Declared Dividend • May 20
First quarter dividend of US$2.00 announced Shareholders will receive a dividend of US$2.00. Ex-date: 22nd May 2026 Payment date: 4th June 2026 Dividend yield will be 1.2%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 7.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 61% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • May 20
Cummins Inc. Liable for Misappropriation of C3 AI Trade Secrets C3.ai Inc. announced that on May 19, 2026, a jury in the Superior Court of the State of Delaware returned a unanimous verdict in favor of C3 AI in its lawsuit against Cummins Inc., finding that Cummins misappropriated C3 AI’s trade secrets. C3 AI brought the case in November 2023, alleging that its licensee, Columbus, Indiana-based Cummins, misappropriated trade secrets. C3 AI became aware of this scheme when a Cummins employee inadvertently shared internal meeting notes documenting Cummins’ plan with C3 AI. C3 AI made repeated attempts to resolve the matter amicably with Cummins management. C3 AI placed calls that Cummins did not return, sent a formal demand letter, and twice agreed to meet in person. Cummins twice cancelled. This is not an isolated event. In December 2023, the U.S. Department of Justice issued a press release stating: “The Justice Department reached an initial agreement with Cummins Inc. to settle claims that, over the past decade, the company unlawfully altered hundreds of thousands of engines to bypass emissions tests in violation of the Clean Air Act. As part of the agreement, the Justice Department will require Cummins to pay $1.675 billion, the largest civil penalty it ever secured under the Clean Air Act.” This same Cummins now stands unanimously adjudged by a jury in Delaware to have engaged in misappropriation of intellectual property. Annuncio • May 14
Cummins Inc. Declares Quarterly Common Stock Dividend, Payable on June 4, 2026 The Board of Directors of Cummins Inc. declared a quarterly common stock cash dividend of $2.00 per share. The dividend is payable on June 4, 2026, to shareholders of record on May 22, 2026. Annuncio • May 07
Cummins Inc. Increases Earnings Guidance for the Full Year of 2026 Cummins Inc. increased earnings guidance for the full year of 2026. For the year, the company raised revenue guidance to be up 8% to 11%, due to stronger demand across several markets, particularly North America on-highway and power generation, an improvement from prior guidance of up 3% to 8%. Annuncio • Apr 06
Cummins Inc., Annual General Meeting, May 12, 2026 Cummins Inc., Annual General Meeting, May 12, 2026. Annuncio • Feb 11
Cummins Inc. Declares Quarterly Common Stock Dividend, Payable on March 5, 2026 The Board of Directors of Cummins Inc. declared a quarterly common stock cash dividend of $2.00 per share. The dividend is payable on March 5, 2026, to shareholders of record on February 20, 2026. Annuncio • Feb 05
Cummins Inc. Provides Earnings Guidance for the Full Year of 2026 Cummins Inc. provided earnings guidance for the full year of 2026. Based on its current forecast, the company projects full-year 2026 revenue to be in the range of up 3% to 8%, and EBITDA to be in the range of 17.0% and 18.0% of sales. The company remains well-positioned to invest in future growth, deliver strong financial results and return cash to shareholders in 2026. Annuncio • Oct 15
Cummins Inc. Declares Quarterly Common Stock Dividend, Payable on December 4, 2025 The Board of Directors of Cummins Inc. declared a quarterly common stock cash dividend of 2.00 dollars per share. The dividend is payable on December 4, 2025, to shareholders of record on November 21, 2025. Recent Insider Transactions • Aug 18
Insider recently sold €1.0m worth of stock On the 14th of August, Amy Davis sold around 3k shares on-market at roughly €345 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €2.6m more than they bought in the last 12 months. Annuncio • Jul 16
Cummins Inc. Approves Increase in Quarterly Common Stock Cash Dividend, Payable on September 4, 2025 The Board of Directors of Cummins Inc. approved an increase in the company’s quarterly common stock cash dividend of approximately 10% from $1.82 per share to $2.00 per share. The dividend is payable on September 4, 2025, to shareholders of record on August 22, 2025. Cummins has increased the quarterly common stock dividend to shareholders for 16 consecutive years. Annuncio • Jul 15
Cummins Inc. Appoints Matthew Tsien to Its Board of Directors Cummins Inc. announced the election of Matthew Tsien to its Board of Directors. Tsien brings more than four decades of experience in the automotive industry, including senior leadership roles at General Motors (GM). Most recently, he served as the Executive Vice President and Chief Technology Officer, where he led GM's future technology initiatives and accelerated investments in electrification technologies. He also served as President of GM Ventures, overseeing the company's venture capital investments and fostering innovation, and before that served as President of GM China. Tsien currently serves as a board member for AGCO Corporation and Magna International. He holds a bachelor’s degree from Kettering University and master’s degrees from Standford University and Massachusetts Institute of Technology. Annuncio • May 14
Cummins Inc. Declares Quarterly Common Stock Cash Dividend, Payable on June 5, 2025 The Board of Directors of Cummins Inc. declared a quarterly common stock cash dividend of one dollar and eighty-two cents ($1.82) per share. The dividend is payable on June 5, 2025, to shareholders of record on May 23, 2025. Annuncio • Apr 16
Cummins Launches Next-Gen Battery Energy Storage Systems in the UAE Cummins Arabia and Cummins Middle East jointly launched Cummins' new Battery Energy Storage Systems at an exclusive event held in Dubai on April 14. The launch was attended by key customers, consultants, and partners from across diverse sectors including rental, data centers, utilities, commercial properties, healthcare, oil and gas, and manufacturing. The product was officially unveiled at the event by Lucio Kroll, Senior Director - New Energy Solutions, Cummins Power Generation; and Amit Deshpande, Managing Director - Cummins Arabia. Their presence underscores the strategic importance of this launch for both the company and the region. The BESS launch marks a major step forward in Cummins' journey to support energy transition and power resilience across the Middle East. Attendees showed strong interest in the product's ability to address real-world energy needs, including peak shaving, backup power, and grid stability - all with a reduced environmental footprint. Designed to deliver scalable, sustainable, and dependable energy storage, Cummins' BESS solutions are well-suited to the UAE's growing focus on renewable integration and reliable backup systems in critical facilities. Whether for urban commercial properties, remote industrial applications, or healthcare environments, BESS helps customers optimize energy use while meeting their sustainability goals. Annuncio • Mar 29
Cummins Inc. Appoints Karan Bakshi as Director of Talent Acquisition for the India and Pacific Region Cummins Inc. has appointed Karan Bakshi as the director of talent acquisition for the India and Pacific region. With over 15 years of experience in human resources & recruitment, he brings a strong background in building high-performing teams. In his new role, Bakshi will oversee talent acquisition strategies, helping Cummins attract top professionals across the region. His expertise in recruitment, employer branding, and workforce planning is expected to strengthen the company's hiring initiatives and support its growth. Before joining Cummins, Bakshi held the position of regional director of learning & development & talent acquisition at Michelin. He managed hiring across India, the middle east, and Africa, with a focus on diversity, equity, and inclusion. Bakshi also worked at mastercard, where he played a key role in driving talent acquisition and development strategies. At TIBCO Software, Bakshi contributed to enhancing the company's recruitment and workforce strategies. His appointment at Cummins Inc. reflects the company's ongoing commitment to fostering a skilled and diverse workforce, with Bakshi playing a key role in shaping its recruitment practices. Annuncio • Mar 27
