Cummins Inc. - CMI STOCK NEWS

Cummins Inc. (NYSE: CMI) has launched the ISL9 diesel engine, now available in military applications with up to 540 horsepower. This engine is recognized for its reliability across various equipment, including armored personnel carriers and logistical trucks. Optimizing the 9-litre engine has led to a 20% power increase and torque capability of up to 1,900 Nm. The ISL9's compact design and efficiency make it suitable for demanding military environments, allowing vehicles to carry heavier loads without compromising speed. Engines are currently available for integration and testing through local representatives.

Cummins expands its partnership with Water.org, committing over $500,000 in grants to provide essential water infrastructure in Peru and the Philippines. This initiative is part of Cummins Water Works, aimed at addressing the global water crisis and producing net water benefits exceeding the company's annual consumption under its PLANET 2050 sustainability strategy. The grants will support communities in financing plumbing, pumps, and sanitation services, benefiting millions who currently lack reliable access to safe water. To date, the partnership has improved water access for over 400,000 people in various countries.

The Board of Directors of Cummins Inc. (NYSE: CMI) has declared a quarterly cash dividend of $1.57 per share, scheduled for payment on March 9, 2023, to shareholders of record as of February 24, 2023. This action reflects the company's commitment to returning value to shareholders. Cummins, a leader in power solutions, reported a net income of $2.2 billion on $28.1 billion in sales for 2022, underscoring robust business performance. The company operates through various segments, providing a diverse portfolio of powertrains and related components globally.

Cummins Inc. reported robust financial results for Q4 and full year 2022, with Q4 revenues reaching $7.8 billion and full year revenues of $28.1 billion. Q4 net income was $631 million ($4.43 per diluted share) despite $46 million in integration and separation costs. EBITDA for Q4 stood at 14.2% of sales, improving to 16.1%% when excluding special costs. The company forecasts a 12-17% revenue increase for 2023 and EBITDA between 14.5-15.2%%. Cummins successfully advanced its Destination Zero strategy with key acquisitions, including Meritor and Siemens Commercial Vehicles. The company also returned $1.2 billion to shareholders through dividends and repurchases.

Cummins Inc. will unveil its innovative fuel-agnostic 15-liter engine platform at CONEXPO, March 14-18, targeting reduced carbon emissions. This platform supports various fuels, including hydrogen and advanced biofuels, as part of Cummins' Destination Zero strategy aimed at minimizing carbon output in internal combustion engines. Designed for diverse applications, the engine offers power ratings from 400 to 650 horsepower and is poised to play a significant role in climate action within multiple commercial sectors. The company emphasizes immediate action to achieve climate goals, advocating for diverse options to meet customer needs.

Cummins Inc. has introduced a new concept hybrid power system aimed at enhancing recreational vehicle (RV) performance while reducing emissions and noise.

The system integrates lithium battery technology with Onan RV generators, offering a cleaner power option that supports smart load management. This innovative package allows RV users to extend their travel without the worry of depleting power.

Showcased at the Florida RV SuperShow, the system combines a 2.8kW generator with a 6.7kW-h lithium-ion battery, achieving the same output as larger generators with lower emissions. Cummins aims to lead the RV industry towards a net-zero emissions future.

Cummins Inc. (NYSE: CMI) announces the retirement of Amy Boerger, Vice President and General Manager – North America On-Highway, effective March 2023, after 39 years at the company. José Samperio will succeed her as Executive Director and General Manager – North America On-Highway. Boerger's career included significant contributions to customer relations and pioneering roles for women in the industry. Samperio, with nearly 20 years at Cummins, brings extensive experience across engineering and sales, focusing on strengthening relationships in the market. His leadership is expected to enhance Cummins' success in the North American on-highway sector.

Cummins Inc. has launched the second phase of its technical training program in Nigeria through its subsidiary, Cummins West Africa Ltd. This program aims to provide disadvantaged youth with employable skills in a bid to address the global shortage of technical workers. Partnering with the John Bosco Institute of Technology, Cummins TEC focuses on vocational education. Since 2012, it has trained over 2,000 individuals with an 83% graduation rate and approximately 72% employment within six months post-graduation.

Cummins Inc. (NYSE: CMI) announces the retirement of Jim Fier, Chief Technical Officer, effective March 31, 2023, after 36 years. Jonathan Wood, currently Vice President of New Power Engineering, will succeed him as CTO starting April 1, 2023. Fier's tenure saw significant advancements in emissions technology and leadership in sustainability initiatives, including PLANET 2050. Wood brings extensive experience and has a strong commitment to technical excellence, positioning him well for this critical role.