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. reports news on its global power technology business, including engines, components, distribution, power systems and Accelera by Cummins. Company updates commonly cover diesel, electric and hybrid powertrains, integrated power generation systems, aftertreatment, turbochargers, fuel systems, controls, transmissions, axles, brakes, battery and electric powertrain systems, and other zero-emissions technologies.
Recurring developments include quarterly operating results, segment performance, demand trends in truck markets and data center backup power, customer technology demonstrations, powertrain collaborations, emissions recall activity, dividend declarations and portfolio actions within Accelera.
Cummins Inc. (NYSE: CMI) has completed its acquisition of Siemens’ Commercial Vehicles business through its subsidiary Meritor for approximately €190 million. This strategic move, aimed at enhancing Cummins’ electrified power solutions, adds significant capabilities in electric drive systems, including electric motors and inverters. The acquisition bolsters Cummins’ portfolio, bringing nearly 200 new employees across Germany, China, and the U.S., and supports its goal of reaching net-zero emissions by 2050.
Cummins Inc. (NYSE:CMI) has acquired a minority stake in Exergy Energy, LLC, enhancing its capability to provide backup power systems for businesses. This partnership allows customers to adopt Cummins' power solutions without upfront costs, significantly improving their energy resiliency during outages and peak usage. Exergy handles the capital investment and maintenance, transferring ownership to customers at the end of their contracts. Both companies aim to meet sustainability goals while reducing barriers to adopting backup power solutions.
Cummins Inc. (NYSE:CMI) has been awarded a contract to develop, manufacture, and produce generator sets for the Department of Defense (DoD) Large Tactical Power System (LTPS). The contract includes both 500 kW skid and Power Plants configurations, aimed at enhancing mobile and reliable power sources for the DoD's digitized forces. Cummins has prior experience providing advanced power solutions, including the 5kW - 60kW family for the DoD since 2013. This contract signifies Cummins' commitment to innovation in military power generation.
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 location value="LC/us" idsrc="xmltag.org"the United States, specifically at its facility in location value="LU/us.mn.friley" idsrc="xmltag.org"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.