Business
Cummins Raises 2030 Financial Targets, Announces Large-engine Capacity and Product Investments
Cummins Raises 2030 Financial Targets, Announces Large-engine Capacity and Product
About this update from Cummins Inc.
At a meeting with analysts and shareholders today, members of the leadership team of Cummins Inc. (NYSE: CMI), shared the Company’s plans to raise its long-term financial expectations for growth and profitability, relative to its prior Analyst Day, and deliver increasing returns to shareholders. “Over the past two years, Cummins has navigated significant complexity while continuing to execute with discipline and deliver record performance,” said Jennifer Rumsey, Chair and Chief Executive Officer. “Since our last Analyst Day, we have continued to strengthen our position and execute on both our strategy and financial commitments, even as market conditions shifted. As a result, I am pleased to share we are raising our 2030 financial targets.” “Cummins is able to succeed with our strategy because of our broad portfolio of innovative technologies and capabilities, trusted customer partnerships, global presence, experienced people and financial strength that allows us to invest in our future. All of this positions us to win in key markets.” Brett Merritt, Engine Business President, highlighted the continued momentum of the Engine Business. "Profitable growth will be driven by factors we have visibility to — new product content, customer wins and a growing aftermarket — and the investment to support this growth is now in place. Our foundation is strong: leading products, long-standing customer partnerships, scale and a distribution network no one else can match." Jenny Bush, Power Systems Business President, spoke to the segment’s operational transformation, capacity investments, and expanded portfolio. “Demand for reliable power is accelerating at an unprecedented pace, and we’ve positioned our Power Systems business to lead. Through disciplined investment, expanded capacity, deep vertical integration, and expansion into prime power, we’re scaling to meet that demand while consistently delivering value for our customers and investors.” Lastly, Mark Smith, Chief Financial Officer, summarized the Company’s plans for growth, margin expansion and capital allocation. “Cummins has a proven track record of raising performance cycle over cycle, and we look forward to building upon our market leadership, global presence and financial strength in the coming years. Since our prior Analyst Day, we have continued to deliver top-quartile return on invested capital and genera...