Cummins Inc. - CMI STOCK NEWS

Cummins Inc. (CMI) announces a quarterly common stock cash dividend of $1.68 per share, payable on March 7, 2024, to shareholders of record on February 23, 2024.

Cummins Inc. (NYSE: CMI) appoints John H. Stone to its Board of Directors. Stone brings industry expertise and strategic growth experience from his leadership roles at Allegion and Deere & Company.

Securities Litigation Partner James (Josh) Wilson is encouraging investors who suffered losses exceeding $100,000 in Cummins to discuss their options. Faruqi & Faruqi, LLP is investigating potential claims against Cummins Inc. regarding federal securities laws violations.

Cummins Inc. reported fourth quarter 2023 revenues of $8.5 billion, with a net loss of $1.4 billion. Full year 2023 revenues were $34.1 billion, with a net income of $735 million. The company expects a 2-5% revenue decline and an EBITDA range of 14.4-15.4% for full year 2024. The outlook reflects anticipated demand slowdown in the North America heavy-duty truck market. Cummins also highlighted its 2023 highlights, including the launch of Accelera by Cummins, joint ventures, acquisitions, and sustainability recognitions.

Accelera by Cummins, Daimler Trucks & Buses US Holding LLC, and PACCAR have selected Marshall County, Mississippi, as the future site of advanced battery cell manufacturing for their planned joint venture. The 21-gigawatt hour (GWh) factory is expected to begin producing battery cells in 2027, creating more than 2,000 U.S. manufacturing jobs. The venture will focus on lithium-iron-phosphate (LFP) battery technology for commercial battery-electric trucks, with EVE Energy as the technology partner. The partners aim to deliver cost-effective and differentiated battery cell technology to support the adoption of electric vehicles for medium- and heavy-duty commercial transportation. The transaction is subject to customary closing conditions and receipt of applicable merger control and regulatory approvals.

Cummins Inc., Daimler Trucks & Buses US Holding LLC, and PACCAR have chosen Marshall County, Mississippi, as the future site for advanced battery cell manufacturing for their joint venture. The 21-gigawatt hour (GWh) factory is expected to create over 2,000 U.S. manufacturing jobs and will focus on lithium-iron-phosphate (LFP) battery technology for commercial battery-electric trucks, with production set to begin in 2027. EVE Energy will serve as the technology partner in the joint venture with 10% ownership. The joint venture aims to deliver cost-effective battery cell technology to support the adoption of electric vehicles for medium- and heavy-duty commercial transportation.

Eaton Cummins Automated Transmission Technologies announces the availability of its Endurant XD™ series automated transmission in select International® truck models in North America. The 18-speed automated transmissions are designed for high gross combined weight ratings and harsh environments, offering low speed maneuverability, smart shifting decisions, and tailored configurations. The joint venture between Eaton (ETN) and Cummins, Inc. (CMI) aims to deliver capability, efficiency, and uptime for International fleets.

Cummins Inc (NYSE: CMI) has reached an agreement in principle to resolve U.S. regulatory claims regarding its emissions certification and compliance process for certain engines primarily used in pick-up truck applications. The company has cooperated fully with the relevant regulators, already addressed many of the issues involved, and looks forward to obtaining certainty as it concludes this lengthy matter. Cummins conducted an extensive internal review and worked collaboratively with the regulators for more than four years. The company has seen no evidence that anyone acted in bad faith and does not admit wrongdoing. The settlements are subject to final regulatory and judicial approvals. Cummins expects to record a charge of approximately $2.04 billion in the fourth quarter of 2023 to resolve these and other related matters involving approximately one million pick-up truck applications in the United States. Of this amount, approximately $1.93 billion relates to payments that are expected to be made in the first half of 2024. The balance reflects our best estimate of related expenses that will impact cash flow in future periods. The company is in a strong financial position with existing liquidity and access to capital to satisfy obligations associated with the settlements, support ongoing operations, and execute its growth strategy.

Eaton Cummins Automated Transmission Technologies (ETN) announces the availability of its Endurant XD™ series automated transmission in select vocational Western Star and Freightliner models, subsidiaries of Daimler Truck North America. The Endurant XD series, part of the Cummins integrated powertrain, is designed for high gross combined weight rating applications, such as heavy-haul and double- and triple-trailer tractors, and heavy-duty vocational trucks operating in harsh environments.