Cummins rakes in record revenue, exceeds Wall Street expectations
The Columbus-based engine manufacturer posted revenue of $6.13 billion in the second quarter, up 21 percent from the same period of 2017.
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.
The program, which Cummins is describing as its “most ambitious community initiative ever,” is called Cummins Powers Women.
The company said demand for medium- and heavy-duty trucks in China increased 40 percent in 2017, in part because government enforcement of vehicle-overloading regulations accelerated truck replacements.
The Columbus-based engine maker saw fourth-quarter sales jump 22 percent, but it ended up posting a loss because of charges related to tax reform.
The company's revenue from China, including joint ventures, rose 46 percent in the latest quarter.
The Indiana-based manufacturer outpaced Wall Street expectations with a 26 percent increase in revenue and 57 percent rise in profit in the third quarter.
Cummins said the acquisition is an “important milestone” as it works to introduce its first all-electric engines.
A virtual-power purchase agreement is a new type of energy contract that allows a large customer to support green-energy projects and hedge electricity prices
Industry players find themselves in a precarious spot. If they don’t embrace the electric-vehicle future, they look backward. But if they dive in with excessive exuberance, they risk wasting hundreds of millions of dollars.
Cummins Inc. missed Wall Street expectations with its bottom line, but raised its outlook for the full-year.
One of the projects will be located at the global headquarters of the Fortune 500 engine maker, and the other will involve construction of a new railroad overpass in the city.
Q&A with Sherry Aaholm, Cummins Inc.: “My mother, early on, taught me the value of hard work, the value of recognizing diversity, the value of recognizing engagement and the fact that you’re just as powerful to do what you want to do.”
The Columbus-based company, known for its diesel engines, says it’s positioning itself for the future in alternative vehicle technologies.
The engine maker’s profit and revenue in the first quarter beat the expectations of analysts.
Each company is expected to have equal ownership of the joint venture, which will focus on medium- and heavy-duty automated transmissions.