Publish date: 08/08/2018
COLUMBUS, Ind.--(BUSINESS WIRE)--Aug. 8, 2018-- Cummins Inc. (NYSE:CMI) today announced that it has entered into an accelerated share repurchase (ASR) agreement with Goldman, Sachs & Co. LLC (GS&Co.) to repurchase $500 million of Cummins’ common stock. Today’s ASR is part of Cummins’ previously announced share repurchase plans authorized by the Board of Directors and is consistent with the company’s plans to return 75 percent of Operating Cash Flow to shareholders in 2018. Under the terms of the ASR agreement, Cummins will repurchase $500
Publish date: 07/31/2018
Second quarter revenues of $6.1 billion GAAP1 Net Income of $545 million and Diluted EPS of $3.32 EBITDA of $0.9 billion or 14.6 percent of sales Full year revenues expected to increase 15 to 17 percent EBITDA is expected to be in the range of 14.8 to 15.2 percent of sales The Company finalized its plans for a previously disclosed product campaign, resulting in a charge of $181 million or $0.85 per diluted share in the second quarter COLUMBUS, Ind.--(BUSINESS WIRE)--Jul. 31, 2018--
Publish date: 07/27/2018
COLUMBUS, Ind.--(BUSINESS WIRE)--Jul. 27, 2018-- Cummins Inc. (NYSE: CMI) announced a settlement agreement has been reached with JM Turbo Technology Corporation precluding the manufacture or sale of products that infringe Cummins patents. As part of the settlement agreement, JM Turbo Technology acknowledged it illegally marketed and sold turbochargers protected by Cummins’ patents and other intellectual property rights registered in multiple countries. In addition, Cummins patents were infringed, valid and enforceable.
Publish date: 07/26/2018
LAKEWOOD, N.Y.--(BUSINESS WIRE)--Jul. 26, 2018-- Today Cummins Inc. (NYSE:CMI) announced the production of the two millionth engine at its Jamestown Engine Plant (JEP) in Jamestown, New York. JEP remains one of the company’s largest manufacturing facilities; it accounted for 14.7 percent of Cummins total engine production in 2017. Cummins acquired the more than one million-square-foot facility in 1974, using it initially to manufacture engine components. Since building their first engine in 1981, production in recent years typically exceeds
Publish date: 07/10/2018
COLUMBUS, Ind.--(BUSINESS WIRE)--Jul. 10, 2018-- The Board of Directors of Cummins Inc. (NYSE: CMI) today approved an increase in the company's quarterly cash dividend on common stock from 1.08 dollars per share, to 1.14 dollars per share, payable on September 4, 2018, to shareholders of record on August 22, 2018. "The increase in our dividend reinforces our commitment to increasing returns to shareholders and reflects our confidence in our long term performance," said Tom Linebarger, Chairman and Chief Executive Officer.