Cummins Inc. - CMI STOCK NEWS

Cummins and Navistar are collaborating to develop a class 8 truck powered by hydrogen fuel cells, receiving over $7 million in funding from the U.S. Department of Energy. This initiative is part of the DOE's "H2@Scale" program aimed at advancing hydrogen technologies for commercial vehicles. The project includes a year-long field test with Werner Enterprises, focusing on real-world performance and cost reduction. The goal is to ensure that hydrogen fuel cell technologies can meet or exceed diesel performance standards while reducing upfront costs by 35%.

Cummins Inc. (NYSE: CMI) will host a virtual event on November 16 at 10:30 a.m. EST, focusing on the future of hydrogen fuel technologies. The event aims to inform the investment community, media, and officials about Cummins' strategic actions to enhance its capabilities in this sector. Key executives, including Chairman Tom Linebarger, will participate in a live Q&A session. Limited spots are available, and interested parties are encouraged to RSVP here.

Cummins (CMI) has secured $4.6 million in federal grants from the U.S. Department of Energy to enhance solid oxide fuel cell (SOFC) technology. These projects aim to help commercial customers reduce carbon emissions while ensuring energy resilience. The first project, funded by a $2.6 million grant, focuses on a 20 kW SOFC power system at the University of Connecticut. The second, with a $2 million grant, explores a reversible fuel cell system. Cummins intends to lower costs and improve efficiency, aligning with its environmental sustainability strategy, PLANET 2050.

Cummins Inc. (NYSE: CMI) reported third quarter 2020 revenues of $5.1 billion, an 11% decline from the same quarter in 2019. North American sales dropped 18%, while international revenues were stable. EBITDA reached $876 million (17.1% of sales), down from $958 million (16.6%). Net income fell to $501 million ($3.36 per diluted share) due to a 26.5% tax rate and $31 million in discrete tax items. Cummins announced a 3% increase in its quarterly dividend, marking 11 consecutive years of increases, and completed a $2 billion debt offering. Outlook for Q4 suggests stable revenues with caution on demand visibility.

Cummins (NYSE:CMI) has unveiled two new Digital Master Controls, the DMC2000 and DMC6000, enhancing its PowerCommand® power system offerings. These pre-engineered systems support a variety of configurations, ensuring faster delivery and competitive pricing. They aim to provide reliable power solutions for critical applications like hospitals and data centers. The DMC2000 and DMC6000 complement the existing DMC8000, offering comprehensive flexibility and performance, with rigorous testing to manage over 1,200 failure scenarios. Cummins continues to leverage its extensive experience in power generation solutions.

Cummins Inc. (CMI) announced a 3% increase in its quarterly cash dividend, raising it from $1.311 to $1.35 per share. This dividend will be payable on December 3, 2020, to shareholders on record as of November 20, 2020. The company reported a net income of $2.3 billion on $23.6 billion in sales for 2019, highlighting its strong position in the power solutions market.

Cummins Inc. (NYSE: CMI) has appointed Kimberly A. Nelson to its Board of Directors, effective October 13, 2020. Nelson, former Senior VP of External Relations at General Mills, brings extensive experience in corporate governance and sustainability strategies. Her leadership roles, including President of the Snack Food Division, contributed to significant sales growth. The company anticipates that Nelson's expertise will be crucial in navigating industry challenges and enhancing long-term growth.

Cummins Inc. (NYSE: CMI) plans to invest over $25 million at its Seymour Engine Plant to enhance manufacturing capabilities and create more than 150 jobs over the next 5-10 years. This investment follows over $350 million invested in the past decade, significantly expanding the workforce to 1,100 employees. The upgrades will facilitate the launch of a new engine platform for global customers in 2024, supported by tax incentives from the Indiana Economic Development Corporation.

Cummins Inc. (NYSE: CMI) and Bustech, Australia's leading transit bus supplier, have formed a partnership to develop the next-generation Bustech XDi low floor transit bus. This venture will utilize Cummins' zero-emission battery electric and hydrogen fuel cell technologies. Initial units will be produced for both systems, with production ramping up in late 2021 and early 2022. The battery electric powertrain boasts a range of up to 350 km, while the hydrogen variant offers 450-600 km, depending on storage options. Manufacturing will occur in the U.S., with final assembly in Australia.