Shares of the Columbus-based engine maker dropped in early trading after second quarter results missed analyst expectations, even though sales and profit were up over a year ago.
The move comes as Cummins, long known as a diesel engine powerhouse, expands its efforts in alternative powertrain technologies.
Volkswagen AG is renewing efforts to sell minority stakes in non-core operations to streamline its business and focus on the main passenger-car brands, according to people familiar with the matter.
Indiana-based Cummins will check certification and compliance processes for engines in the 2019 Ram 2500 and 3500 trucks after conversations with the U.S. Environmental Protection Agency and the California Air Resources Board, the company said.
The Columbus-based engine-maker, which saw revenue increase 16 percent last year, expects revenue in 2019 to fall between flat and up 4 percent.
Cummins CEO Tom Linebarger says a practical, targeted approach will work better than “carpet-bombing” China with escalating tariffs.
The Truck and Engine Manufacturers Association, which represents Indiana-based Cummins Inc. and other engine manufacturers, said the proposal represents a chance to modernize how the agency oversees big-rig emissions.
Columbus-based Cummins Inc. is doing a bit of a juggling act these days—staking its claim in the new realm of electric vehicles while keeping its legacy diesel business humming.
Indiana-based Cummins Inc. on Tuesday beat expectations with its third-quarter earnings while narrowly missing revenue predictions.
Companies like Tesla Inc. predict battery-powered trucks will soon be ready for the long-haul market. But Indiana-based engine maker Cummins Inc. thinks electric vehicles are more suitable for shorter ranges.
A BMO Capital Markets analyst forecasts the engine manufacturer iwill see 16.9 percent revenue growth this year and 5.8 percent growth in 2019 before seeing a 2.9 percent decline in 2020.
The Columbus-based engine manufacturer posted revenue of $6.13 billion in the second quarter, up 21 percent from the same period of 2017.
General Electric Co. has agreed to sell its industrial gas engine business to a private equity for $3.25 billion, passing over interest in the acquisition from Columbus-based Cummins Inc.
GE is moving closer to a sale of its industrial gas-engine business for more than $3.5 billion after narrowing the list of bidders to a short list that includes Cummins, sources say.
Allison Transmission Holdings’ incoming CEO sees development of fully electric heavy trucks as a longer-term project.
The Indiana-based engine manufacturer reported a 21 percent jump in revenue, to $5.57 billion.
A sale of Jenbacher, which makes engines that generate power and heat for industrial facilities, is poised to be GE’s biggest to date in CEO John Flannery’s plan to reshape the company.