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 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.
One Network Enterprises announced that Cummins Inc (NYSE: CMI) has successfully implemented its One Network Platform to enhance supply chain management. The new platform incorporates attribute-based forecasting and multi-tier inventory optimization, aimed at improving real-time visibility across Cummins' European Aftermarket operations. This system enables Cummins to proactively identify and resolve potential issues, fostering better collaboration and execution capabilities. The platform addresses challenges in the automotive industry, including complex cost control and the need for greater demand visibility.
Hino Trucks announced its plan to produce medium- and heavy-duty trucks featuring Cummins B6.7™ and L9™ engines in North America, scheduled for late 2021. The partnership aims to enhance customer satisfaction through reliable performance. Additionally, Hino is accelerating its Project Z initiative for zero-emission vehicles (ZEV), with plans for low-volume production of Class 4-8 electric trucks starting in Q4 2022 and full production by 2023. Production will occur at Hino's West Virginia and Woodstock plants, utilizing engines manufactured by Cummins in North Carolina.
Cummins Inc. (NYSE: CMI) announced Nicole Y. Lamb-Hale as the new Vice President and General Counsel, effective May. She succeeds Sharon Barner, who has been promoted to Vice President and Chief Administrative Officer. Lamb-Hale brings 30 years of experience in corporate law and regulatory compliance, focusing on global trade and international law. Currently a managing director at Kroll, she has served in key roles within the U.S. Department of Commerce and international law firms. Her leadership aims to enhance Cummins' legal functions amidst global expansion.
Cummins (NYSE: CMI) announced the appointment of five new vice presidents effective March 1, enhancing its leadership team for growth and success. The leaders include Gary Johansen, Jonathon White, Jason Wang, Kurt Kuhn, and Carolyn Butler-Lee, each bringing extensive experience in their respective fields. CEO Tom Linebarger expressed confidence in their ability to drive strategy and execution amidst a rapidly changing world. These appointments align with Cummins' succession planning and leadership development goals.
Daimler Truck AG and Cummins Inc. (NYSE: CMI) have entered into a global strategic partnership focused on medium duty engine systems. The collaboration includes Cummins' investment in developing these engines for Daimler's trucks and buses, set to begin production in the latter half of the decade. This partnership aims to enhance competitiveness, drive innovation, and fulfill Euro VII emissions standards. Cummins will establish an engine plant within the Daimler Mannheim campus, ensuring compliance and efficiency in the medium duty vehicle segment.
Cummins (NYSE: CMI) announced key leadership appointments effective March 1, aimed at enhancing its growth and success. Mahesh Narang becomes Vice President & President of Components Segment, while Cary Chenanda is appointed Vice President of Cummins Emission Solutions. Marina Savelli takes the role of Vice President of Cummins Electronics and Fuel Systems. Mark Osowick and John Brockhaus are appointed Vice Presidents for Human Resources and Human Resources Operations, respectively. Cathy Buening-Griffin is appointed Vice President of Business Transformation.
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