Welcome to our dedicated page for Cummins news (Ticker: CMI), a resource for investors and traders seeking the latest updates and insights on Cummins stock.
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.
Cummins (NYSE: CMI) has signed a Letter of Intent to acquire a 50% stake in Momentum Fuel Technologies from Rush Enterprises, aiming to enhance natural gas fuel delivery systems for commercial vehicles in North America. The collaboration is set to combine Cummins' powertrain expertise with Momentum's compressed natural gas systems, boosting customer service for CNG and RNG markets. The joint venture will leverage over 250 service locations across the U.S. and Canada, providing comprehensive support and parts inventory. The deal is expected to finalize later this year, pending usual regulatory approvals.
Cummins (NYSE: CMI), in partnership with Iberdrola, announced plans for a significant electrolyzer plant in Castilla-La Mancha, Spain, marking a major investment in green hydrogen production. This €50 million facility aims for an initial capacity of 500 MW/year, scalable to over 1 GW/year, creating 350 jobs. The collaboration supports the green hydrogen value chain in Iberia, positioning Cummins as a leader in electrolyzer systems. The project aligns with the EU's Green Deal and is expected to enhance Spain's energy independence and economic growth while promoting sustainable practices.
Cummins and Iberdrola are set to unveil their collaboration aimed at advancing the hydrogen sector and electrolyzer market in Spain. The announcement is scheduled for May 24 at 12:00 pm GMT+2 in Toledo. This partnership intends to establish Spain as a leader in hydrogen technology within Europe. Key figures participating include Tom Linebarger from Cummins and Ignacio Galán from Iberdrola, alongside notable government officials. A live broadcast will be available via Iberdrola's Facebook page.
Cummins Inc. (NYSE: CMI) has launched two new natural gas generator sets, the C1000N6B and C1300N6, designed for peaking and standby power applications. These models comply with NFPA 110 standards and include features such as a Cummins PowerCommand 3.3 controller, weather-protective enclosures, and high sound attenuation. The generators are built on the proven QSK60G platform, known for reliability and 100% block load acceptance. Customers can find local distributors through Cummins' extensive global network.
The Board of Directors of Cummins declared a quarterly cash dividend of $1.35 per share, payable on June 3, 2021, to shareholders of record on May 21, 2021. In 2020, Cummins reported earnings of approximately $1.8 billion on $19.8 billion in sales. The company specializes in power solutions including diesel, natural gas, and electric powertrains. Cummins emphasizes its commitment to corporate responsibility through education, environment, and equality initiatives.
Cummins Inc. (NYSE: CMI) has elected Carla Harris to its Board of Directors. With over 30 years at Morgan Stanley, Harris has expertise in investment banking, equity capital markets, and IPOs across several industries. Notably, she executed significant IPOs, including for UPS and Immunex Corporation. Chairman Tom Linebarger expressed optimism about leveraging Harris' extensive experience to enhance Cummins' strategic direction. Harris has received numerous accolades and also serves on the board of Walmart Inc. and several nonprofits. Cummins continues to focus on providing diverse power solutions.
Cummins and KBR have signed a memorandum of understanding (MoU) to collaborate on producing green ammonia from renewable sources. This partnership aims to provide integrated solutions, leveraging Cummins' expertise in PEM electrolysis and KBR's ammonia technologies. The collaboration intends to deliver significant capital and operational savings for clients while contributing to decarbonization. Cummins is scaling its technology for projects exceeding 250 megawatts, and both companies are focused on supporting corporate ESG initiatives.
Cummins reported strong first quarter 2021 results, with revenues of $6.1 billion, a 22 percent increase from 2020. North American sales rose 7 percent, while international revenue jumped 45 percent. EBITDA reached $980 million, though the EBITDA margin decreased to 16.1 percent. Cummins raised its 2021 revenue guidance to 20-24 percent and aims to return 75 percent of cash flow to shareholders through dividends and repurchases. However, supply chain challenges, particularly semiconductor shortages, remain a concern for fulfilling demand.
Cummins Inc. (CMI) and Tula Technology announced a study showcasing Tula’s diesel Dynamic Skip Fire (dDSF™) technology that significantly reduces nitrogen oxides (NOx) and carbon dioxide (CO2) emissions. The study revealed a 74% reduction in NOx and 5% reduction in CO2 emissions compared to current clean diesel technologies. Additionally, the technology demonstrated a 20% fuel savings during engine operations. This advancement supports Cummins’ goal to meet stringent future NOx emissions regulations.
Cummins Inc. (NYSE: CMI) Chairman and CEO, Tom Linebarger, affirmed the company's commitment to voting rights, emphasizing the need for accessibility to the voting process. He condemned efforts to restrict voting access as discriminatory and called for active support from businesses and leaders to promote inclusivity. Linebarger highlighted Cummins' historical advocacy for equity, referencing the company’s past support of civil rights movements. Cummins remains dedicated to ensuring voting becomes accessible for all citizens, reinforcing the principle that a strong democracy relies on broad civic engagement.
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