Cummins Inc. - CMI STOCK NEWS

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.

Florida Power & Light Company (FPL) has partnered with Cummins Inc. (NYSE: CMI) to supply a 25-megawatt electrolyzer system for the FPL Cavendish NextGen Hydrogen Hub, Florida's first green hydrogen plant. This project aims to produce carbon-free hydrogen from solar energy, which will be blended with natural gas to create cleaner energy for FPL customers. FPL's initiative supports its broader goal of a carbon-free energy future, complementing its extensive solar expansion efforts, which are well underway and ahead of schedule.

Cummins Inc. (NYSE: CMI) announced its strategic focus on decarbonization as a significant growth opportunity during a recent analyst meeting. The company is positioned to lead in zero-emission technologies and is investing heavily in advanced combustion powertrains and hydrogen production technologies. Cummins plans to generate profitable growth while returning cash to shareholders, highlighting its financial strength and diverse product portfolio. The company aims for zero carbon emissions by 2050, ensuring adaptability in various market conditions.

Cummins has announced the acquisition of Meritor for $36.50 per share, totaling approximately $3.7 billion. This strategic move aims to enhance Cummins' powertrain components and accelerate electrified power solutions.

With projected annual pre-tax run-rate synergies of about $130 million by year three, the deal is expected to be immediately accretive to Cummins’ adjusted EPS. The acquisition aligns with the growing demand for decarbonized solutions in commercial and industrial sectors.

Cummins Inc. (NYSE: CMI) is expanding its powertrain platforms to include fuel-agnostic engines that utilize various lower carbon fuel types. These engines will have a high degree of parts commonality, facilitating easier integration for OEMs and minimizing training costs. This initiative aligns with Cummins’ strategy to significantly reduce greenhouse gas emissions and other environmental impacts by 2050. The company aims to reduce lifetime GHG emissions from newly sold products by 25% by 2030 while partnering with clients to cut emissions by 55 million metric tons.

Cummins Inc. (NYSE: CMI) has announced the election of Jennifer Rumsey to its Board of Directors. Rumsey, currently the President and COO, brings extensive experience in advancing technology and decarbonization efforts. Her leadership has been pivotal in launching new emissions-reducing products and navigating challenging market conditions during the COVID-19 pandemic. Under her guidance, Cummins reported record revenues in 2021, showcasing her strategic impact on the company.