Cummins Inc. - CMI STOCK NEWS

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.

Cummins Inc. (NYSE: CMI) has appointed Mark Sifferlen as its first Vice President – Chief Risk Officer and leader of Environmental, Social, and Governance (ESG) Strategy, effective February 1. Sifferlen, who previously led the Ethics and Compliance function, brings extensive experience in global risk and compliance programs. Additionally, Schuyla Jeanniton has been named Executive Director, Ethics and Compliance, and will serve as Chief of Staff and Quality Lead for the Chief Administrative Officer organization. Both appointments aim to align Cummins’ ESG strategy with business objectives.

Eaton Cummins Automated Transmission Technologies has unveiled its new Endurant XD series, featuring Endurant XD and XD Pro models designed for high-performance automated transmissions in both on-highway and severe-duty applications. Production will commence in Q3 2022, with truck manufacturers to announce availability later. The series includes advanced technology for efficiency, such as a Precision Lubrication system, offering up to 2% better fuel economy. The XD Pro model supports heavier applications with a maximum torque rating of 2,050 lb.-ft. and includes innovative features for challenging driving conditions.

Cummins Inc. (NYSE: CMI) and Isuzu Motors Limited have announced a partnership to develop a battery electric medium-duty truck prototype for North America, set to launch in 2022. This initiative marks the first zero-emissions solution resulting from the Isuzu Cummins Powertrain Partnership established in May 2019. Cummins will integrate its PowerDrive6000 into Isuzu’s F-Series trucks and pilot the vehicle with major North American fleets. Following successful trials, commercialization opportunities will be explored for electric trucks equipped with Cummins technology.

Cummins Inc. (NYSE: CMI) has appointed Jeff Wiltrout as Vice President of Corporate Strategy, effective immediately, following his interim role since last year. CEO Tom Linebarger expressed confidence in Wiltrout's leadership and experience, noting his success in leading strategy projects. Wiltrout joined Cummins in 2009 and previously held several key positions, including Executive Director of Corporate Development. He holds a bachelor's degree from the University of Notre Dame and an MBA from the Kelley School of Business at Indiana University.