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.
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.
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.
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