Accelera by Cummins and Isuzu Motors Limited Announce to Introduce A New Battery Electric Powertrain for the F-Series Medium-Duty Truck At This Year’s Act Expo in Anaheim, California Accelera™ by Cummins, the zero-emissions business segment of Cummins Inc., and Isuzu Motors Limited will introduce a new battery electric powertrain for the F-series medium-duty truck at this year’s ACT Expo in Anaheim, California. Scheduled for production in 2027, the fully integrated powertrain will feature Accelera's next-generation battery, eAxle, accessories and controls, and offer customers an innovative and versatile solution to fleet decarbonization. Accelera, a global leader in zero-emissions powertrain solutions, has partnered with Isuzu to develop the powertrain specifically for the F-series in the North American market. This innovative product will integrate key battery electric powertrain components into a single, optimized solution and will feature next-generation Accelera technologies: Advanced lithium iron phosphate (LFP) tiered platform batteries: Chosen for its cycle-life capability and cost-effectiveness, these batteries offer customizable power, optimized performance and enhanced safety for commercial vehicle applications. 14Xe eAxle: Equipped with ELFA™ motor and inverter, which have nearly three decades and more than 1 billion miles of on-the-road experience. Power Controls and Accessory Systems (PCAS) 3.0: This system integrates vehicle accessories and controls into a compact design that optimizes packaging flexibility. The modular PCAS 3.0, which is 70% smaller than the previous generation, is more serviceable and durable, and can be customized to meet specific vehicle requirements. The battery electric powertrain will deliver improved performance, reliability and efficiency, positioning the F-series to meet the demanding needs of modern transportation and serviceability. The launch of the fully integrated powertrain is an important step in reducing the total cost of ownership for battery electric vehicles and reaching diesel parity, which will help to advance the adoption of zero-emissions technologies. Available in Class 6 and 7 starting in 2027, the battery electric F-series will feature a newly designed low-cab forward chassis, providing enhanced maneuverability and driver comfort while meeting a wide range of fleet demands, from shorter city and final-mile duty cycles to longer-range regional hauls. The components and integration are suitable for a wide range of applications, from school and transit buses to heavy-duty and vocational vehicles. This adaptability ensures the solutions can meet the diverse needs of various industries, positioning it as an innovative solution for decarbonizing the commercial transportation sector. Additionally, many of the components, including the batteries, eAxles, inverters and PCAS, are manufactured or assembled by Accelera in the U.S. All battery electric powertrain components will be on display at the ACT Expo tradeshow in Anaheim, CA, from April 28 to May 1. Attendees are encouraged to visit and experience Accelera’s latest advancements in zero-emissions components and fully integrated electric powertrain solutions. Annuncio • Mar 18
Cummins Announces Retirement of Sharon Barner, Chief Administrative Officer, Effective May 31, 2025 Cummins Inc. announced that Chief Administrative Officer Sharon Barner will be retiring, effective May 31, following an extraordinary career and 13 years of committed service to Cummins. Barner’s career has spanned both the private and public sector. Prior to joining Cummins, Barner spent 27 years at private practice law firms, many of which in leadership positions, where she focused primarily on intellectual property law. Barner then served in the U.S. Department of Commerce as Deputy Under Secretary of Commerce for Intellectual Property and Deputy Director of the United States Patent and Trademark Office. She joined Cummins in 2012, serving first as Vice President and General Counsel, eventually adding interim Chief Human Resources Officer and Corporate Secretary to her responsibilities, before becoming Chief Administrative Officer in 2021. As Cummins’ Vice President and General Counsel, Barner re-envisioned the Legal function to address external factors, like increased globalization, technological disruption and amplified government oversight. Over nine years in the role, Barner built a globally diverse and talented team of legal experts across 11 countries, skillfully executed multiple large-scale mergers and acquisitions, navigated several complex regulatory matters and continued to protect Cummins’ business interests. Over the last four years as Chief Administrative Officer, Barner has led 12 corporate functions which provide critical services, expertise and support to Cummins’ global businesses. Among her many accomplishments in this role, she helped lead the company through the COVID-19 pandemic, ensuring facilities were compliant with the law and that Cummins was a safe place to work. She also led the functional integration of several large-scale acquisitions – including the acquisition of Meritor, the larger in the company’s history – and served on the Atmus Board of Directors to ensure the successful separation of Cummins’ Filtration business, finalized last year. Barner has consistently been an early and active mentor for rising talent, both at Cummins and in the community. She was among the first sponsors for many of Cummins’ leadership development programs, and she sponsors several recruiting efforts that help Cummins increase the pipeline and pool of diverse talent. In 2024, Barner generously endowed the Barner-McDuffie House at Syracuse University, her alma mater, ensuring that future generations of Black students have a space where they are seen, supported and celebrated. Barner currently serves in leadership positions on several public company and not-for-profit boards, including Howmet Aerospace Inc., Syracuse University and the Eskenazi Health Foundation. She has also served on the boards of Brebeuf Jesuit Preparatory School (Indiana), Indiana Repertory Theatre, Association of Corporate Counsel, Foundation for Advancement of Diversity in IP Law (FADIPL) and the Leadership Council on Legal Diversity. Her replacement will be named in the coming weeks. Annuncio • Mar 11
Platform Science and Cummins Inc. Partner to Introduce Vehicle Health Intelligence, the Newest Category in the Growing Virtual Vehicle Marketplace On March 10, 2025 at TMC25, Platform Science and Cummins Inc. announced a partnership to introduce Vehicle Health Intelligence, the newest native Virtual Vehicle integration. Cummins Inc., a global power solutions leader, will transition their Connected Solutions® portal which enables fleets to seamlessly access a range of features and capabilities to the Virtual Vehicle platform. Cummins and Platform Science have developed a new, streamlined experience for registering for Connected Solutions. Users simply complete online registration with Virtual Vehicle, the data that is generated off of them, and the solutions that connect them, and then receive access to insights. Virtual Vehicle is the premier application platform that enables an intuitive application ecosystem including solutions made by telematics providers, third-party developers, Vehicle OEMs, Tier 1 component OEMs, and fleets
themselves. Applications are available through the Virtual Vehicle portal which serves as a central hub where fleets can access real-time vehicle insights and optimize operations with integrated third-party solutions. The Virtual Vehicle portal enables fleets to efficiently deploy, configure, and update software across their vehicles—helping them maximize uptime and adapt to evolving business needs. Annuncio • Mar 06
Cummins Inc. Unveils B7.2 Diesel Engine for Medium-Duty Applications Cummins Inc. announced an update to the legendary B-Series engine platform, unveiling the new Cummins B7.2 diesel engine at NTEA Work Truck Week in Indianapolis, IN. The B7.2 diesel is the next engine in the B series Cummins HELM™ platform, following the B6.7 Octane engine, and will bring technology and continue to serve a variety of medium-duty and vocational applications, including bus, pickup & delivery, utility trucks, refuse, towing, and more. The new engine will feature a slightly higher displacement, increasing to 7.2L, and is designed to be a global platform which allows customers to ensure their vehicles are ready for what's to come, without sacrificing performance or durability. A higher displacement also allows for a wider range of torque offerings, creating flexibility for different applications and duty cycles. The B7.2 will improve unrestricted top-end performance ratings, providing 240 to 340 hp and 650 to 1,000 lb.-ft of torque. Additionally, the new engine will be automatic engine shutdown and stop-start capable for improved greenhouse gas emissions and will offer a compression release engine brake and extended oil drain interval pan option. It will also be equipped with Cummins' full suite of digital technologies, which help enhance performance, maximize uptime and reduce total cost of ownership. The B7.2 provides digital connectivity and immediate access to a range of applications and capabilities through Acumen®?, Cummins' smart computing hardware, and OEM first-fit solutions. Customers can utilize digital tools that enhance driver experience, including predictive capabilities (prognostics) and advanced over-the-air features. B7.2 is also Cummins Maintenance Monitor capable, reducing shop visits and minimizing cost of operation. The B7.2 engine will be manufactured at Rocky Mount Engine Plant in North Carolina and will go into full production in North America starting in 2027. Find out more about the B7.2 and Cummins' other mid-range line-up this week at NTEA Work Truck week from March 5 to 7 in the Cummins Booth (#763) at the Indiana Convention Center in Indianapolis. Annuncio • Feb 28
