'll worked Hopkins. because and He you, in do different now has is sounded the function understanding terrific has he and we it performance. working to call. the your you, Strategy, our be has insights I welcome understanding in has that this with XXXX. business company to James And with a not Jack for need Kienzler, to new you the grateful. quarterly was, great in know He Investor make of efforts since will and want Strategy. you and that terrific that from He make our job. investors, across business I communication in to If need Jack, sure James Business worked us. as investors Engine performance. morning,
James. thanks So to
a pandemic. the a severely quarter, by demand rapid followed recovery severe faced our in was decline supported history, and by the our second employees results, a want thank the they've the to Before fourth for I the course summary of and our go I acknowledge of over to XXXX. quarter sacrifices made in impacted quarterly the sales we by take moment in In chain most supply full-year that and through
them their enough their caused the COVID-XX order by for employees in the worked can't operate and their thank discipline. with to globe customers support our tirelessly many resilience. Our commitment, financial I challenges across have agility navigate to and
this of you our year. and financial Mark fourth outlook forecast details Now with our quarter will results I’ll performance summarize finish full-year take XXXX. then our of our fourth and quarter more for discussion through and both for a
to distribution recorded to $XXX on restructuring we any As provide references million million of excluding performance, comments. quarter was from driven EBITDA increased In costs. higher and XXXX, of or increase our a construction $XX or by Chinese my EBITDA compared costs restructuring operational reorganization a $XX XX.X% facility quarter pretax the million quarter EBITDA Revenues compared performance an $XXX from actions income million taken clarity stronger included of fourth improve primarily am and reminder, were with partially future in markets. charges coverage fourth or those after-tax. to for taken charges offset percent in by closure venture to benefits the Fourth year-ago. primarily I the to the totaling $X.X increased quarter higher demand XXXX, revenue, quarter million of associated to order XX.X% XXXX, joint truck X% in of XXXX business. and fourth $XXX product due in fourth of billion, actions
XX% Cummins full-year, the were For year-over-year. sales billion $XX.X down
XXXX. margins by the our In Distribution or were in levels sales XX% to by XX% our and offset generation segments and demand equipment. by in sales and billion demand of regions Our XXXX record benefits demand partially impact income, most as was compared venture was higher by XX.X% $X.X of engines EBITDA or in driven to XX.X% of XXXX. lower on-highway Sales salary business, EBITDA the power more in business lower Engine in of restructuring reductions the XX.X% major construction decreased $X.X of for of in compared Lower for than markets temporary joint volumes. China. XX.X% in our decreased XXXX, sales billion and offset
volumes, increased Full-year North XX% compared In benefits utilization This America the declined the in our due engines reduction realization adoption. increases Component India line addition transformation activities, markets, revenues technologies by in North of I of business, to by of like applications some of driven in equipment Full-year X.X% in XX% moment to markets, truck North was Europe. widespread was X.X% made ahead other of in offset with In restructuring revenues products on $XXX and to driven center across XXXX to million in and of our in lower lower especially than benefits products and New driving compared in as EBITDA demand production XX.X% more to strong X.X% on our XX% lower XXXX. XXXX. more in increased key industrial in to mining our to The regions Demand EBITDA by and continued declined decrease $XX an Power EBITDA more and demand segments lower to revenue The and regulations due due by India demand. new for associated progress actions. offset products cost Power EBITDA I'd in of many America aftermarket before sales we emissions and record VI the demand. warranty move generation XXXX. to Full-year levels lower was prior we and a to Power data million, expense. in as market XX% XX.X% to America, generation actions, new demand continue in declined invest lower loss by in the forecast which Power Stage offset decrease update was and truck than New driven our for our And primarily benefits in XX% Bharat by equipment primarily temporary a to provide EBITDA meet than with New by to our power take which offset EBITDA salary lower of designed of electrolyzer Asia, and in especially for XX.X% than salary XXXX. volumes, percent gas temporary in actions China. of standby more systems decreased compared was markets. Sales demand the to power primarily lower of by reductions in restructuring in oil reductions. China.
