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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
Website
CEO
Norman Linebarger
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
CUMMINS ENGINE CO INC
SEC CIK
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

Calendar

3 Aug 22
9 Aug 22
31 Dec 22
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

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
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%

Financial report summary

?
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

Patents

Utility
Dedicated thermal management for an SCR system
9 Aug 22
An aftertreatment system includes: a selective catalytic reduction (SCR) system configured to decompose constituents of exhaust gas; an exhaust conduit configured to deliver the exhaust gas to the SCR system; a hydrocarbon insertion assembly; a valve operably coupled to the exhaust conduit, the valve configured to be selectively opened so as to allow a first gas to enter the exhaust conduit and mix with the exhaust gas; and a controller configured to: determine a SCR system temperature, in response to the SCR system temperature being less than a target temperature, instruct the hydrocarbon insertion assembly to insert hydrocarbons into the exhaust gas, and in response to the SCR system temperature being greater than the target temperature, instruct the valve to open so as to allow the first gas to enter the exhaust conduit, a first gas temperature of the first gas being lower than the SCR system temperature.
Utility
Reductant injection in exhaust manifold
9 Aug 22
An aftertreatment system comprises a first passageway having a first temperature and a second passageway having a second temperature different than the first temperature.
Utility
No Filter No Run Fluid Filter with Integration of Low Pressure Fluid System
4 Aug 22
A no filter no run (NFNR) fluid filter and fluid filter assembly are provided.
Utility
Battery Pack Housing
4 Aug 22
A battery pack housing for a battery pack comprising a plurality of battery cells is disclosed.
Utility
Method and System for Improving Fuel Economy of a Hybrid Powertrain In a Vehicle
4 Aug 22
Methods and systems for improving fuel economy and reducing emissions of a vehicle with an electric motor, an engine and an energy storage device are disclosed.