Cummins Inc. Introduces the X10: A Durable and Versatile Mid-Bore Workhorse in the Cummins Helm 10-Liter Platform for 2027 Cummins Inc. is introducing the much anticipated X10, the mid-bore workhorse designed to deliver heavy-duty performance in a midsize package. The X10 is a mid-bore heavy-duty engine poised to position customers for success. It replaces both the L9 and X12 engine platforms. This product delivers a new level of performance, durability and efficiency for heavy and medium-duty customers. The X10 is part of the Cummins HELM platforms, an approach that allows customers to choose the fuel type that best suits their needs. Alongside the X15 and B Series, the X10 provides customers with a power solution to meet their unique operational requirements while maintaining the performance and reliability for which Cummins is known. Cummins X10 provides two ratings sets to offer customers flexibility when powering their vehicles. For heavy-duty applications, the X10 delivers up to 450 horsepower and 1,650 lb-ft of torque, providing customers with an optimal balance of power and reliability. For applications requiring a medium-duty package, the X10 delivers ratings up to 380 horsepower and 1,250 lb-ft of torque, ensuring strong performance across a variety of demanding applications. This engine is built to perform in the toughest conditions and environments ensuring it stands up to the demands of the job. It boasts a class-leading power-to-weight ratio, offering customers a combination of exceptional performance and efficiency, designed to enhance productivity without weighing down vehicles. Whether navigating city streets or tackling tough jobs in off-road environments, the X10 brings a sustainable, high-performing solution to each demanding application. For those needing flexibility in how power is used, the X10 provides increased Power Take-Off (PTO) capability of 590 lb-ft continuous and up to 664 lb-ft intermittent, providing vocational truck customers with enhanced power and versatility. This increased PTO output allows for more efficient operation of auxiliary equipment. The X10 will come equipped with Cummins' comprehensive suite of digital technologies, designed to optimize performance, boost uptime and lower total cost of ownership. It features connectivity and instant access to a wide range of features and capabilities through Acumen®?, Cummins' smart computing hardware and OEM first-fit solutions. Customers can leverage digital tools that enhance driver experience, including predictive capabilities (prognostics) and advanced over-the-air updates. The engine pairs with transmission options including fully integrated powertrain offerings from the Eaton Cummins Joint Venture, ensuring smooth shifting and maximum uptime. When combined with Cummins Drivetrain and Braking Systems, including drivelines and axles, the X10 delivers a performance-driven solution, ensuring power is transferred efficiently to the wheels for maximum durability and control across diverse applications. The engine is designed to be an asset to the customers who work the hardest. Cummins will launch the X10 in 2027, following extensive validation to meet customer needs, backed by millions of miles of planned on-road testing in real-world applications. Annuncio • Feb 18
Cummins Inc. Announces Leadership Team Changes Cummins Inc. announce two important changes to the Cummins Leadership Team, effective March 15, 2025. Bonnie Fetch, currently Vice President and President – Distribution Business, has been named Executive Vice President and President – Operations. Bonnie will succeed Srikanth Padmanabhan, who announced his retirement in January. Bonnie has extensive experience in a variety of general management, human resources and supply chain leadership roles, including 20 years at Caterpillar before joining Cummins. Since joining Cummins in 2018, Bonnie has demonstrated exceptional business leadership, a people-centered leadership style and extensive strategic and operational expertise across various business and functional roles within the company. In her new role leading Operations for the company, Bonnie will oversee Cummins' New and Recon Parts business and global operating functions, including Supply Chain, IT, Cummins Services, Advanced Analytics and Quality. Bonnie is a graduate of the University of St. Francis with a bachelor’s degree in Applied Organizational Management and completed Executive Programs at both Stanford University and Singularity University. Shon Wright Named Vice President and President – Distribution BusinessShon Wright, currently Vice President – Cummins Components and Software, has been appointed Vice President and President – Distribution Business. Shon has 22 years of diverse experience at Cummins, holding a variety of strategy, purchasing, operations, sales and marketing, and general management roles across Cummins Power Generation, Cummins Filtration and Cummins Turbo Technologies, as well as CTT’s expansion to the Cummins Components and Software Business. In his role leading the Distribution Business, Shon will focus on continuing to deliver excellent sales and service support for Cummins’ global markets, investing in employee development and advancing operational performance. His strategic and business acumen, combined with his commitment to excellence and people-centered leadership, will contribute to the continued growth and success of the Distribution Business. Shon is a graduate of the University of South Carolina with a Bachelor of Science degree in Chemical Engineering, and he received a Master of Business Administration from Harvard Business School. Annuncio • Feb 04
Cummins Inc. Provides Earnings Guidance for the Full Year 2025 Cummins Inc. provided earnings guidance for the full year 2025. Based on its current forecast, the company projects full year 2025 revenue to be in the range of down 2% to up 3%. In 2025, the company anticipates that demand will be slightly weaker in the North America on-highway truck markets, particularly in the first half of the year, but offset by strength in other key markets. Despite a relatively flat revenue forecast and relative weakness in the key North America truck markets, the company expects to improve profitability and cash flow. Annuncio • Jan 08
Cummins Inc. Launches Next Generation 6.7L Turbo Diesel Pickup Engine System for 2025 Ram Heavy Duty Trucks Cummins Inc. unveiled the new 2025 6.7-liter Turbo Diesel Pickup engine system for Ram Heavy Duty, their most advanced diesel pickup engine yet. As part of this, Cummins and Stellantis have extended their partnership to supply Ram Brand through 2030, paving the way for continued innovation among the most iconic Pickup brands in the business. Cummins’ 6.7-liter Turbo Diesel advanced engine system and powertrain will be offered in the recently announced 2025 Ram 2500, 3500 Heavy Duty Pickups and Ram 3500, 4500 and 5500 Chassis Cab trucks. The next generation of the Cummins 6.7L Turbo Diesel engine system was designed with steadfast commitment to reliability and durability, living up to the 106-year-old brand customers expect, while setting new benchmarks for performance and efficiency. Cummins’ latest offering delivers enhanced performance alongside High-Output ratings of 430 horsepower and 1,075 lb.-ft. of torque for Pickups, and 360 horsepower and 800 lb.-ft. of torque for Chassis Cab. In close collaboration with Ram and their powertrain providers, the 2025 Cummins 6.7L Turbo Diesel engine is optimized with a brand-new 8-speed transmission, providing the right combinations of power, responsiveness and driveability. All 2025 Ram Heavy Duty truck models powered by Cummins received noticeable gains in acceleration and power, driving home stronger overall truck performance and towing capability. The Ram 2500 gained improvements in towing speeds and responsiveness, with faster 0-60 mph and quarter-mile times, especially when towing heavy loads. These enhancements promise drivers smoother transient responses and greater confidence under towing conditions. Noise, vibration and harshness were also improved using helical valve train synchronizing gears which enable a quieter ride. The latest power offering for Pickups and Chassis Cab from Cummins includes advanced emissions air handling that also introduces a new airflow management design. This accompanies a new high-pressure fuel delivery system that offers top feed dry service injectors and a new fuel pump. Cummins’ newest variable-geometry turbocharger for the new 6.7-liter delivers intelligent condition-based power output that is now faster and more efficient. Cummins has also introduced new features that make it easier to service the engine system and get back on the road. Software updates can now be executed from the comfort and convenience of inside the truck. In addition, the oil filter and dual fuel filter are now thoughtfully positioned to enable serviceability from the top side of the engine, improving the ease of maintenance—resulting in faster and less complex servicing for the 2025 Cummins 6.7-liter Turbo Diesel. Additionally, the Cummins 6.7 Turbo Diesel Pickup and Chassis Cab engine systems offer significantly improved cold-start management with the integration of advanced glow plug technology. By reducing the wait to start time, this enhancement ensures reliable vehicle operation even in the harshest and most extreme weather conditions. Together since 1989, Cummins and Ram set the standard for innovation, power and durability; and the two are marking more than 35 years of partnership that will continue beyond the decade. Built in Columbus, Indiana, the 6.7 Turbo Diesel has evolved from the first generation 5.9-liter, 160-horsepower to today’s 6.7-liter engine up to 430 horsepower. Upcoming Dividend • Nov 16
