Cummins Inc Stock Price, News & Analysis

Cummins Inc. (CMI) has made significant progress in reducing emissions from its facilities and operations, achieving a 31% absolute total GHG reduction in 2023 compared to the 2018 baseline. This reduction is equivalent to eliminating 313,000 metric tons of CO2e. The company invested $18.8 million across 267 greenhouse gas reduction projects in 2023, estimated to save over 29,951 metric tons of CO2e annually. Notable improvements include equipment upgrades at the Charleston Turbo Plant, and efficiency enhancements at the Columbus Engine Plant, such as installing variable frequency drives and switching to hydraulic doors. Cummins also completed 24 onsite solar projects, reducing approximately 14,486 metric tons of CO2e annually. These efforts align with Cummins' PLANET 2050 environmental sustainability strategy, which aims to reduce absolute GHG emissions from facilities and operations by 50% by 2030.

Cummins Inc. (NYSE:CMI) celebrates the 50th anniversary of its Jamestown Engine Plant (JEP) in New York. Since 1974, JEP has been a leader in engine manufacturing, recently producing its 2.5 millionth engine. The plant has continually evolved, pioneering advancements in engine technology to reduce emissions and improve fuel efficiency.

Cummins recently announced a $452 million investment into the 998,000 square foot facility to produce the industry's first fuel-agnostic internal combustion engine platform. This aligns with the company's Destination Zero strategy. JEP annually contributes $1 million to the community through charitable donations and employee volunteer hours.

As JEP celebrates this milestone, Cummins focuses on the future, continuing to lead in the development of innovative and sustainable power solutions.

Cummins Inc. has released its 2023-2024 Sustainability Progress Report, highlighting the company's commitment to diversity, equity, and inclusion (DE&I). The report emphasizes how DE&I powers innovation, drives competitive advantage, and guides Cummins' community contributions globally. Key points include:

1. Increased diversity has led to improved innovation, community impact, and business results.
2. Cummins is committed to creating an inclusive culture where everyone belongs.
3. The company continuously improves talent practices to ensure fair outcomes for all employees.
4. Cummins advocates for removing barriers for historically underrepresented groups.
5. CEO Jennifer Rumsey, appointed as Board chair in July 2023, is the first woman to serve in either role.

The report underscores Cummins' dedication to fostering inclusive environments both within and outside the company, enabling employees to thrive and connect with the company's purpose.

Cummins, a leader in power solutions, is driving innovation through its Destination Zero strategy. The company achieved $34.1 billion in revenue in 2023, a 21% increase from 2022. Cummins invested a record $1.4 billion in research and development to advance low- and zero-emissions technologies.

Key innovations include:

• The diesel X15 engine, compliant with 2027 EPA and CARB regulations
• HELM™ fuel agnostic platform
• X15N natural gas engine with over 35,000 units in global production
• Hydrogen internal combustion engines for off-highway applications

Cummins is leveraging its acquisition of Meritor to expand its integrated powertrain offerings and has secured over $100 million in new business globally. The company's focus on technology integration, including Acumen smart computing hardware, positions it to meet future emission standards and customer needs in the ongoing energy transition.

Cummins Inc. (NYSE: CMI) reported strong Q2 2024 results with record quarterly sales of $8.8 billion, up 2% year-over-year. Net income was $726 million, or $5.26 per diluted share. EBITDA reached $1.3 billion, or 15.3% of sales. North America sales increased 4%, while international revenues decreased 2%.

The company raised its full-year 2024 revenue guidance to be down 3% to flat, with EBITDA expected in the range of 15.0% to 15.5%. Cummins increased its quarterly dividend from $1.68 to $1.82 per share. Notable developments include the formation of Amplify Cell Technologies joint venture and plans to launch a battery electric powertrain for Isuzu's F-series in North America by 2026.

Cummins' Government Relations function actively shaped policies in 2023 to advance the company's Destination Zero goals and promote racial equity. Key focus areas included:

1. Energy transition: Advocating for technology-neutral, market-driven policies to lower emissions globally.

2. U.S. initiatives: Implementing the Inflation Reduction Act, participating in White House electrification roundtables, and collaborating on clean hydrogen projects.

3. Global efforts: Supporting EURO 7 regulations in the EU and India's National Green Hydrogen Mission.

4. Innovation: Partnering with Indiana DOT and Purdue University to test wireless EV charging on highways.

These efforts aim to accelerate the adoption of low- and zero-emissions technologies in commercial and industrial vehicles, positioning Cummins (CMI) as a leader in the transition to a sustainable future.

Radwell International, a leading global industrial operations, automation, and electronics solutions provider, has announced the appointment of Chris Snodgrass as Chief Executive Officer, effective August 5, 2024. Snodgrass, who will also join the company's Board of Directors, brings extensive operational and management experience from diverse industrial sectors. He previously served as Senior Vice President at Caterpillar Inc. (NYSE: CAT), where he led the Building Construction Products division and the Product Support & Logistics division.

Snodgrass's appointment follows a comprehensive search process, with full support from Radwell's Board and investors. His track record includes driving growth, expanding margins, and managing complex global operations. The new CEO aims to position Radwell for accelerated growth through enhanced offerings and customer-oriented solutions.

Cummins' 2023-2024 Sustainability Progress Report highlights the company's efforts to extend environmental initiatives across its supply chain. The report emphasizes:

1. Shared sustainability goals with supply partners to reduce environmental impact and promote ethical practices.

2. Material selection optimization to meet product requirements with minimal environmental impact.

3. Implementation of lifecycle assessment tools to estimate environmental impacts of supplied parts.

4. Use of software to estimate carbon footprint of products down to assembly and part level.

5. A class-leading data collection system to identify risks from hazardous and supply-constrained materials.

6. Strict adherence to Supplier Code of Conduct mandating high standards in human rights, ethics, and legal compliance.

Cummins Inc. (CMI) has released its 2023-2024 Sustainability Progress Report, highlighting the company's commitment to environmental sustainability and innovation. Key points include:

1. PLANET 2050 strategy aims to reduce absolute GHG emissions from facilities by 50% and from newly sold products by 25% by 2030.

2. Destination Zero product decarbonization strategy focuses on advancing cleaner engine-based solutions and developing zero-emissions technologies.

3. 24 onsite solar projects completed in 2023, reducing over 14,486 metric tons of CO2e annually.

4. Partnership with Chevron U.S.A. Inc. to improve access to alternative and renewable fuels.

5. Cummins Water Works program has helped over 1.2 million people and generated 6.9 billion gallons in annual water benefits since 2021.