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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) 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.
Cummins Inc. (CMI) highlights the growing importance of grading hydrogen for fuel cells and hydrogen internal combustion engines (H2-ICE). The PR discusses various methods of categorizing hydrogen, including color codes and carbon intensity scores. While color coding (e.g., green, blue, grey) provides a quick reference for hydrogen's sustainable value, carbon intensity scores offer more precise evaluations for environmental, social, and governance (ESG) goals.
The article emphasizes the impact of hydrogen production methods on emissions and performance. It also notes that fuel cells require purer hydrogen than H2-ICE. The Department of Energy (DOE) and California Air Resources Board (CARB) focus on carbon intensity values rather than color codes for assessing hydrogen's environmental impact.
Cummins Inc. (CMI) has outlined strategic steps for fleets to comply with the EPA's new emissions rule. Key considerations include:
1. Understanding EPA's heavy-duty Phase 3 emissions regulations
2. Familiarizing with various forms of emissions
3. Exploring alternative fuels and powertrain options
4. Locating alternative fueling stations
5. Transitioning workforce to new technologies
6. Calculating costs and potential savings
7. Collaborating with utilities for infrastructure changes
8. Seeking incentives and grants
9. Studying vehicle lifecycle management and battery storage
10. Utilizing reliable resources for information
Cummins emphasizes the need for industry-wide collaboration to meet these ambitious goals, highlighting its position to develop and manufacture a range of technologies supporting customers' energy transition journeys.
Cummins Inc. (CMI) has made significant progress in reducing emissions from its facilities and operations, achieving a 31% absolute total GHG reduction in 2023 compared to the 2018 baseline. This reduction is equivalent to eliminating 313,000 metric tons of CO2e. The company invested $18.8 million across 267 greenhouse gas reduction projects in 2023, estimated to save over 29,951 metric tons of CO2e annually. Notable improvements include equipment upgrades at the Charleston Turbo Plant, and efficiency enhancements at the Columbus Engine Plant, such as installing variable frequency drives and switching to hydraulic doors. Cummins also completed 24 onsite solar projects, reducing approximately 14,486 metric tons of CO2e annually. These efforts align with Cummins' PLANET 2050 environmental sustainability strategy, which aims to reduce absolute GHG emissions from facilities and operations by 50% by 2030.
Cummins Inc. (NYSE:CMI) celebrates the 50th anniversary of its Jamestown Engine Plant (JEP) in New York. Since 1974, JEP has been a leader in engine manufacturing, recently producing its 2.5 millionth engine. The plant has continually evolved, pioneering advancements in engine technology to reduce emissions and improve fuel efficiency.
Cummins recently announced a $452 million investment into the 998,000 square foot facility to produce the industry's first fuel-agnostic internal combustion engine platform. This aligns with the company's Destination Zero strategy. JEP annually contributes $1 million to the community through charitable donations and employee volunteer hours.
As JEP celebrates this milestone, Cummins focuses on the future, continuing to lead in the development of innovative and sustainable power solutions.
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