Upcoming dividend of US$1.82 per share Eligible shareholders must have bought the stock before 22 November 2024. Payment date: 05 December 2024. Payout ratio is a comfortable 46% but the company is paying out more than the cash it is generating. Trailing yield: 2.0%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (3.5%). Recent Insider Transactions • Nov 14
Independent Director recently sold €1.7m worth of stock On the 12th of November, Bruno V. Di Leo sold around 5k shares on-market at roughly €338 per share. This transaction amounted to 52% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.6m more than they bought in the last 12 months. Buy Or Sell Opportunity • Nov 08
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to €331. The fair value is estimated to be €275, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 2.7%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 7.5% per annum over the same time period. Reported Earnings • Nov 06
Third quarter 2024 earnings released: EPS: US$5.90 (vs US$4.63 in 3Q 2023) Third quarter 2024 results: EPS: US$5.90 (up from US$4.63 in 3Q 2023). Revenue: US$8.46b (flat on 3Q 2023). Net income: US$809.0m (up 23% from 3Q 2023). Profit margin: 9.6% (up from 7.8% in 3Q 2023). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Annuncio • Nov 05
Cummins Inc. Revises Earnings Guidance for the Year 2024 Cummins Inc. revised earnings guidance for the year 2024. Based on its current forecast, the company is maintaining its full-year 2024 revenue guidance to be in the range of down 3% to flat. Declared Dividend • Oct 21
Second quarter dividend of US$1.82 announced Shareholders will receive a dividend of US$1.82. Ex-date: 22nd November 2024 Payment date: 5th December 2024 Dividend yield will be 2.1%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (49% earnings payout ratio) and cash flows (83% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Oct 16
Cummins Inc. Declares Quarterly Common Stock Dividend, Payable on December 5, 2024 The Board of Directors of Cummins Inc. declared a quarterly common stock cash dividend of USD 1.82 per share. The dividend is payable on December 5, 2024, to shareholders of record on November 22, 2024. Annuncio • Oct 08
Cummins Inc. to Report Q3, 2024 Results on Nov 05, 2024 Cummins Inc. announced that they will report Q3, 2024 results on Nov 05, 2024 Upcoming Dividend • Aug 16
Upcoming dividend of US$1.82 per share Eligible shareholders must have bought the stock before 23 August 2024. Payment date: 05 September 2024. Payout ratio is a comfortable 49% and the cash payout ratio is 78%. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (3.6%). New Risk • Aug 02
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 50% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (50% net debt to equity). Large one-off items impacting financial results. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: US$5.30 (vs US$5.08 in 2Q 2023) Second quarter 2024 results: EPS: US$5.30 (up from US$5.08 in 2Q 2023). Revenue: US$8.80b (up 1.8% from 2Q 2023). Net income: US$726.0m (flat on 2Q 2023). Profit margin: 8.3% (in line with 2Q 2023). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Annuncio • Aug 02
Cummins Inc. Raises Earnings Guidance for the Full Year 2024 Cummins Inc. raised earnings guidance for the full year 2024. for the year, the company is raising its full-year 2024 revenue guidance to be down 3% to flat, an improvement from prior guidance of down 2% to 5%, due to stronger than expected demand across several markets, especially in North America on-highway and power generation. Buy Or Sell Opportunity • Jul 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.5% to €260. The fair value is estimated to be €327, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Declared Dividend • Jul 15
First quarter dividend of US$1.82 announced Shareholders will receive a dividend of US$1.82. Ex-date: 23rd August 2024 Payment date: 5th September 2024 Dividend yield will be 2.5%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (48% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Jul 12
Accelera by Cummins Receives $75 Million for Zero-Emissions Manufacturing from Department of Energy Cummins Inc. announced that the company has been awarded $75 million to convert approximately 360,000 sq. ft. of existing manufacturing space at its Columbus (Indiana) Engine Plant (CEP) for zero-emissions components and electric powertrain systems. The $75 million grant is the largest federal grant ever awarded solely to Cummins and is part of the appropriations related to the Inflation Reduction Act. Cummins will match the grant and invest $75 million for a total of $150 million to convert the space and expand production of battery packs, powertrain systems and other battery-electric vehicle (BEV) components for Accelera by Cummins, the company’s zero-emissions business segment. To support this additional manufacturing capacity, Cummins anticipates adding approximately 250 full-time jobs, with opportunities for the plant’s existing workforce to transition to many of these positions over time. After the completion of this project, CEP will house approximately 350 employees focused on BEV-related work. Nearly half of the 1.42 million sq. ft. facility, which opened in 1926, will be dedicated to zero-emissions manufacturing. The electric powertrains produced at CEP will result in greenhouse gas emission reductions of approximately 104 million metric tons of carbon dioxide by 2030. Through its Destination Zero strategy, Cummins is committed to helping customers seamlessly and successfully transition to a zero-emissions future and understands that a variety of solutions are required to reach this goal. The company is unique in its ability to meet customers’ needs wherever they are in their journey, offering fuel-agnostic engine platforms powered by advanced diesel, natural gas and alternate fuels; fully electric and hydrogen fuel cell solutions; and key components. Cummins continues to be committed to advancing all of these solutions. Annuncio • Jul 10
Cummins Inc. Increases Quarterly Common Stock Dividend, Payable on September 5, 2024 The Board of Directors of Cummins Inc. approved an increase in the company’s quarterly common stock cash dividend of approximately 8.3% from USD 1.68 per share to USD 1.82 per share. The dividend is payable on September 5, 2024, to shareholders of record on August 23, 2024. Cummins has increased the quarterly common stock dividend to shareholders for 15 consecutive years. Buy Or Sell Opportunity • Jun 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.8% to €257. The fair value is estimated to be €327, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Annuncio • May 31
Cummins Inc Announces Retirement of Tony Satterthwaite as Senior Vice President, Effective September 2024 Cummins Inc. announced that Senior Vice President Tony Satterthwaite will retire, effective September 2024, after 36 years in leadership positions with the company. Satterthwaite joined the company in 1988, holding several critical sales, regional and business leadership roles throughout his tenure. Early in his career, he led sales and product planning in several areas of the company’s off-highway engine business before moving to Singapore to lead the company’s Southeast Asia region. From there, Satterthwaite spent many years in the company’s Power Generation Business, ultimately serving as President. In this role, he oversaw a period of tremendous growth and profitability for the business, leading several successful product launches, including bringing the 95-liter Hedgehog into the power generation market, while also expanding the Power Generation business internationally and entering the data center market for the first time. Buy Or Sell Opportunity • May 29
Now 20% undervalued Over the last 90 days, the stock has risen 1.2% to €253. The fair value is estimated to be €318, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Annuncio • May 23