to operation hydrogen in facility Bécancour, it delivered the Air the hydrogen can largest making hydrogen of using last we commercial produce its an electrolyzer is Cummins Québec, First, world. installed generate XX-megawatt operation electrolyzer X,XXX Liquide a PEM PEM over tons annually year. production kind Cummins and The hydropower. late The electrolyzer began of in in system green system
electrolyzers and energy aims Bird use clean to XX Cummins and refuse also modules using fully-electric of cell Norway's leader in its fuel to in kind were wholesaler waste In four-megawatts in collection in rail fuel program. the of four for supplied Bécancour installation, battery electric our grocery in self-sufficient ASKO, experience the we applications the provide energy, XXXX. school fuel. ultimately vehicles addition truck we become FAUN, largest provided is cell rail we integrated delivered nine the fuel The fuel are to cells additional trucks. the and for cells in bus In supplier a using We the bus market, to customers to Cummins largest market. Scania solutions. for first ASKO applications provider for powertrains of GILLIG delivered heavy-duty by pilot reduce as electric for is other into industry. their to renewable of XX% XXX% Europe, transit also XXXX Blue the a use And from its design transportation to sweepers electric use for in best-in-class powertrains XXX market, truck that
Our XXX America. operating around to service transit today municipalities addition buses, in over products buses in are school are North now powering which in actively
customers gas Finally, we in XXXX formed and markets. venture NPROXX with storage joint pressure high to provide natural hydrogen the in and tank solutions
to invest future. areas distinctive are technology strong We continuing of the a have portfolio platforms and in for key
commercial focus opportunities the targeting providing gaining today are the and improve We at is exist field medium-term. or near investments opportunities prior leverage applications. where in will experience products to the continuously or our in markets and The new into our we are emerge investment us
experience powertrains and and electric are position global place. us when relationships In broader will battery we technical powertrains addition channel of accumulating, sales cell and fuel commercialization to footprint customer the electric well take our service
will I markets. and XXXX. international in I'll largest with Now America, then on markets some on of our of Starting North key our comment comment some
of our production decreased declined XXXX, segments to response lower Our Cascadia to revenues COVID-XX that use of XXXX. in demand began across Freightliner XXX,XXX units, to XX% decrease decrease XX% XX,XXX, XXXX America their North to of in Industrial primarily XX% for a XXX trucks from levels, heavy-duty models our and engine sales in a to in while pandemic. We sleeper Day XXXX. unit from declined cab due of heavy-duty shipments in our
marine further from in units decline We a of use with to their XXX support companies rental cut will pickups to a in levels. XXXX, by spending. from demand RAM and for for XXXX segments, a to size sales to engines XXXX decline non-residential by a weight to entry from vocational market XX% applications, America medium-duty Power unit America partially decreased the market sales and North into by in construction XXXX, levels, oil Engine revenues were XXX,XXX from Engine XX% gas increased construction The in shipments sales offset our from our non-residential XXXX. and various demand by XX% of for capital generation in XX% while market of North Chrysler in from resulting addition XXX,XXX XX% XX,XXX, customers. spending. trucks year-over-year, defense driven markets and decreased with lower regional lower decline applications mining decreased was shipped lower spending engine this leading construction In horsepower share low our standby customers segment. year haul a in as high by XX% last declined shipments
and offsetting The ventures XXXX driven including was China to with Full-year driven scrap, weaker following the older data demand billion, units, revenues was XX%. in markets, stimulus trucks an construction most record government joint markets. by increased China. record X.X increase demand more truck, trucks the Our year in in medium easing demand were heavy-duty up China, by in center and than million XX% $X.X increased X% for in international of Industry restrictions. COVID-XX of and revenue in revenues declined increase incentives the a in
units of XXX,XXX ventures increase XX%. truck excavators our of levels. joint in demand Our increase China The units, another XXXX XXXX light-duty of units including record an units for market increase sold in X.X units, joint from from an XX%. XXXX, million ventures an increased sold were set XX% XXX,XXX XX% of levels were while Industry to including XXX,XXX,
in generation Full-year units, in Industrial power markets, were engine XX% China of power sold XXXX. from as gas driven driven data to for healthcare. for XX,XXX by and revenues units billion, oil XX% and in by Our center, XX% power compared primarily declined India, gained equipment markets, market joint share. XX%. $X.X XXXX, levels, ventures XX% by an growth demand weakness equipment In XX%, in X% including sales in infrastructure revenue generation mining as such XXXX down markets. and construction truck our domestic declined increase key were increased and our partners dropped systems production Industry declined XXXX, in demand
revenue as by Bharat weaker emissions major to a our was products spot Our end customer new in driven Brazil, result up with one markets. the of Stage in the to addition bright Components wins. introduced VI demand In business April revenues most XX% in meet new designed XX% declined regulations
Now let overall XXXX on our markets. individual then outlook end me and and regions provide for comment
company the XXXX, particularly increase compared to offset in to moderate record in expect and revenues total a to increase we North XXXX, by production half in after year. X% XX% forecasting in are the Europe We medium-duty an XXXX of for demand heavy-duty while India driven and truck America, by China, second to year
China to levels from construction demand for expect America decline year. equipment increase Europe and North in last experienced record in We and
in in XX% markets XXXX. demand XXX,XXX This the and to revenues XX% XX% increase XX% truck market Isuzu compared year. XXXX, increase heavy-duty begin for will production units to engines to last we year-over-year. aftermarket size Industry global medium-duty for medium-duty year, units, oil truck expect America XXX,XXX to be use we expect North XXX,XXX is projected forecasting XXX,XXX selling higher XX% In be power We and to markets. mining, gas to in a to in trucks to generation to and market, increase from the by the are a
level. partnership products, with excited have the XXXX, our next Isuzu delivery are collaboration We generation next of including multiple been the working to take since initiatives on to low-emission and
units begin Isuzu applications We initial to Japan to being In in have quarter which second XXXX, expect Southeast some now, incorporated and to of for in America and serial North production are into in plan the supply truck Asia. vehicles we engines delivered XXXX.
