Cummins Inc Stock Price, News & Analysis

The Cummins powered CLAAS TRION 740, featuring the efficient L9 engine with up to 430 hp, will debut at Farm Progress in Boone, Iowa. Designed for combine harvesters, the L9 engine offers reliability, low maintenance, and excellent fuel efficiency, helping reduce operational costs. The engine complies with stringent EPA Tier 4 Final and European Stage V emission regulations, showcasing Cummins' commitment to sustainability. Ann Schmelzer, Managing Director of Cummins Global Agriculture Business, highlighted their strong presence in the agricultural machinery sector.

Elevāt and Cummins have partnered to merge the Cummins Connected Diagnostics application with the Elevāt Machine Connect IoT platform, offering real-time diagnostics for Cummins engines in a unified dashboard. This collaboration aims to improve operational efficiency and reduce downtime for off-highway machine users. Phase one includes integration of Connected Diagnostics to enhance asset utilization and decrease operational costs. The partnership facilitates a comprehensive view of diagnostics, boosting productivity and machine availability.

Cummins Inc. (NYSE: CMI) has successfully acquired Meritor, Inc. for approximately $3.7 billion. This acquisition enhances Cummins’ range of powertrain components, significantly advancing its capability to develop electrified power solutions. The integration is expected to generate annual pre-tax run-rate synergies of around $130 million by year three through operational efficiencies. Cummins aims to leverage Meritor’s assets to bolster its commitment to decarbonized solutions, supporting its strategy toward achieving net-zero emissions.

Cummins Inc. (CMI) reported second quarter 2022 revenues of $6.6 billion, up 8% from the previous year, with GAAP net income of $702 million ($4.94 per diluted share). EBITDA was 16% of sales, marking a slight increase. Cost adjustments related to the separation of the Filtration business and the suspension of operations in Russia impacted results. Despite challenges, including inflation and economic uncertainty, the company maintains its full-year guidance, expecting revenue growth of 8%. Key highlights include successful acquisitions and collaborations aimed at sustainability.

AdaptHealth Corp. (NASD: AHCO) will be added to the S&P SmallCap 600 index, effective August 4, 2022. This change comes as Cummins Inc. (NYSE: CMI) is acquiring Meritor Inc. (NYSE: MTOR), which is being removed from the index. The transition reflects a strategic reshuffle in the S&P indices as AdaptHealth enhances its presence in the health care sector. The acquisition of Meritor by Cummins is expected to complete soon, pending closing conditions.

Cummins Inc. (NYSE: CMI) announced a $24 million investment in VoltStorage, a leader in eco-friendly energy storage solutions. This investment supports Cummins' Destination Zero strategy aimed at decarbonizing diverse markets. VoltStorage, founded in 2016, specializes in sustainable redox flow technology and is developing larger-scale energy storage systems. The funding will enhance VoltStorage's product development, particularly for iron salt technology, which is key for renewable energy reliability.

AGCO announced the retirement of Hans-Bernd Veltmaat as Chief Supply Chain Officer, effective December 31, 2022. Tim Millwood will succeed him, effective August 15, 2022. Millwood joins AGCO with over thirty years of experience at Cummins Inc, where he was Vice President of Global Manufacturing. AGCO's Chairman Eric Hansotia praised Veltmaat's contributions to transforming AGCO's manufacturing network. AGCO, headquartered in Duluth, Georgia, reported net sales of approximately $11.1 billion in 2021.

Cummins Inc. has announced the appointment of Jennifer Rumsey as its seventh CEO, effective August 1, 2022. The announcement was made during a news conference on July 14, 2022, led by Chairman Tom Linebarger. Rumsey previously served as the company's President and COO. This leadership transition occurs at the company's global headquarters in Columbus, Indiana, highlighting Cummins' commitment to strong leadership as it navigates future challenges.

Cummins Inc. (NYSE: CMI) has appointed Jennifer Rumsey as the new CEO, effective August 1, 2022. She becomes the first woman to lead the company since its founding in 1919. Tom Linebarger, the outgoing CEO, will transition to the role of Chairman of the Board and Executive Chairman, collaborating with Rumsey on strategic initiatives, including the acquisition of Meritor. Rumsey brings over 20 years of experience in various roles, having recently overseen global operations as COO, where she achieved record revenues despite supply chain challenges.