Accelera Launches Next-Gen Hydrogen and Electric Solutions for Commercial Vehicles Accelera™ by Cummins has launched the next generation of several of its cutting-edge decarbonizing technologies that are shaping the future of clean transportation. New versions of its hydrogen fuel cell engines, a high efficiency eAxle, and its next-generation batteries are among the new products Accelera unveiled at this year’s Advanced Clean Transportation (ACT) Expo on May 20 in Las Vegas. More powerful fuel cell engines: The latest generation of Accelera's fuel cell technology can be found in the newly launched FCE300 and FCE150 fuel cell engines. Both offer increased power density for larger systems, improved system efficiency and advanced durability. The modular architecture enables seamless configurations for a multitude of applications and layouts, while streamlining integration processes for on- and off-highway mobile and stationary applications. Accelera’s 300kW fuel cell engine will be on display at ACT Expo in addition to a Navistar RH International Class 8 heavy-duty truck equipped with two rail-mounted FCE150 engines and Accelera’s newest eAxle. This clean-power configuration showcases the connectivity and versatility of Accelera’s offerings. eAxle technology advancements: Touting increased energy efficiency, the next-gen 14Xe is Accelera’s newest and most versatile eAxle. Available with a 3-speed twin-countershaft or a 2-speed planetary transmission, the 14Xe is designed to accommodate increased torque, power and battery voltage requirements. The new 14Xe also minimizes the need for wheel-end reductions, making it a more flexible option for customers. For an enhanced electric drivetrain with an increased focus on functional safety and cybersecurity, the 14Xe is equipped with Accelera’s ELFA 3 V3.2, a high-power inverter. The 14Xe is best suited for heavy-duty 6x4 applications in a tandem configuration or as a single application for medium-duty and school bus applications. Adaptable and reliable battery innovations: Accelera's BP104E is its newest and most flexible battery platform. This next-gen lithium iron phosphate (LFP) platform is highly modular and can adapt easily to different customer needs, providing superior life performance and fast charging capabilities. With a rated energy capacity of 104kWh and a max voltage range of 830V, the BP104E is engineered to redefine energy storage standards along with unparalleled performance, reliability and safety to meet the evolving demands of the transportation sector. The next-gen LFP chemistry composition and cell-to-pack architecture also make it more energy dense and cost competitive. Volume production of this battery is planned for 2027 with locally manufactured cells in the U.S. Accelerating the shift to zero emissions: These next-gen products join Accelera’s wide range of innovative zero-emissions solutions that span the hydrogen and electrification value chains. Also on display at ACT Expo are the BP97E nickel manganese cobalt (NMC) battery pack; the BP107E LFP battery pack; and the 1 CS2002 high powered, remote-mount, direct-drive traction motor. Many of these products can be easily integrated into existing commercial vehicles or paired with other Accelera products, making for a seamless transition to lower- or zero-carbon applications for customers. Declared Dividend • May 20
First quarter dividend of US$1.68 announced Shareholders will receive a dividend of US$1.68. Ex-date: 23rd May 2024 Payment date: 6th June 2024 Dividend yield will be 2.4%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (48% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • May 16
Cummins Inc. Declares Quarterly Common Stock Dividend, Payable on June 6, 2024 The Board of Directors of Cummins Inc. declared a quarterly common stock cash dividend of $1.68 per share, payable on June 6, 2024, to shareholders of record on May 24, 2024. Annuncio • May 14
Cummins Inc. and Isuzu Motors Limited Introduce New 6.7-Liter Engine for Japan, Southeast Asia and Other Global Markets Cummins Inc. and Isuzu Motors Limited are launching a new 6.7-liter engine jointly developed by the two companies, designed for use in Isuzu's new medium-duty truck lineup. The "Isuzu DB6A" will power on-highway truck applications built for the Japanese market and will be available for the Asia Pacific markets and other global markets later this year. The engine will be assembled at Isuzu's engine plant in Tochigi Prefecture, Japan. Isuzu and Cummins signed the Isuzu Cummins Powertrain Partnership in May 2019 to realize the efficient development of next-generation powertrains. The two companies agreed to collaborate globally in the medium-duty diesel powertrain segment, and the newly developed DB6A is the first engine to be incorporated into the FORWARD medium-duty truck as a result. In 2022, Isuzu North America Corporation Commercial integrated the Cummins B6.7™? into its FTR and FVR trucks for customers in the United States and Canada. As Cummins continues to be a global leader in diesel and to innovate and advance future power sources for commercial vehicles, this collaboration paves the way for future opportunities to harness the technology and products of each company to drive global growth. The two companies formally unveiled the new engine with a ceremony at Isuzu's Tochigi Plant in January. Annuncio • May 03
Cummins Inc. Provides Earnings Guidance for 2024 Based on its current forecast, Cummins projects full year 2024 revenues to decline 2% to 5% on a year-over- year basis. Due to strong global demand, the revenue guidance is unchanged as compared to the prior guidance despite the separation of Atmus. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: US$14.11 (vs US$5.58 in 1Q 2023) First quarter 2024 results: EPS: US$14.11 (up from US$5.58 in 1Q 2023). Revenue: US$8.40b (flat on 1Q 2023). Net income: US$1.99b (up 152% from 1Q 2023). Profit margin: 24% (up from 9.3% in 1Q 2023). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Apr 30
Now 20% undervalued Over the last 90 days, the stock has risen 19% to €267. The fair value is estimated to be €335, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 27% per annum over the same time period. Annuncio • Apr 24
As You Sow Files an Exempt Solicitation and Solicits Votes for the Proposal On April 23, 2024, As You Sow filed an exempt solicitation statement and urged the shareholders of Cummins Inc to vote for the shareholder proposal requesting the Board to disclose a plan, at reasonable expense and excluding confidential information, to link executive compensation to 1.5°C-aligned greenhouse gas emissions reductions across the Company’s full value chain., at the 2024 annual meeting of shareholders on May 14, 2024. New Risk • Mar 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 56% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (125% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.2% net profit margin). Buy Or Sell Opportunity • Mar 02
Now 20% undervalued Over the last 90 days, the stock has risen 21% to €248. The fair value is estimated to be €311, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 2.2% per annum. Earnings are also forecast to grow by 26% per annum over the same time period. Declared Dividend • Feb 19
Fourth quarter dividend of US$1.68 announced Shareholders will receive a dividend of US$1.68. Ex-date: 22nd February 2024 Payment date: 7th March 2024 Dividend yield will be 2.5%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (125% earnings payout ratio). However, it is well covered by cash flows (35% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 39% to bring the payout ratio under control. EPS is expected to grow by 106% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Annuncio • Feb 14
Cummins Inc. Declares Quarterly Common Stock Dividend, Payable on March 7, 2024 The Board of Directors of Cummins Inc. declared a quarterly common stock cash dividend of 1.68 dollars per share, payable on March 7, 2024, to shareholders of record on February 23, 2024. New Risk • Feb 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.2% Last year net profit margin: 7.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (125% payout ratio). Profit margins are more than 30% lower than last year (2.2% net profit margin). Reported Earnings • Feb 07
Full year 2023 earnings released: EPS: US$5.19 (vs US$15.20 in FY 2022) Full year 2023 results: EPS: US$5.19 (down from US$15.20 in FY 2022). Revenue: US$34.1b (up 21% from FY 2022). Net income: US$735.0m (down 66% from FY 2022). Profit margin: 2.2% (down from 7.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 3% per year. Annuncio • Feb 06
Cummins Inc. Provides Earnings Guidance for the Year 2024 Cummins Inc. provided earnings guidance for the year 2024. Based on its current forecast, the company projects full year 2024 revenues to decline 2% to 5% on a year-over-year basis. Buying Opportunity • Dec 23
Now 20% undervalued Over the last 90 days, the stock is up 1.0%. The fair value is estimated to be €270, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings is also forecast to grow by 1.3% per annum over the same time period. Upcoming Dividend • Nov 15