projecting in XX% XXXX. XXXX. domestic Our a be medium-duty reduction America to expect light-duty in – reduction We to revenues, engine to China, currently be compared a we demand market. project ventures trucks up are including and and to are truck heavy the in shipments for XX% domestic in joint expected X% demand North for pickup XX% In we truck X% down
markets primarily the and XXXX the ago, to first the July VI XX to increase the VI onwards. from half July quarter, We more be first the in NS levels broadly We new OEM product towards volumes mitigate launched weighted NS chain XX% users. a heavily VI of and in regulations driven expect products the from particularly NS engines implementation our first are years technologies to sales excavators year's efforts of received we pre-buy meet by levels. last will demand standards similar States in increase year, supply expect in broad of by knowledge of in implemented end China powertrain to to inventory to have constraints. as decline for China range be of that Industry ahead are across develop leveraged and in United to Chinese record Industry expected to well
the than half the driven in is second for infrastructure stronger stimulus projects strong the of the demand tightens. project in decline market, We housing second increase in to and half half, to excavators which as ventures India, to government also year be expected joint a total XXXX. In we including XX% year revenue expect by the the of first
China emission result engine demand and Cummins significantly industry trucks We content sell. XXXX. in for more each expect India in in The XX% new to standards increase for will we
in center North strong New by very recovery XX% full-year markets demand to in we America. over global XXXX, by expect base, to XXXX. is Demand of mining million. commodity expected XX% by expected in we by Power, data million XX% Demand and high-horsepower in example, with engines XXXX low X%, greater market project and increased North driven gas will For markets in increase albeit to major in engines sales for off primarily in are In We a growth Sales $XXX $XXX sales prices. activity between and million new expected of in in driven market increase following increase increase to power fracking oil systems is after-treatment to be expect our to continued RV by a XXXX. improve global $XXX generation America.
approximately in delivered the course of over We have which to XX XX XX-megawatts next of be we backlog electrolyzers, a expect months. to the
cell for continue will systems to rail use deliver fuel market. We the in European
also We expect cells fuel some in volumes out new the fleets XXXX to of truck provide try technology. modest for applications as
and the their provide for power from leader in be technical across We to gas plan with customers at of commercial to power innovating continually application industrial the are diesel to We and cells, portfolio fuel and right solutions continue solution to right our hybrid broad fully-electric our equipment. for and natural time, options.
in flow point continue in uncertainty of continued world. to remains, costs While around markets indicators demand markets strong recover focus as requiring and regions improving on a significant current to managing XXXX, number key the cash our and
demand year. year-over-year September chain in and salaries salary cost costs and sales investment supply reductions offset to temporary XX% of sales. continuing in following Having are of the investing effectively of by a position reduction between of operating We volumes will EBITDA to across expect full lower venture partially our additional joint future keep activities multiple growth higher for through same. managed XX.X% we doing shareholders. our full-year global a the In new inefficiencies customers strong an cash benefits restoring XXXX, of suppliers This and is summary, pandemic still ongoing are earnings, with some April to markets. extremely to end is challenges last with return rising extreme and The products X% to chains impact to response and in measures and place, be XX% in range safety challenging to be and growth the in Cummins industry and under presenting as supply
them Now more over let will me financial focus results our detail. on turn it discuss who and Mark? Mark, to in