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) plans to enhance its PEM electrolyzer manufacturing capacity at its Belgium factory to 1 gigawatt (GW) as part of the EU's IPCEI Hy2Tech program, recently approved by the European Commission. This initiative, supported by the Flanders Innovation & Entrepreneurship Agency, will advance the production of hydrogen systems. The expansion aligns with Cummins' commitment to driving the green hydrogen economy, facilitating new infrastructure projects, and helping to meet decarbonization goals globally. The company is also scaling production capabilities at facilities in Canada, Spain, and China.
Werner Enterprises has signed a letter of intent to purchase 500 Cummins 15-liter hydrogen internal combustion engines, pending availability. Both companies are focused on sustainability, with Werner targeting a 55% reduction in greenhouse gas emissions by 2035. Cummins aims to manufacture hydrogen engines at scale by the end of the decade, highlighting their potential in the decarbonization journey. The engines are designed to integrate seamlessly with existing systems, offering low costs and durability comparable to diesel engines.
Cummins Inc. (NYSE: CMI) has entered a partnership with Transport Enterprise Leasing (TEL) for the integration of 15-liter hydrogen internal combustion engines into TEL's heavy-duty truck fleet. This collaboration aims to meet customer demands for lower emissions while enhancing operational efficiency. Cummins emphasizes the adaptability and cost-effectiveness of hydrogen engines, which utilize existing technology and infrastructure. The company will showcase its hydrogen solutions at an upcoming tradeshow in Hannover, Germany, furthering its commitment to decarbonization.
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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.