Cummins Inc Stock Price, News & Analysis

Cummins Inc. (CMI) reported third-quarter revenues of $7.3 billion, reflecting an 11% increase from 2021, excluding the newly acquired Meritor business. Net income reached $400 million, or $2.82 per diluted share, but showed a decline from $534 million in 2021. EBITDA was 12.1% of sales, down from 14.4% a year prior. The company incurred significant costs related to the Meritor acquisition and the planned separation of its Filtration business. Full-year revenue guidance remains at 8% growth, although EBITDA expectations have been adjusted down to 15.0%.

Cummins Inc. (NYSE: CMI) announced the appointment of Marvin Boakye as its new Chief Human Resources Officer, effective November 7, 2022. Boakye, previously Chief People & Diversity Officer at Papa John's, brings over 25 years of HR experience across multiple industries, including manufacturing and automotive. He will oversee global HR strategies to enhance employee experiences and foster diversity and inclusion within the company. CEO Jennifer Rumsey expressed confidence in Boakye's ability to contribute significantly to Cummins' growth during a critical time for the industry.

Cummins Inc. (NYSE: CMI) is set to construct a new gigawatt electrolyzer manufacturing plant in Guadalajara, Spain, bolstering its commitment to the green hydrogen economy. The 200,000 sq. ft. facility, expected to be operational by the end of 2023, will create around 150 initial jobs with potential for 200 more. This plant will produce 500MW of electrolyzers annually, scalable to over 1GW. Cummins aims to support European sustainability goals and enhance hydrogen generation technology, contributing to its carbon neutrality targets.

Cummins Inc. (NYSE: CMI) announced a quarterly cash dividend of $1.57 per share, payable on December 1, 2022. Shareholders of record by November 18, 2022 are eligible. This initiative reflects Cummins' commitment to returning value to its investors, showcasing financial stability amidst potential challenges in the market.

Cummins Inc. (NYSE: CMI) is set to begin manufacturing electrolyzers in the United States, specifically at its facility in Fridley, Minnesota. The production will start at a capacity of 500 MW annually, with plans to scale up to 1 GW. This development aligns with government support for the green hydrogen economy. The company aims to meet the rising demand for green hydrogen, which is pivotal for decarbonizing various sectors. This facility will also support Cummins' extensive global electrolyzer manufacturing network.

Atura Power has chosen Cummins (NYSE: CMI) to develop the electrolyzer system for Ontario's first 20-megawatt green hydrogen facility at the Niagara Hydrogen Centre. The facility will utilize Cummins' proton exchange membrane (PEM) technology powered by renewable hydroelectricity to produce carbon-free hydrogen for industrial clients. The project is set to launch in early 2024 and aims to support Ontario's decarbonization efforts. This collaboration marks a significant step towards establishing a hydrogen economy in Canada.

Cummins Inc. (NYSE: CMI) has announced the installation of its second largest solar array at the Rocky Mount Engine Plant in North Carolina. This 3.62 MW solar farm, covering 14 acres, will produce approximately 5.6 million kWh of power annually and aims to cut greenhouse gas emissions, supporting Cummins’ PLANET 2050 initiative to reduce emissions by 50% by 2030. The project utilizes solar tracking panels to enhance efficiency and is part of Cummins' broader strategy to increase renewable energy across its global facilities.

Cummins Inc. (NYSE: CMI) debuted its fourth-generation hydrogen fuel cell engine and new Meritor ePowertrain technologies at the IAA Transportation show in Hannover, Germany. The event marks the first public showcase of Cummins’ comprehensive zero-emissions technology portfolio, including a lithium iron phosphate (LFP) battery pack aimed at medium-duty trucks. Collaborations with major companies like Scania and Daimler Trucks highlight Cummins' commitment to decarbonization. The new technologies promise efficiency and cost advantages in electrified commercial vehicle applications.

Cummins Inc. (NYSE: CMI) announces that its Tier 4 QSK95 engine can now utilize renewable diesel without compromising EPA emission standards. This initiative, developed in partnership with Siemens Mobility, aims to support customers in reducing carbon emissions.

Testing revealed that using renewable diesel results in up to 13% lower NOx emissions and a 50% reduction in Particulate Matter. The use of hydrogenated vegetable oil (HVO) enhances the environmental sustainability of locomotives, demonstrating Cummins' commitment to decarbonization initiatives.