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 an 8.3% increase in its quarterly common stock dividend, raising it from $1.68 to $1.82 per share. Shareholders of record on August 23, 2024, will receive the new dividend, payable on September 5, 2024. This marks the 15th consecutive year of dividend increases, highlighting Cummins' commitment to returning value to its shareholders.
Chemours (NYSE: CC) has appointed Livingston “Tony” Satterthwaite to its Board of Directors, effective June 12. Tony, currently a Senior VP at Cummins, brings over 35 years of leadership experience. He has held leadership roles at Cummins, including President of Power Generation and COO. Tony will retire from Cummins in September 2024. He also serves on the boards of IDEX , the National Association of Manufacturers, and the Cummins Foundation. Tony holds an MBA from Stanford and a civil engineering degree from Cornell. Chemours’ leadership expresses confidence in Tony’s expertise to drive business growth.
Cummins-Meritor has announced the return of its in-person aftermarket parts training sessions for 2024. These sessions focus on heavy-duty commercial vehicle brakes, covering both cam and air disc brake systems. Scheduled from June through November, events will take place in 14 U.S. cities including Atlanta, Philadelphia, and Seattle. Each training is a 4-hour session available in both morning and afternoon slots, aiming to minimize operational disruption for technicians. Topics include brake adjustment, brake balance, RSD, and diagnostic procedures. These in-person sessions complement their online portal, BullPen, which provides 24/7 access to training modules. Registration is mandatory due to capacity.
Tony Satterthwaite, Senior Vice President at Cummins (NYSE: CMI), will retire in September 2024 after a 36-year career. Satterthwaite's tenure included significant growth and innovation, particularly in the Power Generation Business. He led several successful product launches and expanded the company's reach internationally. Jennifer Rumsey, CEO, praised his leadership, especially during the COVID-19 pandemic. Satterthwaite also focused on investing in people, building strong leaders within the company. His departure marks the end of an era, having held critical sales, regional, and business leadership roles, and serving on various boards.
Accelera by Cummins, a zero-emissions business segment, unveiled new hydrogen fuel cell engines, high-efficiency eAxle, and next-gen batteries at the ACT Expo on May 20 in Las Vegas. The new FCE300 and FCE150 fuel cell engines offer increased power density, improved efficiency, and advanced durability. The 14Xe eAxle provides increased energy efficiency and is designed for heavy-duty and medium-duty applications. Accelera's BP104E battery platform promises superior performance and fast charging capabilities, with production planned for 2027. These innovations support the transition to zero emissions in commercial transportation.
Andrew McDougall has been named the 2024 Louis Schwitzer Award winner for his Xtrac Electric Servo Actuator (ESA) at the Indianapolis Motor Speedway. His innovative gear change system for sequential shift transmissions boasts benefits like faster shifts, reduced weight, and enhanced efficiency. Cummins (NYSE: CMI) and Valvoline Global Operations, sponsors of the award, also presented McDougall with a $10,000 prize. The Louis Schwitzer Award, a prestigious accolade in the automotive engineering industry, recognizes groundbreaking innovations that push the boundaries of automotive technology.
Cummins announced it is raising its long-term financial targets due to a robust portfolio and effective strategy execution. The company is positioned to meet customer needs, reduce greenhouse gas emissions, and grow regardless of the transition pace to zero emissions. Cummins aims to enhance its base business while scaling Accelera for profitable growth and increased operating cash flow.
During a recent meeting, Cummins' leadership highlighted the company's strengthened position and plans for higher shareholder returns. Key factors include innovative technologies, strong customer partnerships, financial strength, and a skilled workforce.
Key growth opportunities were outlined in the Power Systems and Accelera businesses, with targeted profitability and revenue growth through 2030. The company plans to drive margin expansion and capital allocation to strengthen its market leadership and return excess cash to shareholders.
The Board of Directors of Cummins declared a quarterly common stock cash dividend of $1.68 per share.
The dividend is payable on June 6, 2024, to shareholders of record as of May 24, 2024.
This regular quarterly dividend announcement underscores the company's commitment to returning value to its shareholders.
Accelera by Cummins and Isuzu Commercial Truck of America announced a collaboration on a battery electric powertrain for Isuzu's F-series truck, targeting the North American market by 2026. This partnership leverages Accelera's next-gen lithium iron phosphate (LFP) battery technology for zero-emissions solutions. The initiative aligns with Isuzu's Environmental Vision 2050, aiming to reduce greenhouse emissions. This collaboration stems from the Isuzu Cummins Powertrain Partnership established in 2019, focusing on innovation and global growth in the zero-emissions sector.
Accelera by Cummins, a zero-emissions segment of Cummins, announced plans to launch a battery-electric powertrain for Isuzu’s F-series trucks in North America. The medium-duty trucks, featuring Accelera's next-gen lithium iron phosphate (LFP) battery technology, are expected to be available in 2026. This initiative aligns with Isuzu's 'Transformation - Growth to 2030' plan, aiming to reduce greenhouse emissions and offer versatile solutions to customers. The collaboration, stemming from the Isuzu Cummins Powertrain Partnership formed in 2019, will leverage both companies' strengths to further innovation and global growth.
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