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) announced leadership changes effective March 1, 2021. Tony Satterthwaite will transition to Vice Chairman, while Jennifer Rumsey will take over as President and COO. Satterthwaite has been with Cummins since 1988, holding various senior roles, and is recognized for his global perspective. Rumsey, who joined in 2000, brings extensive technical experience, having led key product developments. Both leaders are expected to guide Cummins in navigating evolving technological landscapes.
The Board of Directors of Cummins declared a quarterly cash dividend of 1.35 dollars per share, payable on March 4, 2021, to shareholders of record on February 19, 2021. This dividend reflects the company's commitment to returning value to shareholders while continuing to navigate the challenges posed by the COVID-19 pandemic.
Cummins reported earnings of approximately $1.8 billion on $19.8 billion in sales for 2020, underscoring its operational strength amidst market uncertainties.
Cummins (NYSE: CMI) and Isuzu Motors Limited have announced a significant collaboration for a global mid-range diesel powertrain along with an advanced engineering partnership. This effort, part of the Isuzu Cummins Powertrain Partnership, aims to jointly develop new diesel and alternative powertrains for global markets. The Cummins B6.7 diesel platform will power Isuzu’s medium-size trucks, starting in North America in 2021. The partnership also includes joint research in advanced technologies, working towards enhanced efficiency and emissions capabilities, with a broader goal of carbon neutrality.
Cummins reported a 4Q 2020 revenue of $5.8 billion, a 5% increase from 4Q 2019. Full year revenues fell 16% to $19.8 billion. While North America faced a 21% decline, international sales rose 12% due to strong demand in China and India. Net income for the quarter was $501 million ($3.36/share), exceeding 2019 figures. The annual EBITDA was $3.1 billion. For 2021, Cummins projects an 8-12% revenue increase. The company plans to return 75% of its operating cash flow to shareholders.
Cummins Inc. (NYSE: CMI) announced the retirement of Chief Administrative Officer Marya Rose, effective April 2021, after over 20 years with the company. Sharon Barner, Vice President and General Counsel, will succeed Rose. Under Rose's leadership, Cummins enhanced its global legal and corporate functions, improving communications and corporate responsibility initiatives. Barner, who has been with Cummins since 2012, will lead key global groups, leveraging her experience in law and commitment to diversity and inclusion.
Cummins (NYSE: CMI) has launched the world's largest 20-megawatt PEM electrolyzer system for green hydrogen production, operational at Air Liquide's facility in Bécancour, Quebec. This system, capable of generating over 3,000 tons of hydrogen annually, underscores Cummins' commitment to developing scalable low-carbon solutions. With over 20 years of expertise from acquired company Hydrogenics, Cummins aims to support the hydrogen economy by offering technologies that enable efficient energy storage and decarbonization across various sectors, including transportation and industrial processes.
Cummins Inc. (NYSE: CMI) has launched its first connectivity-enabled X15 Efficiency series engine and Endurant™ HD powertrain for Freightliner Trucks. The new Acumen® engine computing module provides direct access to digital apps and over-the-air enhancements. This technology aims to enhance vehicle maintenance and fuel efficiency, featuring On-Ramp Boost for improved torque. The initiative represents Cummins’ investment in smart technology to optimize performance and reduce ownership costs, with plans to expand Acumen® into additional models in the future.
Cummins announced the successful closing of its joint venture with ETC for hydrogen storage tanks under the name NPROXX. This collaboration aims to enhance Cummins' hydrogen portfolio for on-highway and rail applications. By leveraging NPROXX's advanced carbon fiber technology, the venture is positioned to cater to diverse industries, including commercial and passenger vehicles, and aims to accelerate hydrogen solutions availability. Both companies will hold 50% ownership of the venture, included in Cummins' New Power business segment, which is rapidly growing in the hydrogen market.
Cummins Inc. (NYSE: CMI) announced a virtual event scheduled for November 16 at 10:30 a.m. EST, focusing on the company's future in hydrogen fuel technologies. Key leaders, including CEO Tom Linebarger and other executives, will discuss the company's strategies to enhance its capabilities in this area. The event aims to engage the investment community, media, and government officials, with limited spaces available for participation. Interested parties can reserve a spot through the provided link.
Cummins Inc. (NYSE: CMI) announced the opening of a new facility in Herten, Germany, to assemble fuel cell systems for Alstom's hydrogen trains. This site will enhance Cummins' hydrogen capabilities and support the production of 10 megawatts of fuel cells annually, with a capacity of one megawatt per month. The facility will also focus on research and development and is expected to create new jobs in the clean technology sector by July 2021. The initiative aligns with Cummins' commitment to advancing hydrogen technology in Europe.
FAQ
What is the current stock price of Cummins (CMI)?
What is the market cap of Cummins (CMI)?
What does Cummins Inc. specialize in?
Where is Cummins Inc. headquartered?
How many employees does Cummins Inc. have?
In how many countries does Cummins Inc. operate?
What are some recent achievements of Cummins Inc.?
What is Cummins' PLANET 2050 strategy?
What is the Destination Zero strategy?
How did Cummins perform financially in 2023?
What are the core business units of Cummins Inc.?
How does Cummins contribute to sustainability?
