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.
COLUMBUS, IND.- 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.Key Points * Cummins is raising its 2030 financial targets as a result of disciplined investment and execution of its strategy, stronger market positions, and rising demand. * Cummins is further expanding capacity and product investments to extend and strengthen positioning in mining and power generation markets. * Cummins is positioned to win through its global presence, broad portfolio, trusted partnerships and experienced people. * Cummins reaffirms strategy, positioning the company for continued profitable growth and shareholder returns. '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 expa...