Welcome to our dedicated page for Cummins news (Ticker: CMI), a resource for investors and traders seeking the latest updates and insights on Cummins stock.
Cummins Inc., headquartered in Columbus, Indiana, is a global leader in power solutions. The company designs, manufactures, distributes, and services diesel and natural gas engines and related technologies. This includes fuel systems, controls, air handling, filtration, emission solutions, and electrical power generation systems. With a workforce of approximately 75,500 employees, Cummins operates in around 190 countries through a network of 600 company-owned and independent distributors and 7,200 dealer locations.
Cummins' product portfolio is highly diversified. It includes engines used in commercial trucks, off-highway machinery, and railroad locomotives. The company also manufactures standby and prime power generators and powertrain components such as transmissions, turbochargers, aftertreatment systems, and fuel systems. Cummins has maintained its position as the top manufacturer of diesel engines despite intense competition and stringent government regulations on carbon emissions.
One of Cummins' recent achievements is the inauguration of a new state-of-the-art facility in Jamshedpur, India, in partnership with Tata Motors. This facility focuses on producing hydrogen-based internal combustion engines for medium and heavy commercial vehicles, reflecting the company's commitment to sustainable and zero-emission technologies. This project aligns with Cummins' long-term sustainability plan, PLANET 2050, aimed at addressing climate change and resource use while improving communities globally.
Cummins continues to expand its technological capabilities to support its Destination Zero strategy, which aims to advance decarbonization and offer customers a wide range of zero-emission products. In 2023, the company reported earnings of $735 million on sales of $34.1 billion, indicating a robust financial performance. Cummins remains committed to its core principles of sustainability, innovation, and customer success, driven by its vast technological expertise and global manufacturing network.
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.
Cummins Inc. (NYSE: CMI) is set to supply a 35-megawatt (MW) proton exchange membrane electrolyzer system for Linde’s green hydrogen production plant in Niagara Falls, New York. This project marks a significant step towards advancing the green hydrogen economy in the U.S.. Cummins’ electrolyzer will utilize hydropower, producing carbon-free hydrogen, essential for decarbonizing sectors like heavy-duty transportation. This initiative highlights Cummins' commitment to renewable energy and its strong capabilities in hydrogen technology.
On November 30, 2022, Cummins (NYSE: CMI) announced its collaboration with Elevāt and STW Technic to enhance off-highway monitoring and management solutions for Versatile tractors. The integration of Cummins' Connected Diagnostics application with the Elevāt IoT platform aims to provide real-time diagnostics, alerts, and troubleshooting insights for tractor owners. This partnership promises improved operational performance, asset uptime, and efficiency for Versatile's tractor line from Model Year 2022 onward.
Cummins Inc. (NYSE: CMI) has completed its acquisition of Siemens’ Commercial Vehicles business through its subsidiary Meritor for approximately €190 million. This strategic move, aimed at enhancing Cummins’ electrified power solutions, adds significant capabilities in electric drive systems, including electric motors and inverters. The acquisition bolsters Cummins’ portfolio, bringing nearly 200 new employees across Germany, China, and the U.S., and supports its goal of reaching net-zero emissions by 2050.
Cummins Inc. (NYSE:CMI) has acquired a minority stake in Exergy Energy, LLC, enhancing its capability to provide backup power systems for businesses. This partnership allows customers to adopt Cummins' power solutions without upfront costs, significantly improving their energy resiliency during outages and peak usage. Exergy handles the capital investment and maintenance, transferring ownership to customers at the end of their contracts. Both companies aim to meet sustainability goals while reducing barriers to adopting backup power solutions.
FAQ
What is the current stock price of Cummins (CMI)?
What is the market cap of Cummins (CMI)?
What does Cummins Inc. specialize in?
Where is Cummins Inc. headquartered?
How many employees does Cummins Inc. have?
In how many countries does Cummins Inc. operate?
What are some recent achievements of Cummins Inc.?
What is Cummins' PLANET 2050 strategy?
What is the Destination Zero strategy?
How did Cummins perform financially in 2023?
What are the core business units of Cummins Inc.?
How does Cummins contribute to sustainability?