Upcoming dividend of US$1.68 per share at 3.0% yield Eligible shareholders must have bought the stock before 22 November 2023. Payment date: 07 December 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (5.1%). In line with average of industry peers (3.0%). New Risk • Nov 04
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 40% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risk High level of debt (40% net debt to equity). Annuncio • Nov 03
Cummins Inc. Raises Earnings Guidance for the Full Year 2023 Cummins Inc. raised earnings guidance for the full year 2023. For the period, the company raising its full year 2023 revenue guidance to be up 18% to 21% due to strong demand across most markets, especially North America. New Risk • Nov 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Annuncio • Oct 28
Cummins Inc. Names Amy Davis President of Components Business Segment Cummins Inc. announced that Amy Davis will assume leadership of both the Accelera and Components Business Segments, serving as President – Accelera and Components, effective November 1, 2023. Davis has led the Accelera business since 2020 and has a strong track record of growing and evolving the businesses she leads, while leaning on existing skills and investing in the growth and development of her workforce. In Accelera, Davis led the acquisition and integration of several key businesses, growing annual revenues more than 400% and increasing electrolyzer order backlog tenfold. Davis is very familiar with the Components Business, having served as Vice President of the Cummins Filtration business prior to her current role, where she achieved record revenues and profits. Davis joined Cummins in 1994 and had held numerous roles. Prior to her role in the Filtration Business, she served as President of the Cummins Northeast distributor, where she oversaw significant revenues and profit increases. She has also served in other roles at Cummins, including General Manager of the European Bus Business; Marketing Communications for the Engine segment; leader of Market Strategy, Planning and Customer Support Excellence in global engine markets; and Executive Director of the Medium Truck and Bus Business. Annuncio • Oct 18
Cummins Inc. Announces Departure of Mahesh Narang as President of the Components Business, Effective on October 27, 2023 Cummins Inc. announced that Mahesh Narang, Cummins Vice President and President of the Components Business, is departing Cummins on Oct. 27 to pursue an external opportunity. Mahesh served in a variety of business leadership roles during his more-than 20-year career at Cummins. Narang has led the Components Business since 2021. During that time, Mahesh launched a forward-thinking strategic framework for the business, focused on driving growth in core diesel segments, while also expanding into adjacencies and new technologies on the path to zero. Mahesh grew the business, expanded its capabilities, and led the acquisition and integration of Jacobs Vehicle Systems and Meritor, the largest acquisition in Cummins’ history. Prior to his current role, Narang led Cummins Emission Solutions, a global leader in designing, manufacturing and integrating exhaust aftertreatment solutions to meet the highest emissions standards worldwide. He also previously served as Vice President and General Manager of Cummins Turbo Technologies, another business unit within the Components Segment, as well as Chief Operating Officer of Cummins’ India Area Business Organization. Buying Opportunity • Oct 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.9%. The fair value is estimated to be €265, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 2.0% per annum. Earnings is also forecast to grow by 1.8% per annum over the same time period. Annuncio • Aug 30
Cummins Inc. Announces Resignation of Tracy Embree as President of the Distribution Business, Effective from September 9, 2023 Cummins Inc. announced that Tracy Embree, Cummins Vice President and President of the Distribution Business, is leaving Cummins on September 8 to pursue an external opportunity. Tracy served in a variety of leadership roles during her distinguished 23-year career at Cummins. Embree has led the Cummins Distribution Business since 2019. Over that time, the business delivered record sales and EBITDA; recentered its strategy around delivering a differentiated customer experience; improved employee and leadership development; and executed its technology roadmap to support the business strategy. From 2014 to 2019, Embree led the Components Business during a particularly significant time for the growth of that segment. Under her leadership, the business achieved record sales and profitability and expanded its product line to include transmissions. Embree also helped to increase market share around the world in core business areas and develop key technologies to ensure Cummins engines and its customers would meet the increasingly challenging global emissions standards. Embree held other key leadership roles during her career including president of the Turbo Technologies Business, executive director of the Global Midrange On-Highway Engine Business, and executive director of Cummins’ Chrysler Business. Upon Embree’s departure, Cummins Senior Vice President Tony Satterthwaite will serve as interim leader of the Distribution Business, which he previously led from 2015-2019. Satterthwaite has been with Cummins since 1988 and over the course of his 35-year Cummins career, he has served in a variety of leadership roles including President and Chief Operating Officer, President of the Distribution Business, Power Generation Business and a number of other global leadership roles. Upcoming Dividend • Aug 17
Upcoming dividend of US$1.68 per share at 2.9% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 07 September 2023. Payout ratio is a comfortable 35% and the cash payout ratio is 81%. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (4.8%). In line with average of industry peers (2.7%). Annuncio • Aug 04
Cummins Inc. Reaffirms Revenue Guidance for Full Year 2023 Cummins Inc. reaffirmed revenue guidance for full year 2023. Based on its current forecast, Cummins is maintaining its full year 2023 revenue guidance to be up 15 to 20 % due to strong demand across most markets, especially North America. The outlook above includes the projected results of the Meritor business for 2023. The outlook assumes the inclusion of Atmus for the entirety of 2023, but excludes any costs or benefits associated with the planned separation of the business. Within the Components Segment, Cummins expects revenues of the Meritor business for 2023 to be between $4.7 billion to $4.9 billion. The company plans to continue to generate strong operating cash flow and returns for shareholders and is committed to long-term strategic goal of returning 50 percent of operating cash flow back to shareholders. In the near term, will focus on reinvesting for profitable growth, advancing dividends and reducing debt. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: US$5.08 (vs US$4.97 in 2Q 2022) Second quarter 2023 results: EPS: US$5.08 (up from US$4.97 in 2Q 2022). Revenue: US$8.64b (up 31% from 2Q 2022). Net income: US$720.0m (up 2.6% from 2Q 2022). Profit margin: 8.3% (down from 11% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 11% per year. Board Change • Aug 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Gary Belske was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annuncio • Jul 13
Cummins Inc. Announces Board Changes Cummins Inc. announced its Board of Directors has unanimously elected Cummins President and Chief Executive Officer (CEO) Jennifer Rumsey to Chair of the company's Board of Directors, effective August 1, 2023. Rumsey succeeds Tom Linebarger, who is retiring from both of his Cummins positions as Executive Chairman and Chairman of theBoard, effective July 31, 2023. Rumsey was first appointed to the Cummins Board of Directors in February 2022 and has served as President and CEO of the company since August 2022. She has held numerous pivotal roles within the company during her more than two decades with Cummins, including Chief Technical Officer, President of the Components business and Chief Operating Officer. The combined roles of Chair and CEO will position Rumsey to continue leading the company into the future, leveraging hertechnical expertise, deep understanding of Cummins' business and powering customers' success throughout the energy transition. Linebarger served as Cummins' Chairman and CEO from 2012 to 2022 and as Executive Chairman of the company for the past year. During his 10-year tenure, the company grew its revenue from $17.3 billion to a record $28.1 billion last year. Linebarger spearheaded the evolution of the company to ensure its continued industry leadership, including the formation of Accelera by Cummins, the company's zero-emissions solutions business segment, and the broadening of its product portfolio through notable mergers and acquisitions including the largest-ever in the Cummins' history with theacquisition of Meritor. Across the cycles, he continued to invest significantly in employee development and wellbeing, leaving behind a highly capable group of diverse leaders. The transition announced is consistent with the Board's succession planning and commitment to effective leadership at all levels. A co-architect of Destination Zero, Rumsey has significantly advanced the company's decarbonization strategy in her first year as CEO while garnering three consecutive quarterly revenue records in late 2022 and early 2023. Rumsey is a Columbus, Indiana (USA), native and member of the Society of Women Engineers, Society of Automotive Engineers and Women in Trucking Association. She holds a Bachelor of Science in Mechanical Engineering from Purdue University and a Master of Science in Mechanical Engineering from Massachusetts Institute of Technology. Throughout hercareer, she has been an advocate for diversity, equity and inclusion and women in STEM fields. She resides in Columbus with her husband and has two college-age daughters. Annuncio • Jul 12
