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Cummins Inc., headquartered in Columbus, Indiana, is a global leader in power solutions. The company designs, manufactures, distributes, and services diesel and natural gas engines and related technologies. This includes fuel systems, controls, air handling, filtration, emission solutions, and electrical power generation systems. With a workforce of approximately 75,500 employees, Cummins operates in around 190 countries through a network of 600 company-owned and independent distributors and 7,200 dealer locations.
Cummins' product portfolio is highly diversified. It includes engines used in commercial trucks, off-highway machinery, and railroad locomotives. The company also manufactures standby and prime power generators and powertrain components such as transmissions, turbochargers, aftertreatment systems, and fuel systems. Cummins has maintained its position as the top manufacturer of diesel engines despite intense competition and stringent government regulations on carbon emissions.
One of Cummins' recent achievements is the inauguration of a new state-of-the-art facility in Jamshedpur, India, in partnership with Tata Motors. This facility focuses on producing hydrogen-based internal combustion engines for medium and heavy commercial vehicles, reflecting the company's commitment to sustainable and zero-emission technologies. This project aligns with Cummins' long-term sustainability plan, PLANET 2050, aimed at addressing climate change and resource use while improving communities globally.
Cummins continues to expand its technological capabilities to support its Destination Zero strategy, which aims to advance decarbonization and offer customers a wide range of zero-emission products. In 2023, the company reported earnings of $735 million on sales of $34.1 billion, indicating a robust financial performance. Cummins remains committed to its core principles of sustainability, innovation, and customer success, driven by its vast technological expertise and global manufacturing network.
Daimler Truck AG and Cummins Inc. (NYSE: CMI) have signed a framework agreement for a strategic partnership in medium-duty engines. Cummins will invest in developing a medium-duty engine platform, ceasing Daimler's own investment for Euro VII emissions compliance. Cummins will establish a local production facility in Mannheim, Germany, expected to start in the second half of the decade, ensuring job maintenance in the region. Both companies aim to improve competitiveness and explore further cooperation opportunities.
Cummins reported a 59% revenue increase to $6.1 billion in Q2 2021, with strong demand in North America (up 74%) and internationally (up 42%). Net income rose to $600 million ($4.10 per share). EBITDA for the quarter was $974 million (15.9% of sales), up from $549 million (14.3% of sales) year-over-year. The company is exploring strategic alternatives for its Filtration business. Cummins maintains a full-year revenue guidance increase of 20-24% and plans to return 75% of operating cash flow to shareholders through dividends and buybacks.
Air Products and Cummins Inc. have signed a memorandum of understanding to accelerate hydrogen fuel cell truck integration across the Americas, Europe, and Asia. Air Products plans to convert its fleet of approximately 2,000 trucks to zero-emission hydrogen fuel cell vehicles, starting with a demonstration phase set for 2022. This transition underscores Air Products' commitment to sustainability, aiming to lead the hydrogen adoption for heavy-duty applications. Both companies will work on enhancing hydrogen accessibility and infrastructure to support this initiative.
Chevron and Cummins (NYSE: CMI) have signed a memorandum of understanding (MOU) to explore a strategic alliance in the hydrogen and alternative energy sectors. The collaboration aims to promote hydrogen as a decarbonizing solution for transport and industry, develop market demand for hydrogen-powered vehicles, create necessary infrastructure, and utilize Cummins’ technologies at Chevron’s refineries. Both companies emphasize their commitment to advancing lower-carbon solutions.
Cummins (NYSE: CMI) launched the Cummins Water Works program, aiming to tackle the global water crisis through sustainable projects. With an initial investment of $8 million, the program will focus on five water-stressed countries: Mexico, Brazil, India, South Africa, and the U.S. By 2025, the initiative aims to provide fresh water access to 20 million individuals. Cummins plans to exceed its annual water use with net water benefits by 2030, and aims for water neutrality in all regions by 2050. The program partners with The Nature Conservancy and Water.org to implement impactful water projects.
The Board of Directors of Cummins (NYSE: CMI) has announced a 7% increase in its quarterly cash dividend, raising it to $1.45 per share from $1.35. This dividend will be payable on September 2, 2021, to shareholders of record by August 20, 2021. This marks the 12th consecutive year of dividend increases, reflecting the company’s commitment to returning capital to shareholders while investing in future growth. In 2020, Cummins reported $1.8 billion in earnings on $19.8 billion in sales.
Cummins (NYSE: CMI) has initiated testing of a hydrogen-fueled internal combustion engine, reinforcing its leadership in gaseous-fuel applications. This proof-of-concept aims to enhance power solutions that meet future energy demands while significantly reducing emissions. Utilizing advanced technologies, the engine promises improved power density and efficiency without the typical limitations found in diesel or natural gas conversions. Cummins is also investing in various hydrogen technologies, including fuel cells and electrolyzers, to support the decarbonization of commercial vehicles.
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