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. (NYSE: CMI) and Komatsu Ltd. have signed a memorandum of understanding to develop zero-emissions haulage equipment. This collaboration aims to leverage Cummins' hydrogen fuel cell technologies and Komatsu's expertise in mining equipment. The focus will be on creating power-agnostic trucks capable of utilizing various energy sources. Both companies target significant reductions in carbon emissions, aligning with their strategies for sustainability and carbon neutrality by 2050. This partnership builds on Cummins' history in the mining sector.
Hyliion Holdings Corp (NYSE: HYLN) partners with Cummins Inc (NYSE: CMI) to enhance the Hypertruck ERX powertrain, optimizing Cummins' natural gas engine for use as a generator. This collaboration aims to secure environmental certifications for sustainable trucking solutions. The Hypertruck ERX promises 75 miles of electric range and up to 1,000 miles through natural gas, accessing over 700 refueling stations in North America. Production of this eco-friendly solution is expected to commence in late 2023.
Chevron has entered into agreements to supply renewable natural gas for a demonstration of Walmart's heavy-duty trucks integrated with Cummins' new 15-liter natural gas engine. The collaboration aims to help Walmart achieve its goal of zero emissions by 2040. Chevron will link the renewable natural gas to compressed natural gas for the trucks, sourced from biomethane produced from organic waste. This partnership highlights Chevron's commitment to decarbonization and sustainable energy solutions for fleet operators.
On May 26, 2022, Meritor, Inc. (NYSE: MTOR) announced that its shareholders approved the acquisition by Cummins Inc. (NYSE: CMI) at a special meeting. CEO Chris Villavarayan emphasized the strategic importance of this merger in enhancing powertrain components and electrified solutions for commercial vehicles. The transaction is anticipated to close by the end of 2022, pending regulatory approvals. Meritor aims to maintain customer support during this transition. Further details, including voting results, will be available in a Form 8-K filing with the SEC.
Cummins Inc. (NYSE: CMI) and Daimler Truck North America are collaborating to enhance Freightliner Cascadia trucks with a Cummins hydrogen fuel cell powertrain. This partnership aims to reduce emissions and will see initial units ready for select customers in 2024. The fourth-generation fuel cell provides improved power density, efficiency, and durability, aligning with both companies' goals for zero-emissions transport. The collaboration marks a significant milestone in advancing hydrogen technology within the heavy-duty trucking sector.
The Board of Directors of Cummins (NYSE: CMI) has declared a quarterly cash dividend of $1.45 per share, payable on June 2, 2022, to shareholders on record as of May 20, 2022. This decision reflects the company’s commitment to returning capital to shareholders and its ongoing financial stability.
Cummins operates as a global power leader, providing a diverse range of power solutions across various markets. The company reported a net income of approximately $2.1 billion on $24.0 billion in sales for 2021.
Cummins Inc. (CMI) reported first-quarter 2022 revenues of $6.4 billion, up 5 percent year-over-year. Despite a 12 percent increase in North America, international revenues fell 3 percent due to challenges in China. The company achieved a GAAP net income of $418 million ($2.92 per diluted share), down from $603 million in 2021. Significant costs of $158 million were linked to suspending operations in Russia. The 2022 revenue outlook is raised to up 8 percent, bolstered by strong demand. Cummins also made notable acquisitions to enhance decarbonization efforts and was recognized for sustainable practices.
Cummins Inc. (NYSE: CMI) has confidentially filed a draft registration statement for an initial public offering (IPO) of its Filtration business with the U.S. Securities and Exchange Commission. The number of shares and pricing details remain undetermined. The IPO is anticipated to proceed following SEC review and favorable market conditions. This announcement does not constitute an offer to sell or purchase securities and follows regulatory requirements under the Securities Act.
Cummins Inc. (NYSE: CMI) has confidentially filed a draft registration statement for a proposed IPO of its Filtration business with the U.S. SEC. The exact number of shares and pricing details remain undetermined. The IPO is expected to launch following SEC review and is subject to market conditions. This initiative aims to enhance Cummins' financial flexibility and accelerate growth within the filtration segment, which is essential for overall business strategy.
Cummins Inc. (CMI) has completed the acquisition of Jacobs Vehicle Systems (JVS) from Altra Industrial Motion Corp. This acquisition enhances Cummins' technology portfolio with engine braking and cylinder deactivation systems, crucial for meeting emissions regulations. JVS, established in 1961, employs around 600 people and will report to Cummins Turbo Technologies. President Jennifer Rumsey emphasized the strategic importance of this acquisition in supporting Cummins’ goal of achieving net-zero carbon emissions by 2050.
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