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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.
Werner Enterprises has signed a letter of intent to purchase 500 Cummins 15-liter hydrogen internal combustion engines, pending availability. Both companies are focused on sustainability, with Werner targeting a 55% reduction in greenhouse gas emissions by 2035. Cummins aims to manufacture hydrogen engines at scale by the end of the decade, highlighting their potential in the decarbonization journey. The engines are designed to integrate seamlessly with existing systems, offering low costs and durability comparable to diesel engines.
Cummins Inc. (NYSE: CMI) has entered a partnership with Transport Enterprise Leasing (TEL) for the integration of 15-liter hydrogen internal combustion engines into TEL's heavy-duty truck fleet. This collaboration aims to meet customer demands for lower emissions while enhancing operational efficiency. Cummins emphasizes the adaptability and cost-effectiveness of hydrogen engines, which utilize existing technology and infrastructure. The company will showcase its hydrogen solutions at an upcoming tradeshow in Hannover, Germany, furthering its commitment to decarbonization.
The Cummins powered CLAAS TRION 740, featuring the efficient L9 engine with up to 430 hp, will debut at Farm Progress in Boone, Iowa. Designed for combine harvesters, the L9 engine offers reliability, low maintenance, and excellent fuel efficiency, helping reduce operational costs. The engine complies with stringent EPA Tier 4 Final and European Stage V emission regulations, showcasing Cummins' commitment to sustainability. Ann Schmelzer, Managing Director of Cummins Global Agriculture Business, highlighted their strong presence in the agricultural machinery sector.
Elevāt and Cummins have partnered to merge the Cummins Connected Diagnostics application with the Elevāt Machine Connect IoT platform, offering real-time diagnostics for Cummins engines in a unified dashboard. This collaboration aims to improve operational efficiency and reduce downtime for off-highway machine users. Phase one includes integration of Connected Diagnostics to enhance asset utilization and decrease operational costs. The partnership facilitates a comprehensive view of diagnostics, boosting productivity and machine availability.
Cummins Inc. (NYSE: CMI) has successfully acquired Meritor, Inc. for approximately
Cummins Inc. (CMI) reported second quarter 2022 revenues of $6.6 billion, up 8% from the previous year, with GAAP net income of $702 million ($4.94 per diluted share). EBITDA was 16% of sales, marking a slight increase. Cost adjustments related to the separation of the Filtration business and the suspension of operations in Russia impacted results. Despite challenges, including inflation and economic uncertainty, the company maintains its full-year guidance, expecting revenue growth of 8%. Key highlights include successful acquisitions and collaborations aimed at sustainability.
AdaptHealth Corp. (NASD: AHCO) will be added to the S&P SmallCap 600 index, effective August 4, 2022. This change comes as Cummins Inc. (NYSE: CMI) is acquiring Meritor Inc. (NYSE: MTOR), which is being removed from the index. The transition reflects a strategic reshuffle in the S&P indices as AdaptHealth enhances its presence in the health care sector. The acquisition of Meritor by Cummins is expected to complete soon, pending closing conditions.
Cummins Inc. (NYSE: CMI) announced a $24 million investment in VoltStorage, a leader in eco-friendly energy storage solutions. This investment supports Cummins' Destination Zero strategy aimed at decarbonizing diverse markets. VoltStorage, founded in 2016, specializes in sustainable redox flow technology and is developing larger-scale energy storage systems. The funding will enhance VoltStorage's product development, particularly for iron salt technology, which is key for renewable energy reliability.
AGCO announced the retirement of Hans-Bernd Veltmaat as Chief Supply Chain Officer, effective December 31, 2022. Tim Millwood will succeed him, effective August 15, 2022. Millwood joins AGCO with over thirty years of experience at Cummins Inc, where he was Vice President of Global Manufacturing. AGCO's Chairman Eric Hansotia praised Veltmaat's contributions to transforming AGCO's manufacturing network. AGCO, headquartered in Duluth, Georgia, reported net sales of approximately $11.1 billion in 2021.
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