Cummins Inc. Increases Quarterly Cash Dividend, Payable on September 7, 2023 The Board of Directors of Cummins Inc. approved an increase in the company’s quarterly common stock cash dividend of approximately 7% to $1.68 per share from $1.57 per share. The dividend is payable on September 7, 2023, to shareholders of record on August 25, 2023. Annuncio • Jul 01
Cummins Inc. (NYSE:CMI) acquired 19% stake in Hydrogenics Corporation from L'Air Liquide S.A. (ENXTPA:AI). Cummins Inc. (NYSE:CMI) acquired 19% stake in Hydrogenics Corporation from L'Air Liquide S.A. (ENXTPA:AI) on June 30, 2023.Cummins Inc. (NYSE:CMI) completed the acquisition of 19% stake in Hydrogenics Corporation from L'Air Liquide S.A. (ENXTPA:AI) on June 30, 2023. Annuncio • Jun 16
Cummins Inc. Announces a New Line of Onan RV and Commercial Mobile Generators Cummins Inc. announced a new line of Onan RV and Commercial Mobile generators compliant with California Air Resource Board (CARB) Small Off-Road Engines (SORE) 2024 standards. The current spark-ignited product portfolio will be certified to the new regulations. The Onan Quiet Gas portfolio has undergone some mechanical changes and engine calibration adjustments to reach the significant emissions reductions targets. Cummins is also introducing an entirely new generator platform to the Quiet Gas series called Onan QG 4000i. The Onan QG 4000i replaces the current QG 4000 and features electronic fuel injection, a permanent magnet alternator and inverter technology to provide quieter operation, more fuel efficiency, and over 50% reduction in hydrocarbon (HC) + nitrogen oxide (NOx) and carbon dioxide (CO) emissions. The QG 4000i features a closed loop fuel system which utilizes an oxygen sensor to provide critical operating feedback to the engine. This feedback from the oxygen sensor allows the engine to optimize the system for maximum fuel efficiency and minimum exhaust emissions, a feature never before available on an Onan generator. The Onan QG 4000i will be available for sale in California in April 2024. The recently confirmed CARB amendments to the Small Off-Road Engine (SORE) emissions regulation will impact engines powered by gasoline and liquid propane vapor (LP) used in RV generators. The reduction in emissions required to meet the new regulation starting in January 2024 is significant. The SORE regulation measures HC+NOx as well as CO across what is called an emissions durability period. Not only have the emissions limits been reduced on this change, but the emissions durability period has also been extended. The regulation does not measure all engines the same, instead they are categorized based on engine size. Two engine size categories, below 225cc and 225-825cc, represent the majority of spark-ignited RV generators available on the market between 2.5kW and 7kW. The Onan QG 3600 LP, QG 5500 LP, and QG 6500 LP operate on liquid propane vapor which is a cleaner burning fuel than gasoline; therefore, it will meet the emissions regulation with no mechanical changes. The entire portfolio of LP generators will be available in California beginning January 1, 2024. The Onan QG 2500i LP and QG 2800i were introduced in 2020 featuring a variable speed electronic fuel injection engine and inverter technology. With a few more mechanical enhancements and new engine calibration, this generator will be available in California in February 2024. The Onan QG 5500 and QG 7000 generators have EFI variants available and are undergoing electronic calibration and certification development to reach the new targets. There are no expected hardware changes on this product platform. Only the EFI variants will be available for sale in California beginning in April 2024. While these emissions reductions are very challenging, Cummins is prepared to achieve them with modern engine technology such as electronic fuel injection and exhaust aftertreatment. Cummins innovates technology and products to meet government regulations related to the emissions of their products. Cummins understands that sustainability should be everyone’s goal because strong communities and vibrant economies depend on a healthier planet. The company has a rich history of providing the RV industry with reliable power generation, and this is no exception. OEMs and RV dealers will get a first look at the new product portfolio beginning in June as Cummins kicks off the Onan Unplugged Tour. Cummins RV experts are visiting several cities across the country this summer and fall to demonstrate the new products. Annuncio • May 25
Cummins Inc. (NYSE:CMI) agreed to acquire Two of Faurecia's commercial vehicle manufacturing plants and their related activities from Faurecia S.E. (ENXTPA:EO). Cummins Inc. (NYSE:CMI) agreed to acquire Two of Faurecia's commercial vehicle manufacturing plants and their related activities from Faurecia S.E. (ENXTPA:EO) for €140 million on May 23, 2023. Cummins intends to finance the transaction using cash on the company’s balance sheet. The transaction, which is subject to customary closing conditions, receipt of applicable regulatory approvals in the United States, Germany and the Netherlands, and favorable completion of the consultation process with the works council and trade unions in Roermond, is expected to close by the end of the calendar year. Annuncio • May 05
Cummins Begins Field Testing X15N CNG Engine as Carbon Intensity of California RNG Supply Drops Further Below Zero At this year's Advanced Clean Transportation (ACT) Expo, the California Natural Gas Vehicle Partnership (CNGVP) collaborated with Cummins Inc. to host a May 3rd media event showcasing the Cummins X15N 15-liter natural gas engine in a Class 8 truck chassis for the first time in North America. During the media event, Cummins shared insight into its plans to bring the X15N engine to market, including announcing that the company had begun field testing the engine with key fleet partners. Cummins anticipates that starting in 2024, fleets will have the opportunity to order factory-built Class 8 trucks with the Cummins X 15N 15-liter engine as PACCAR has announced availability in both the Kenworth and Peterbilt brands. Designed as an economic and environmental sustainability solution for heavy-duty transport, the Cummins X15N engine will enable fleets to achieve powerful performance with a range of at least 750 miles even when hauling 82,000-pound loads over challenging terrains. RNG consumed by vehicles in California - which is produced from a variety of organic and renewable sources, including wastewater treatment plants, food and green waste, landfills, dairies, and more - had an energy weighted average carbon intensity of -87.74 gCO2e/MJ for calendar year 2022, according to California's Low Carbon Fuel Standard (LCFS) program data reported on April 28, 2023. Growth in the volume of swine and dairy gas being reported into California's LCFS program is the main factor continuing to drive the carbon intensity of the state's natural gas transportation fuel to plunge further and further below zero carbon. During 2022, RNG made up approximately 98% of all natural gas used for transportation fuel in California for the second year in arow. Beyond reducing emissions, fleet operators can save money on fuel costs by using natural gas, which supported a clear cost advantage over diesel throughout 2022. On average, the pump price for natural gas in 2022 was $2.73 per diesel gallon equivalent (DGE), while diesel fuel averaged well over $5/gallon according to the United States Department of Energy. Fleets with onsite natural gas fueling infrastructure and well-negotiated fueling contracts report RNG prices as low as $1.00 per DGE. Several federal tax credits are available to help fleets benefit from utilizing natural gas fuel, including the recently reauthorized Alternative Fuel Tax Credit of $0.50 per gallon passed as part of the Inflation Reduction Act (IRA) in 2022. Under the IRA, a Clean Fuel Production Credit of ~ $1.00 per gallon was also created to reduce the cost of producing natural gas for fleets. Buying Opportunity • May 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be €254, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 10%. For the next 3 years, revenue is forecast to grow by 2.0% per annum. Earnings is also forecast to grow by 1.5% per annum over the same time period. Reported Earnings • May 03
