Cummins Inc. - CMI STOCK NEWS

Cummins Inc. outlines its strategy for navigating the energy transition through tech neutrality and its Destination Zero initiative. The company emphasizes that unlike passenger vehicles, commercial and industrial applications require diverse decarbonization solutions. Through its broad portfolio approach, Cummins aims to reduce cumulative carbon by an estimated 1.4 gigatons. The strategy includes advancing both traditional technologies like fuel-agnostic internal combustion engines and new zero-emissions solutions through Accelera. The company highlights how different markets, from buses to mining trucks to long-haul vehicles, require tailored solutions based on their unique operational demands and infrastructure requirements.

Cummins is preparing for the EPA 2027 emission standards, which will reduce nitrogen oxide (NOx) emissions by over 80%. The company introduces the Twin Module, a new aftertreatment architecture featuring a 48V alternator-powered electric heating system, designed to work with the EPA 2027 X15 engine. The system maintains engine performance while meeting stricter emissions requirements.

For the European market, Cummins is developing solutions for Euro 7 regulations starting in 2027, which require significant NOx and particulate number reductions. The company must also address VECTO requirements targeting a 45% CO2 reduction by 2030, supporting various powertrain solutions including clean diesel, hybrid, BEV, and hydrogen technologies.

Cummins (NYSE:CMI) has extended its grant to The 15 White Coats to support the Resilient Readers Book Club and launch new Virtual Readers Club volunteer opportunities. The partnership, established in 2023 through Cummins' CARE initiative, provides culturally relevant African American literature to school-age children. The 15 White Coats, founded in 2019, has awarded over $500,000 in scholarships to more than 2,000 healthcare students. The program, initially piloted in Indianapolis' Martindale-Brightwood area, is now expanding nationwide, allowing anyone to send book boxes to classrooms, organizations, or families across the US.

Cummins Inc. (NYSE: CMI) has reopened its renovated worldwide technical center hub office tower in Columbus, Indiana. The Cummins Technical Center (CTC), originally opened in 1968, underwent its first major renovation since 2021. The six-story tower now features 72,000 square feet of modernized office space, accommodating 500 employees focused on research and development.

The renovation includes enhanced collaboration spaces, 90 conference rooms, inclusive amenities, and improved facilities for the development of Cummins HELM™ platforms. The CTC plays a important role in Cummins' Destination Zero strategy and houses significant R&D operations. In 2023, Cummins invested $1.4 billion in future technologies, including the HELM™ platforms, which focus on higher efficiency, lower emissions, and multiple fuel options.

Cummins Inc. announces its commitment to the Canadian Council for Indigenous Business (CCIB) Partnership Accreditation in Indigenous Relations (PAIR) Program at the 'Committed' level. The company has implemented several initiatives including: establishing an Indigenous Relations team with 15 volunteers across Canada, providing Indigenous Awareness Training to over 1,400 employees, and supporting Indigenous communities through education and equity initiatives with more than USD 100,000 in grants. The PAIR Program evaluates corporate performance in Indigenous relations across four areas: Leadership Actions, Employment, Business Development and Community Relations, with the ultimate goal of achieving Gold Certification.

Cummins reported strong Q3 2024 results with revenues of $8.5 billion, flat compared to Q3 2023. Net income reached $809 million, or $5.86 per diluted share, up from $656 million last year. EBITDA was $1.4 billion, or 16.4% of sales, compared to 14.6% in 2023.

While North American sales decreased 1%, international revenues grew 2%. The company maintained its full-year 2024 revenue guidance of down 3% to flat but raised EBITDA expectations to approximately 15.5%. Notable segment performances included Distribution (+16% sales) and Power Systems (+17% sales), while Components declined 16%.

Cummins Inc. showcases the 14-year career journey of Schuyla J., currently serving as Executive Director of Ethics and Compliance. Her role encompasses oversight of Investigations, Right Environment, Diversity Compliance, and Data Privacy, while also providing leadership for Corporate Quality and serving as Chief of Staff for the Chief Administrative Officer. Throughout her tenure, Schuyla has held various positions including establishing Cummins' first office in Casablanca, Managing Director of Southern Africa, and Operations Vice-President in the Pacific Northwest. Her achievements include pioneering the hiring of female technicians in Africa and creating the CBN First Fridays initiative to foster community engagement.

Cummins Inc. outlines its strategic approach for long-term growth and industry leadership. The company's VP of Corporate Strategy, Jeff Wiltrout, details three key steps for establishing strategic clarity: starting with the company's purpose, knowing implementation requirements, and setting quantifiable goals. Cummins achieved record revenues of $31.4 billion and operating cash flow of $4.0 billion in 2023, investing over $1.4 billion in R&D. The company's strategy focuses on providing comprehensive power solutions while guiding customers through energy transition, supported by initiatives like the fuel-agnostic engine platform Cummins HELM™ and zero-emissions solutions through Accelera™.

Cummins (NYSE: CMI) has announced a quarterly common stock cash dividend of $1.82 per share. The Board of Directors made this declaration, setting the payment date for December 5, 2024. Shareholders who are on record as of November 22, 2024, will be eligible to receive this dividend. This announcement demonstrates Cummins' commitment to providing regular returns to its shareholders.