Cummins (CMI)

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company's products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,825 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020.

Company profile

Ticker

CMI

Exchange

NYSE

Website

www.cummins.com

CEO

Norman Linebarger

Incorporated

Indiana

Location

Indiana

Fiscal year end

Dec 31

Sector

Manufacturing > Other Engine Equipment Manufacturing

Industry (SIC)

Engines & Turbines

BWX • Brunswick • TPI Composites • Westport Fuel Systems • Capstone Green Energy • Power Solutions International • Unrivaled Brands • Novo Integrated Sciences • Regi U S • Carnegie Development ...

Former names

CUMMINS ENGINE CO INC

SEC CIK

0000026172

Corporate docs

Articles of Incorporation & Bylaws

Underwriting Agreements

Plans of Reorganization

Indentures

Material Contracts & Credit Agreements

Subsidiaries Lists

Subsidiaries

Apollo FC Holdings Ltd. • Atlantis Holdco UK Limited • AVK Holdco UK Limited • Centro de Fomento para Inclusión, S. de R.L. de C.V. • Cherry Island Renewable Energy, LLC • CMI 2020 Holdings LLC • CMI Africa Holdings BV • CMI Canada Financing Ltd. • CMI Canada LP • CMI Foreign Holdings B.V. ...

IRS number

350257090

CMI stock data

1M 1Y 5Y

News

From Benzinga Pro

Starbucks To $93? Plus JP Morgan Predicts This PT For AMD

3 Aug 22

Needham cut the price target for Airbnb, Inc. (NASDAQ: ABNB) from $220 to $150. Airbnb shares fell 6.7% to $108.51 in pre-market trading.

Credit Suisse Maintains Outperform on Cummins, Raises Price Target to $266

3 Aug 22

Credit Suisse analyst Jamie Cook maintains Cummins (NYSE:CMI) with a Outperform and raises the price target from $249 to $266.

Cummins Clocks 8% Sales Growth In Q2, Reiterates FY22 Outlook

2 Aug 22

Recap: Cummins Q2 Earnings

2 Aug 22

Cummins Q2 EPS $4.94 Beats $4.35 Estimate, Sales $6.59B Beat $6.48B Estimate

2 Aug 22

Press releases

From Benzinga Pro

Cummins Completes Acquisition of Meritor

3 Aug 22

Addition of Meritor strengthens Cummins' industry-leading range of powertrain components and will enable accelerated development of electrified power solutions Global power and technology leader, Cummins Inc.

Cummins Reports Second Quarter 2022 Results

2 Aug 22

Second quarter revenues of $6.6 billion; GAAP1 Net Income of $702 million (10.7 percent of sales) EBITDA in the second quarter was 16.0 percent of sales; Diluted EPS of $4.94 Second quarter results include $29

AdaptHealth Set to Join S&P SmallCap 600

1 Aug 22

NEW YORK, Aug. 1, 2022 /PRNewswire/ -- AdaptHealth Corp. (NASD: AHCO) will replace Meritor Inc. (NYSE:MTOR) in the S&P SmallCap 600 effective prior to the opening of trading on Thursday, August 4. S&P 500

Cummins collaborates with company pioneering energy storage technology to advance Destination Zero strategy

29 Jul 22

AGCO Announces Chief Supply Chain Officer Succession

21 Jul 22

Analyst ratings and price targets

Last 3 months

Average target

$214.75

Low target

$187.00

High target

$266.00

Calendar

3 Aug 22

9 Aug 22

31 Dec 22

Financial summary

Financial statements Chart CMI financial data

Quarter (USD)	Jun 22	Mar 22	Dec 21	Oct 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Annual (USD)	Dec 21	Dec 20	Dec 19	Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	2.46B	2.46B	2.46B	2.46B	2.46B	2.46B
Cash burn (monthly)	(no burn)	1.58M	(no burn)	(no burn)	(no burn)	(no burn)
Cash used (since last report)	n/a	2.12M	n/a	n/a	n/a	n/a
Cash remaining	n/a	2.46B	n/a	n/a	n/a	n/a
Runway (months of cash)	n/a	1553.6	n/a	n/a	n/a	n/a

Beta Read what these cash burn values mean

Financial data from Cummins earnings reports.

Recent insider trades

CMI insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	$Price	#Shares	$Value	#Remaining
11 Jul 22	Gary L Belske	Common Stock	Grant	Acquire A	No	No	0	817	0	817
25 May 22	ChangDiaz Franklin R	Common Stock	Sell	Dispose S	No	No	199.62	1,560	311.41K	4,842
25 May 22	Norbert Nusterer	Common Stock	Option exercise	Acquire M	No	No	111.84	1,100	123.02K	17,730
25 May 22	Norbert Nusterer	Common Stock	Option exercise	Acquire M	No	No	109.09	2,200	240K	16,630
25 May 22	Norbert Nusterer	Stock Option (Right-to-Buy) Common	Option exercise	Dispose M	No	No	109.09	2,200	240K	4,105
25 May 22	Norbert Nusterer	Stock Option (Right-to-Buy) Common	Option exercise	Dispose M	No	No	111.84	1,100	123.02K	0

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

Institutional ownership, Q1 2022

CMI institutional ownership history Ownership history

91.9% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	1190	1239	-4.0%
Opened positions	101	178	-43.3%
Closed positions	150	95	+57.9%
Increased positions	517	414	+24.9%
Reduced positions	374	429	-12.8%

