Cummins Inc. - CMI STOCK NEWS

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.

Cummins Inc. (NYSE: CMI) has signed an agreement to acquire Jacobs Vehicle Systems, a subsidiary of Altra Industrial Motion Corp. This acquisition aims to enhance Cummins' advanced diesel engine technologies, expanding its capabilities in engine braking and emissions control. The deal is expected to secure USMCA-qualified components and stimulate growth, while integrating JVS’ expertise into Cummins Turbo Technologies. The transaction is subject to regulatory approvals and is anticipated to finalize within the current calendar year.

The Board of Directors of Cummins Inc. (NYSE: CMI) has declared a quarterly cash dividend of $1.45 per share, payable on March 3, 2022, to shareholders of record on February 18, 2022. Cummins Inc. is a global power leader specializing in manufacturing and servicing diverse power solutions, earning approximately $2.1 billion from $24.0 billion in sales in 2021. With a workforce of about 59,900 employees, the company is committed to powering prosperous communities while adhering to corporate responsibility priorities.

Cummins Inc. (NYSE: CMI) and Westport Fuel Systems Inc. (NASDAQ-NMS: WPRT) have finalized a share purchase agreement allowing Cummins to acquire Westport’s stake in their joint venture. The agreement includes a payment of US$20 million to Westport for its interest in the joint venture’s intellectual property related to spark ignited engines. Additionally, Cummins and Westport will conduct a technical assessment of Westport’s hydrogen high pressure direct injection system for potential integration into Cummins' hydrogen applications.

Cummins Inc. (NYSE: CMI) reported a strong full year 2021, achieving revenues of $24 billion, a 21% increase from 2020. The company's net income rose to $2.1 billion with a diluted EPS of $14.61. Despite a flat fourth quarter revenue of $5.9 billion, Cummins anticipates 6% revenue growth for 2022 with an improved EBITDA margin at 15.5%. The company emphasizes its commitment to decarbonization through innovative technologies and plans for a joint venture in green hydrogen with Sinopec. Additionally, Cummins increased its cash dividend for the 12th consecutive year, returning $2.2 billion to shareholders.

Werner Enterprises (Nasdaq: WERN) and Cummins Inc. (NYSE: CMI) will collaborate to integrate Cummins' new 15-liter natural gas and hydrogen internal combustion engines into Werner's fleet starting in late 2022. This initiative aims to enhance sustainability and reduce carbon emissions within the transportation sector. The natural gas engine, featuring up to 500 horsepower and 1,850 ft-lbs of torque, is designed to meet strict emission standards without requiring selective catalytic reduction. Cummins' hydrogen engine offers adaptability for zero-carbon fuel options, promoting a transition to zero-emission transport.