Cummins Inc. - CMI STOCK NEWS

Cummins Inc. (NYSE: CMI) has appointed Chris Clulow as Vice President of Investor Relations and Luther Peters as Vice President of Corporate Controller, effective March 1. Clulow replaces Jack Kienzler and has been with Cummins for 18 years in various leadership roles. Peters, also with 18 years at the company, has a strong background in risk management and internal auditing. CFO Mark Smith expressed confidence in the new leaders' capabilities to drive profitable growth and uphold strong financial controls.

Cummins Inc. (NYSE: CMI) has appointed Bonnie Fetch as Vice President – Global Supply Chain and Manufacturing, effective February 1. Fetch, who has been with Cummins since 2018, previously served as Vice President of the North America Regional Operating Team and Distribution Business Supply Chain Services. Her 30 years of extensive experience includes roles at Caterpillar, where she led global aftermarket parts distribution. This strategic appointment aims to enhance Cummins' supply chain transformation amidst ongoing challenges.

Griffon Corporation (NYSE: GFF) has filed its preliminary proxy statement with the SEC ahead of its Annual Shareholder Meeting on February 17, 2022. The proxy includes six items for consideration, notably the nomination of four new directors aiming for enhanced corporate governance reflecting diversity and industry expertise. Michelle Taylor, nominated for her proficiency in manufacturing, will join a board where 29% will be women and persons of color post-election. Current director William Waldorf will retire. The company plans to implement a declassification of the board and reduce voting power required to call special meetings.

The Board of Directors of Cummins authorized a $2 billion share repurchase program to enhance shareholder returns and demonstrate confidence in the company's future performance. This new buyback program follows the completion of a previous $2 billion initiative, reaffirming Cummins' commitment to delivering value to its investors. The company reported $1.8 billion in earnings on $19.8 billion in sales for 2020, indicating a solid financial footing despite ongoing market challenges.

Cummins Inc. (NYSE: CMI) has partnered with Sion Power Corporation to develop battery cells using advanced lithium metal technology for commercial vehicles. This agreement includes a minority investment from Cummins in Sion Power, facilitating further development of the battery technology. Sion Power will participate in a multi-year program to supply large-format lithium metal battery cells for Cummins' electric powertrains. This strategic partnership aims to enhance Cummins' offerings in the electric vehicle sector while promoting decarbonization in transportation.

Cummins Inc. (NYSE: CMI) has appointed Steph Disher as Vice President of Cummins Filtration, effective November 15. Disher has led the Filtration business since August 2020, successfully navigating challenges such as the global pandemic and supply chain constraints while maintaining solid financial performance. Her leadership is praised for fostering a positive work environment and driving strategic initiatives, including the exploration of alternatives for the filtration business. Disher, who joined Cummins in 2013, has a track record of achieving record revenue growth.

Cummins Inc. (NYSE: CMI) has been awarded the Terra Carta Seal, recognizing its commitment to environmental sustainability and decarbonization. This initiative, led by Prince Charles, aims to support businesses in protecting natural resources. Cummins aims for carbon neutrality by 2050 and follows the PLANET 2050 strategy, with science-based goals aligned to the Paris climate agreements. The company is a leader in innovative technologies, including green hydrogen production, and has been included in the S&P Dow Jones Sustainability Indices for 15 consecutive years.

In Q3 2021, Cummins Inc. (CMI) reported revenues of $6.0 billion, a 17% increase from 2020. Net income rose to $534 million, with diluted EPS at $3.69. However, the company has revised its full-year revenue guidance to a 20% increase, down from 20%-24%, and lowered EBITDA expectations to approximately 15% due to ongoing supply chain challenges. Noteworthy initiatives include a new 15-liter natural gas engine and partnerships to enhance fuel cell viability. Additionally, Cummins plans to return over 75% of operating cash flow to shareholders in dividends and buybacks.