Cummins Inc - CMI STOCK NEWS

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.

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.