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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. (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.
Cummins Inc. (NYSE:CMI) has been awarded a contract to develop, manufacture, and produce generator sets for the Department of Defense (DoD) Large Tactical Power System (LTPS). The contract includes both 500 kW skid and Power Plants configurations, aimed at enhancing mobile and reliable power sources for the DoD's digitized forces. Cummins has prior experience providing advanced power solutions, including the 5kW - 60kW family for the DoD since 2013. This contract signifies Cummins' commitment to innovation in military power generation.
Cummins Inc. (CMI) reported third-quarter revenues of $7.3 billion, reflecting an 11% increase from 2021, excluding the newly acquired Meritor business. Net income reached $400 million, or $2.82 per diluted share, but showed a decline from $534 million in 2021. EBITDA was 12.1% of sales, down from 14.4% a year prior. The company incurred significant costs related to the Meritor acquisition and the planned separation of its Filtration business. Full-year revenue guidance remains at 8% growth, although EBITDA expectations have been adjusted down to 15.0%.
Cummins Inc. (NYSE: CMI) announced the appointment of Marvin Boakye as its new Chief Human Resources Officer, effective November 7, 2022. Boakye, previously Chief People & Diversity Officer at Papa John's, brings over 25 years of HR experience across multiple industries, including manufacturing and automotive. He will oversee global HR strategies to enhance employee experiences and foster diversity and inclusion within the company. CEO Jennifer Rumsey expressed confidence in Boakye's ability to contribute significantly to Cummins' growth during a critical time for the industry.
Cummins Inc. (NYSE: CMI) is set to construct a new gigawatt electrolyzer manufacturing plant in Guadalajara, Spain, bolstering its commitment to the green hydrogen economy. The 200,000 sq. ft. facility, expected to be operational by the end of 2023, will create around 150 initial jobs with potential for 200 more. This plant will produce 500MW of electrolyzers annually, scalable to over 1GW. Cummins aims to support European sustainability goals and enhance hydrogen generation technology, contributing to its carbon neutrality targets.
Cummins Inc. (NYSE: CMI) announced a quarterly cash dividend of $1.57 per share, payable on December 1, 2022. Shareholders of record by November 18, 2022 are eligible. This initiative reflects Cummins' commitment to returning value to its investors, showcasing financial stability amidst potential challenges in the market.
Cummins Inc. (NYSE: CMI) is set to begin manufacturing electrolyzers in
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