First quarter 2023 earnings released: EPS: US$5.58 (vs US$2.94 in 1Q 2022) First quarter 2023 results: EPS: US$5.58 (up from US$2.94 in 1Q 2022). Revenue: US$8.45b (up 32% from 1Q 2022). Net income: US$790.0m (up 89% from 1Q 2022). Profit margin: 9.3% (up from 6.5% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 14% per year. Annuncio • Feb 20
Cummins Inc. Announces New 540 Horsepower L9 for Defence Applications Cummins Inc. announced its ISL9 diesel engine is now available up to 540 horsepower for military ground vehicles. The ISL9 is already proven in a wide variety of equipment; commercial on and off-highway and military vehicles like armoured personnel carriers, infantry fighting vehicles and logistical trucks. Light weight, compact and fuel-efficient engine, the ISL9 offers distinct advantages to global vehicle manufacturers, with a simplified engine architecture that reduces complexity for ease of installation. For operators, it provides high performance with low operating costs with the added capabilities to run on military grade high sulphur diesel, while offering excellent reliability. From this knowledge and experience, Cummins has fully optimized the 9-litre engine, increasing power by an additional 20%. Torque capability is also increased up to 1,900 Nm. The optimization of key performance parts, and the integration of Cummins HE500 Variable Geometry Turbocharger (VGT), has been key in achieving this improvement. The VGT has a unique patented one-piece sliding-nozzle design which precisely adjusts the airflow delivered to the engine. It combines the benefits of a small and a large turbocharger in a single unit. The sliding nozzle varies the exhaust gas flow into the turbine wheel to provide rapid boost at low engine rpm and then maintain high boost at higher rpm. The new 540 horsepower ISL9 offers mobile defence equipment improved engine response time for demanding gradients and tough terrain in challenging climates. The higher power capability allows vehicles to carry a heavier load, more people, more equipment and more armory. The vehicles can do this without sacrificing speed or reliability. Engines are now available for vehicle integration and testing purposes through local representatives. Recent Insider Transactions • Feb 19
Independent Director recently sold €456k worth of stock On the 15th of February, Georgia Nelson sold around 2k shares on-market at roughly €236 per share. This transaction amounted to 7.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €3.0m more than they bought in the last 12 months. Annuncio • Feb 18
Faurecia and Cummins in Exclusive Negotiations Regarding the Potential Sale of A Designated Part of Faurecia's Commercial Vehicle Exhaust Business in Europe and the United States Faurecia S.E. (ENXTPA:EO) has entered into exclusive negotiations with Cummins Inc. (NYSE:CMI) for the potential sale of a designated part of its commercial vehicle exhaust aftertreatment business in Europe and in the United States for an enterprise value of EUR 150 million. The potential sale includes two manufacturing plants, one located in Roermond, Netherlands, and one in Columbus, Indiana, USA, which would benefit if the transaction occursfrom the integration within Cummins to secure long-term business for the supply of internal combustion engines exhaust aftertreatment for commercial vehicles. Annuncio • Feb 15
Cummins Inc. Declares Quarterly Common Stock Cash Dividend, Payable on March 9, 2023 The Board of Directors of Cummins Inc. declared a quarterly common stock cash dividend of $1.57 per share, payable on March 9, 2023, to shareholders of record on February 24, 2023. Reported Earnings • Feb 07
Full year 2022 earnings released: EPS: US$15.20 (vs US$14.74 in FY 2021) Full year 2022 results: EPS: US$15.20 (up from US$14.74 in FY 2021). Revenue: US$28.1b (up 17% from FY 2021). Net income: US$2.15b (flat on FY 2021). Profit margin: 7.7% (down from 8.9% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Feb 07
Cummins Inc. Provides Earnings Guidance for the Full Year 2023 Cummins Inc. provided earnings guidance for the full year 2023. For the period, the company expects revenues to be up 12% to 17%. Annuncio • Jan 24
Cummins Inc. Announces Executive Changes Cummins Inc. announced that after 39 years with the company, Amy Boerger, Vice President and General Manager – North America On-Highway, will retire at the end of March 2023. With the announcement of her retirement, José Samperio, will assume the role of Executive Director and General Manager – North America On-Highway. Boerger spent her 39 years at Cummins pioneering the advancements of the trucking industry, the business and building strong relationships with stakeholders, elevating Cummins reputation as a company who deeply values its customers and partners. An advocate for supporting others, Boerger was influential in fearlessly opening doors to new opportunities for women and distinguished herself as an effective, successful and high-profile leader in the field in a once predominantly male-dominated industry. She began her career at the Cummins Engine Plant (CEP) as the first female engineer in product engineering and continued to forge her own path in field sales as one of the first saleswomen and account executives within the company. Boerger focused her energy cultivating customer connections and expanding the business with some of Cummins’ large OEM customers, before heading up the global retrofit emissions business when Cummins Emissions Solutions launched in 2002. She returned to the on-highway business in 2014 as the Executive Director – North America Engine Business and was shortly appointed an officer of Cummins as Vice President – Sales, with her continued success defining a relationship-driven approach to working with customers. A champion for the entire industry, Boerger was a finalist for the Women in Trucking Association’s Influential Women in Trucking award in 2014 and has been significantly involved in the American Trucking Association (ATA), including as a member of the executive board and Women in Motion Advisory Board, and the Allied Committee for the Trucking Industry (ACT 1), serving as its vice president in 2018 and the president in 2019 and 2020. She has extensive service with the Trucking Cares Foundation, served on the research advisory committee for the American Transportation Research Institute (ATRI) and the board of directors for the Truckload Carriers Association. José Samperio, Executive Director and General Manager – Sales for Cummins On-Highway Business in North and South America, will succeed Boerger as Executive Director and General Manager – North America On-Highway Samperio brings nearly 20 years of Cummins experience across engineering, service, strategy and sales. His Cummins career began at the Jamestown Engine Plant as a product engineer, a service engineer and in distribution service shop operations. Samperio spent time in Beijing, China, as a leader launching new products followed by a role as General Manager for Cummins Power Systems business in Latin America located in Sao Paulo, Brazil. He also served as the Engine Business Strategy Leader where his work has been vital in helping craft the long-term vision for the Cummins powertrain business, with a heavy focus on technology roadmaps. Over the last two years as the Executive Director – Sales for the On-Highway Business in North and South America, he has collaborated across Cummins to develop deep relationships with dealers, fleets and industry personnel. Samperio has beeninstrumental in reenergizing Cummins relationships with private truck carriers, forming an excellent customer council and building a cross-functional organization to support the evolving needs of sales operational excellence, as well as alternative fuel and digital strategies. Samperio serves on the board of directors for North American Council for Freight Efficiency (NACFE) and the board of governors for the National Private Truck Council (NPTC) Institute. He also serves on the American Transportation Research Institute’s (ATRI) Research Advisory Committee and the American Trucking Associations’ (ATA) Technology and Engineering Policy Committee. Outside of work Samperio serves on the Board of Directors at the Indiana Sports Corp, the nation's first sports commission, and the Eiteljorg Museum of American Indians and Western Art. He sits on the Parish Council at Saint Thomas Aquinas Catholic Parish and has supported the Exodus Refugee Center in Indianapolis. He also recently served on the Board of the Butler Tarkington Neighborhood Association, one of the first integrated neighborhoods in Indiana, and is a frequent participant in many Keep Indianapolis Beautiful programs. 
