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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.
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.
Cummins Inc. and Isuzu Motors have introduced a new 6.7-liter engine, the Isuzu DB6A, for the Japanese, Southeast Asia, and global markets. As part of their partnership, the engine will power Isuzu's medium-duty truck lineup, marking Cummins' entry into the Japanese on-highway market. The engine will be assembled in Japan and signifies a significant milestone in the collaboration between the two companies.
The Environmental Protection Agency has announced the final rule for Phase 3 of its Greenhouse Gas Emissions for heavy-duty vehicles, setting new carbon dioxide emission standards for heavy-duty vehicles through model year 2032. The EPA considers comments from various stakeholders and the standards are technology-neutral and performance-based. The rule impacts different vehicle categories with varying adoption rates of zero-emission vehicles and internal combustion engines. The EPA also adds warranty requirements for zero-emission vehicle components and improves infrastructure readiness for electric and hydrogen vehicles.
Mohr Capital has secured a 1 million square foot lease at Mohr Logistics Park with Cummins Inc (NYSE: CMI), further establishing the park as a blue-chip industrial location. Cummins' long-term lease for a 40-foot clear-height warehouse enhances the Park's reputation with high-quality tenants. The park boasts Fortune 100 companies and was awarded the CoStar Impact Award for 'Commercial Development of the Year' in 2024.
Cummins Inc., a global power technology leader, announced a $580 million project in Rocky Mount, NC, to drive economic growth and create 80 new jobs. The project aligns with Cummins' Destination Zero Strategy for zero emissions, involves upgrading manufacturing equipment, and supports decarbonization efforts. Cummins' commitment to the community includes partnerships with educational institutions and local organizations, showcasing a dedication to sustainability and community impact.
Valvoline Global and Cummins Inc. are celebrating their 30th anniversary of partnership, highlighting their joint efforts in developing cutting-edge products. The collaboration has resulted in premium engines, generators, lubricants, and fluid solutions that enhance customer value and efficiency. Both companies have received recognition for their innovative products, with plans for further expansion and impact in global automotive and industrial sectors.
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