13F shares	Current	Prev Q	Change
Total value	23.24B	24.73B	-6.0%
Total shares	113.45M	113.72M	-0.2%
Total puts	1.09M	1.41M	-22.6%
Total calls	1.06M	1.08M	-2.0%
Total put/call ratio	1.0	1.3	-21.0%

Largest owners	Shares	Value	Change
Vanguard	12.87M	$2.64B	-0.4%
BLK Blackrock	12.3M	$2.52B	+4.6%
STT State Street	6.64M	$1.36B	-1.7%
TROW T. Rowe Price	3.07M	$628.7M	+16.2%
Capital Research Global Investors	2.86M	$587.56M	+0.0%
Geode Capital Management	2.78M	$568.11M	-1.7%
Charles Schwab Investment Management	2.37M	$486.14M	+7.9%
AMP Ameriprise Financial	2.17M	$445.78M	+1.7%
LSV Asset Management	2.14M	$438.5M	+4.6%
NTRS Northern Trust	2.07M	$424.26M	-0.9%

Largest transactions	Shares	Bought/sold	Change
Norges Bank	0	-1.39M	EXIT
SF Stifel Financial	1.46M	+1.31M	+880.6%
Amundi	1.1M	+581.6K	+111.4%
BLK Blackrock	12.3M	+544.9K	+4.6%
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main	974.18K	+520.31K	+114.6%
MNGPF Man	419.87K	-509.55K	-54.8%
Castleview Partners	2.29K	-480.67K	-99.5%
Millennium Management	81.67K	-451.52K	-84.7%
PRU Prudential Financial	196.36K	-446.27K	-69.4%
TROW T. Rowe Price	3.07M	+426.27K	+16.2%

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Financial report summary

Competition

Regal Rexnord • Coates International • Capstone Green Energy • Clean Energy • Cool • Pioneer Power Solutions • Generac • CNH Industrial • Polar Power • ASV

Risks

We are conducting a formal internal review of our emission certification process and compliance with emission standards with respect to our pick-up truck applications and are working with the EPA and CARB to address their questions about these applications. Due to the continuing nature of our formal internal review and on-going discussions with the EPA and CARB, we cannot predict the final results of this formal review and these regulatory processes, nor whether, or the extent to which, they could have a material adverse impact on our results of operations and cash flows.
The ongoing conflict between Russia and Ukraine, and the global response (including government bans or restrictions on doing business in Russia), could have a material adverse impact on our results of operations, financial condition and cash flows.
Failure to successfully integrate the acquisition of Meritor, Inc. (Meritor) could have a material adverse impact on our results of operations, financial condition and cash flows.
We may fail to fully realize all of the anticipated benefits, including enhanced revenue, earnings, and cash flow from our acquisition of Meritor.

Management Discussion

Our industry's sales continue to be unfavorably impacted by supply chain constraints leading to shortages across multiple components categories and limiting our collective ability to meet end-user demand. Our customers are also experiencing other supply chain issues limiting full production capabilities.
Worldwide revenues increased 8 percent in the three months ended June 30, 2022, compared to the same period in 2021, due to favorable pricing and higher demand in most operating segments and most geographic regions except for China. Net sales in the U.S. and Canada improved 15 percent, primarily due to favorable pricing and increased demand in North American on-highway markets, which positively impacted all components businesses, and most distribution product lines. International demand (excludes the U.S. and Canada) declined 2 percent, with lower sales in China (due to a sharp slowdown in truck and construction markets, exacerbated by COVID lockdowns) and Russia, partially offset by higher sales in all other geographic regions. The decrease in international sales was principally due to lower demand in China as the result of COVID-related lockdowns significantly reducing demand in most businesses. Unfavorable foreign currency fluctuations impacted international sales by 3 percent (primarily the Euro, British pound and Indian rupee).
Worldwide revenues increased 6 percent in the six months ended June 30, 2022, compared to the same period in 2021, due to favorable pricing and higher demand in most operating segments and most geographic regions except for China. Net sales in the U.S. and Canada improved 14 percent, primarily due to favorable pricing and increased demand in North American on-highway markets, which positively impacted all components businesses and all distribution product lines. International demand (excludes the U.S. and Canada) declined by 3 percent, with lower sales in China (due to a sharp slowdown in truck and construction markets, exacerbated by COVID lockdowns), partially offset by higher sales in all other geographic regions. The decrease in international sales was principally due to lower demand in China as the result of COVID-related lockdowns significantly reducing demand in most businesses. Unfavorable foreign currency fluctuations impacted international sales by 2 percent (primarily the Euro, British pound and Indian rupee).

Content analysis

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	8th grade Good

New words: adding, ahead, approach, assigned, axle, blocked, combustion, contributory, cylinder, deactivation, deducted, deductible, determined, drawn, drew, exacerbated, extricate, extrication, hierarchy, Indian, inflationary, initial, intangible, isolate, Jacob, Japanese, JV, List, marketplace, method, obsolescence, obtain, people, preliminary, prospective, recognition, recovered, recovery, relationship, relief, repaid, reserved, robust, rupee, sharp, small, stream, SUBSEQUENT, tangible, term, thermal, transferred, yen

Removed: approval, Asia, closed, fee, number, Pacific, President, ranging, transmission

From filing 10-Q 2022 Q2

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