Cummins Inc - CMI STOCK NEWS

Cummins India has launched REDEFINE 2024, its annual B-school case study competition, engaging 18 premier business schools across India. The competition focuses on how digital solutions can advance sustainability in traditional businesses, particularly emphasizing ESG reporting and emissions reduction. Open to first and second-year MBA students, the competition will conclude with a grand finale at Cummins India's Pune campus on November 14-15, 2024.

The winning team will receive a cash prize and access to Cummins India's mentorship program. Last year's competition saw participation from 3,752 students across 938 teams. The initiative aims to challenge aspiring business leaders to address real-world sustainability challenges through digital innovation.

Cummins Inc. reports significant progress in reducing Volatile Organic Compounds (VOC) emissions, achieving a 35% reduction as of 2023 towards their 2030 goal of 50% reduction from 2018 levels. Over 70% of the company's VOC emissions come from painting and coating processes. The company implements various reduction strategies including: eliminating paint usage where possible, switching to waterborne paints, and optimizing painting processes. Notable achievements include a 69% VOC reduction at the Daventry Engine Plant and development of new paint filters at Jamestown Engine Plant reducing waste by 30%. The Darlington Engine Plant aims for 70% VOC reduction through water-based paint conversion.

Cummins has announced a new partnership with the Arbor Day Foundation to plant 315,000 seedlings in the Mississippi River Valley Region and across North America. The initiative aims to sequester over 200,000 metric tons of CO2 over 40 years and provide 100M gallons of annual water benefits. The project includes local community planting opportunities, with Cummins employees recently planting 30 trees at Island Lake County Park in Shoreview, Minnesota. The reforestation effort will support habitat creation, water quality improvements, climate change mitigation, and erosion control.

Cummins Inc. outlines its strategy for navigating the energy transition through tech neutrality and its Destination Zero initiative. The company emphasizes that unlike passenger vehicles, commercial and industrial applications require diverse decarbonization solutions. Through its broad portfolio approach, Cummins aims to reduce cumulative carbon by an estimated 1.4 gigatons. The strategy includes advancing both traditional technologies like fuel-agnostic internal combustion engines and new zero-emissions solutions through Accelera. The company highlights how different markets, from buses to mining trucks to long-haul vehicles, require tailored solutions based on their unique operational demands and infrastructure requirements.

Cummins is preparing for the EPA 2027 emission standards, which will reduce nitrogen oxide (NOx) emissions by over 80%. The company introduces the Twin Module, a new aftertreatment architecture featuring a 48V alternator-powered electric heating system, designed to work with the EPA 2027 X15 engine. The system maintains engine performance while meeting stricter emissions requirements.

For the European market, Cummins is developing solutions for Euro 7 regulations starting in 2027, which require significant NOx and particulate number reductions. The company must also address VECTO requirements targeting a 45% CO2 reduction by 2030, supporting various powertrain solutions including clean diesel, hybrid, BEV, and hydrogen technologies.

Cummins (NYSE:CMI) has extended its grant to The 15 White Coats to support the Resilient Readers Book Club and launch new Virtual Readers Club volunteer opportunities. The partnership, established in 2023 through Cummins' CARE initiative, provides culturally relevant African American literature to school-age children. The 15 White Coats, founded in 2019, has awarded over $500,000 in scholarships to more than 2,000 healthcare students. The program, initially piloted in Indianapolis' Martindale-Brightwood area, is now expanding nationwide, allowing anyone to send book boxes to classrooms, organizations, or families across the US.

Cummins Inc. (NYSE: CMI) has reopened its renovated worldwide technical center hub office tower in Columbus, Indiana. The Cummins Technical Center (CTC), originally opened in 1968, underwent its first major renovation since 2021. The six-story tower now features 72,000 square feet of modernized office space, accommodating 500 employees focused on research and development.

The renovation includes enhanced collaboration spaces, 90 conference rooms, inclusive amenities, and improved facilities for the development of Cummins HELM™ platforms. The CTC plays a important role in Cummins' Destination Zero strategy and houses significant R&D operations. In 2023, Cummins invested $1.4 billion in future technologies, including the HELM™ platforms, which focus on higher efficiency, lower emissions, and multiple fuel options.

Cummins Inc. announces its commitment to the Canadian Council for Indigenous Business (CCIB) Partnership Accreditation in Indigenous Relations (PAIR) Program at the 'Committed' level. The company has implemented several initiatives including: establishing an Indigenous Relations team with 15 volunteers across Canada, providing Indigenous Awareness Training to over 1,400 employees, and supporting Indigenous communities through education and equity initiatives with more than USD 100,000 in grants. The PAIR Program evaluates corporate performance in Indigenous relations across four areas: Leadership Actions, Employment, Business Development and Community Relations, with the ultimate goal of achieving Gold Certification.

Cummins reported strong Q3 2024 results with revenues of $8.5 billion, flat compared to Q3 2023. Net income reached $809 million, or $5.86 per diluted share, up from $656 million last year. EBITDA was $1.4 billion, or 16.4% of sales, compared to 14.6% in 2023.

While North American sales decreased 1%, international revenues grew 2%. The company maintained its full-year 2024 revenue guidance of down 3% to flat but raised EBITDA expectations to approximately 15.5%. Notable segment performances included Distribution (+16% sales) and Power Systems (+17% sales), while Components declined 16%.