Cummins Inc. - CMI STOCK NEWS

Cummins, a leader in power solutions, is driving innovation through its Destination Zero strategy. The company achieved $34.1 billion in revenue in 2023, a 21% increase from 2022. Cummins invested a record $1.4 billion in research and development to advance low- and zero-emissions technologies.

Key innovations include:

• The diesel X15 engine, compliant with 2027 EPA and CARB regulations
• HELM™ fuel agnostic platform
• X15N natural gas engine with over 35,000 units in global production
• Hydrogen internal combustion engines for off-highway applications

Cummins is leveraging its acquisition of Meritor to expand its integrated powertrain offerings and has secured over $100 million in new business globally. The company's focus on technology integration, including Acumen smart computing hardware, positions it to meet future emission standards and customer needs in the ongoing energy transition.

Cummins Inc. (NYSE: CMI) reported strong Q2 2024 results with record quarterly sales of $8.8 billion, up 2% year-over-year. Net income was $726 million, or $5.26 per diluted share. EBITDA reached $1.3 billion, or 15.3% of sales. North America sales increased 4%, while international revenues decreased 2%.

The company raised its full-year 2024 revenue guidance to be down 3% to flat, with EBITDA expected in the range of 15.0% to 15.5%. Cummins increased its quarterly dividend from $1.68 to $1.82 per share. Notable developments include the formation of Amplify Cell Technologies joint venture and plans to launch a battery electric powertrain for Isuzu's F-series in North America by 2026.

Cummins' Government Relations function actively shaped policies in 2023 to advance the company's Destination Zero goals and promote racial equity. Key focus areas included:

1. Energy transition: Advocating for technology-neutral, market-driven policies to lower emissions globally.

2. U.S. initiatives: Implementing the Inflation Reduction Act, participating in White House electrification roundtables, and collaborating on clean hydrogen projects.

3. Global efforts: Supporting EURO 7 regulations in the EU and India's National Green Hydrogen Mission.

4. Innovation: Partnering with Indiana DOT and Purdue University to test wireless EV charging on highways.

These efforts aim to accelerate the adoption of low- and zero-emissions technologies in commercial and industrial vehicles, positioning Cummins (CMI) as a leader in the transition to a sustainable future.

Radwell International, a leading global industrial operations, automation, and electronics solutions provider, has announced the appointment of Chris Snodgrass as Chief Executive Officer, effective August 5, 2024. Snodgrass, who will also join the company's Board of Directors, brings extensive operational and management experience from diverse industrial sectors. He previously served as Senior Vice President at Caterpillar Inc. (NYSE: CAT), where he led the Building Construction Products division and the Product Support & Logistics division.

Snodgrass's appointment follows a comprehensive search process, with full support from Radwell's Board and investors. His track record includes driving growth, expanding margins, and managing complex global operations. The new CEO aims to position Radwell for accelerated growth through enhanced offerings and customer-oriented solutions.

Cummins' 2023-2024 Sustainability Progress Report highlights the company's efforts to extend environmental initiatives across its supply chain. The report emphasizes:

1. Shared sustainability goals with supply partners to reduce environmental impact and promote ethical practices.

2. Material selection optimization to meet product requirements with minimal environmental impact.

3. Implementation of lifecycle assessment tools to estimate environmental impacts of supplied parts.

4. Use of software to estimate carbon footprint of products down to assembly and part level.

5. A class-leading data collection system to identify risks from hazardous and supply-constrained materials.

6. Strict adherence to Supplier Code of Conduct mandating high standards in human rights, ethics, and legal compliance.

Cummins Inc. (CMI) has released its 2023-2024 Sustainability Progress Report, highlighting the company's commitment to environmental sustainability and innovation. Key points include:

1. PLANET 2050 strategy aims to reduce absolute GHG emissions from facilities by 50% and from newly sold products by 25% by 2030.

2. Destination Zero product decarbonization strategy focuses on advancing cleaner engine-based solutions and developing zero-emissions technologies.

3. 24 onsite solar projects completed in 2023, reducing over 14,486 metric tons of CO2e annually.

4. Partnership with Chevron U.S.A. Inc. to improve access to alternative and renewable fuels.

5. Cummins Water Works program has helped over 1.2 million people and generated 6.9 billion gallons in annual water benefits since 2021.

Cummins Inc. (CMI) has released its 2023-2024 Sustainability Progress Report, marking 20 years of publication. The report highlights how sustainability and ESG issues have been integral to Cummins' long-term business strategy for decades. Key points include:

1. ESG oversight by the Board of Directors through various committees
2. Alignment of ESG strategy with business strategy
3. Consistent reporting using frameworks like GRI, CDP, TCFD, and SASB
4. Publication of a Human Capital Management Report since 2021
5. Evolving report format for improved readability

Cummins emphasizes its commitment to reducing environmental impact, supporting communities, and promoting diversity and inclusion. The company's Executive Director of Global Risk oversees ESG strategic direction and serves as the primary contact for the board and executive management team on these matters.

Cummins has secured a $75 million grant from the Department of Energy to convert 360,000 sq. ft. of its Columbus Engine Plant (CEP) for zero-emissions and electric powertrain systems manufacturing. This is the largest federal grant awarded solely to Cummins and part of the Inflation Reduction Act appropriations. Cummins will match the grant, investing a total of $150 million. The project aims to enhance the production of battery packs, powertrain systems, and BEV components for its zero-emissions segment, Accelera by Cummins. This initiative will create approximately 250 full-time jobs and result in significant greenhouse gas emission reductions. CEP will eventually house 350 employees dedicated to BEV-related work, converting nearly half of its 1.42 million sq. ft. facility. CEO Jennifer Rumsey and Accelera President Amy Davis highlighted this move as important for the company's Destination Zero strategy and commitment to a zero-emissions future.

Cummins has released its 2023-24 Sustainability Progress Report, highlighting significant strides in environmental, social, and governance (ESG) goals.

Key achievements include a 31% reduction in Scope 1 and 2 greenhouse gas emissions, completion of 24 onsite solar projects, and implementation of 89 energy efficiency projects.

The company achieved record revenues of $31.4 billion and operating cash flow of $4.0 billion in 2023, thanks to its 'Destination Zero' strategy aimed at decarbonization.

Community initiatives such as Cummins Water Works have greatly benefitted global communities, producing an additional billion gallons of water benefits.

Emphasis on diversity, equity, and inclusion (DE&I) is evident as 40% of the U.S. workforce are People of Color and four out of five business segments are led by women.

The full report is available on Cummins' Sustainability Progress Report site.