Cummins Inc. - CMI STOCK NEWS

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.

Cummins Inc. (CMI) strengthens its zero-emissions technology business segment, Accelera™, by appointing Brian Wilson as General Manager – eMobility and Andreas Lippert as Vice President and General Manager – Electrolyzers. This move aims to lead customers through the energy transition, driving technical innovation and optimizing support of customers on their decarbonization journey.

Cummins Inc. (CMI) has been chosen as one of the top 10 projects in the Zero Emission Vessels and Infrastructure (ZEVI) competition funded by the U.K. government in partnership with Innovate UK. The company will collaborate with a major U.K. port and its operators to develop, deploy, and operate clean maritime technology solutions. The project targets a reduction in carbon dioxide (CO2) emissions of 50% for offshore operations of a vessel, with oxides of nitrogen (NOx), sulfur oxide (SOx), and particulate matter (PM) at levels below those emitted by conventional fuel. The £4.4M in total funding will be leveraged by Cummins and its fellow project stakeholders to deploy a U.K.-designed and built methanol conversion kit for high-horsepower marine internal combustion engines, offering the U.K. an important foothold in enabling the transition to cleaner maritime fuels.

Cummins Inc. (CMI) partners with Global Rights for Women and other entities to develop a tool for gender equity and domestic violence awareness

Cummins Inc. (CMI) sets ambitious goals for veteran employment representation in multiple countries, aiming to capitalize on their unique talents and provide a competitive advantage. The targets include the United States (7%), Canada (3%), United Kingdom (4%), France (6%), Belgium (4%), Italy (5%), Germany (4%), Australia (4%), India (2%), and Romania (5%).

Cummins announces changes to its Leadership Team effective Jan. 1, 2024. Srikanth Padmanabhan appointed as Executive Vice President and President, Operations. Padmanabhan will lead improvements in company operations and drive the energy transition. All Cummins Business Segments will report to Jennifer Rumsey, Chair and CEO.

Cummins Inc. reports third quarter revenues of $8.4 billion, a 15% increase from the same quarter in 2022. Net income was $656 million, or $4.59 per diluted share. The company raised its full year 2023 revenue guidance to be up 18 to 21% and narrowed the EBITDA range to 15.2 to 15.4%.

Cummins announced that Amy Davis will assume leadership of both the Accelera and Components Business Segments, effective November 1. Davis has a strong track record of growing and evolving businesses, and Cummins expects her leadership to continue the momentum and growth of both businesses.