Cummins Inc. Issues $2 Billion in Senior Notes Across Three Maturities

On May 9, 2025, Cummins Inc. completed a $2 billion public debt offering, issuing:
• $300 million in 4.250% Senior Notes due 2028
• $700 million in 4.700% Senior Notes due 2031
• $1 billion in 5.300% Senior Notes due 2035

The notes were issued under a base indenture and three supplemental indentures with U.S. Bank Trust Company. Interest will be paid semi-annually, and the company may redeem the notes early, subject to make-whole premiums or par pricing depending on timing. Proceeds will be used for general corporate purposes, including refinancing existing debt. The offering is registered under the company’s shelf registration filed in February 2025.

Cummins Q1 2025 Earnings: Strong Power Systems Performance, Full-Year Guidance Withdrawn

Cummins Inc. reported first quarter 2025 revenue of $8.2 billion, down 3% year-over-year. Net income was $824 million, or $5.96 per diluted share, compared to $1.99 billion ($14.03 per share) in Q1 2024, which included a $1.3 billion gain from the Atmus separation. EBITDA for the quarter was $1.46 billion, or 17.9% of sales. Revenue declined 1% in North America and 5% internationally, with weaker demand in Latin America and Asia Pacific partially offset by growth in China.

Power Systems led segment performance with a 19% sales increase to $1.6 billion and EBITDA margin of 23.6%. The Distribution segment also saw double-digit growth (+15%), while Engine (-5%) and Components (-20%) segments declined, the latter reflecting the Atmus divestiture and weaker on-highway demand.

The company withdrew full-year 2025 guidance due to economic uncertainty, including tariff-related risks. CEO Jennifer Rumsey reaffirmed commitment to Cummins' "Destination Zero" decarbonization strategy.

Key product news included the launch of the new X10 and B7.2 diesel engines and expansion of hydrogen technologies via Accelera™, including a 100MW electrolyzer supply agreement with bp.

Cummins Inc. (NYSE: CMI) announced today that John Gaidoo has been appointed as Vice President and Chief Legal Officer, effective June 1. He will succeed Nicole Lamb-Hale following her transition to Chief Administrative Officer and Corporate Secretary.

Cummins Appoints Nicole Y. Lamb-Hale as Chief Administrative Officer and Corporate Secretary

Cummins Inc. (NYSE: CMI) announced on April 2, 2025, that Nicole Y. Lamb-Hale will assume the role of Chief Administrative Officer and Corporate Secretary, effective June 1, 2025, following the retirement of Sharon Barner on May 31.

Lamb-Hale, who joined Cummins in 2021 as Vice President and Chief Legal Officer, expanded her responsibilities to include Corporate Secretary in 2023. She has played a key role in major transactions, including the acquisition of Meritor, the spin-off of the Filtration business, and the formation of Amplify Cell Technologies.

In her new role, Lamb-Hale will lead a global organization covering risk management, ethics and compliance, product and regulatory affairs, government relations, communications, and corporate responsibility. She will continue to advise the Cummins Board and uphold governance standards.

Before Cummins, Lamb-Hale held leadership roles at Kroll, LLC and Albright Stonebridge Group, and served in the U.S. Department of Commerce under the Obama administration. She is a graduate of the University of Michigan and Harvard Law School, and serves on multiple corporate and non-profit boards, including Federal Realty Investment Trust and the Cummins Foundation.

Jennifer Rumsey, Chair and CEO of Cummins, praised Lamb-Hale as a visionary leader with deep expertise and a commitment to Cummins' values, stating: “She is uniquely qualified to lead this critical organization during an important time in Cummins’ history.”

For more information, visit: www.cummins.com
Read the full release: https://www.businesswire.com/news/home/20250402041669/en/

Accelera and Isuzu to Launch Zero-Emissions Battery Electric Powertrain for F-Series Trucks by 2027

Accelera by Cummins and Isuzu Motors announced they will introduce a fully integrated zero-emissions battery electric powertrain for Isuzu’s F-series medium-duty trucks, with production set for 2027. The collaboration is tailored for the North American market and marks a major step in fleet electrification.

The new electric powertrain will include Accelera’s next-generation technologies:
- Lithium iron phosphate (LFP) tiered platform batteries for longer cycle life, enhanced safety, and cost efficiency
- The 14Xe eAxle with the ELFA motor and inverter, backed by nearly 30 years of road experience
- The PCAS 3.0 system, a compact and modular controls package that is 70% smaller than previous versions and more serviceable

The system will be shown at the ACT Expo in Anaheim, California, from April 28 to May 1.

The powertrain will be available in Class 6 and 7 trucks, designed for a range of applications from urban deliveries to regional hauls. Its integration aims to lower the total cost of ownership and support the transition to electric commercial fleets. Many components will be manufactured or assembled in the United States.

Accelera is Cummins’ zero-emissions business segment, and Isuzu is a global leader in commercial vehicles, including the F-series and D-MAX models.

Cummins Inc. has announced the retirement of Sharon R. Barner, its Chief Administrative Officer, effective May 31, 2025. The company disclosed this development in a press release issued on March 18, 2025.

Barner has been a key leader at Cummins, and her retirement marks a significant transition for the company. Further details regarding her successor or any structural changes within the company have not yet been disclosed.

Cummins reported strong results for the fourth quarter and full year 2024. The company’s fourth-quarter revenues were $8.4 billion, reflecting a slight decrease of 1% from the previous year. Despite a decline in heavy-duty truck demand in North America, the company reported GAAP net income of $418 million, or $3.02 per diluted share. This was a significant improvement from the $1.4 billion net loss in the fourth quarter of 2023. However, the quarter included a $312 million charge related to the reorganization of its Accelera by Cummins segment.

For the full year, Cummins achieved revenues of $34.1 billion, with net income of $3.9 billion, or $28.37 per diluted share. The company had strong growth in EBITDA, which increased to 18.6% of sales, from 8.9% in 2023. The full-year results also included a gain from the separation of Atmus Filtration Technologies, which contributed $1.3 billion to the net income.

Looking forward to 2025, Cummins expects revenue to be slightly lower or higher by up to 3%, with EBITDA margin expected between 16.2% and 17.2%. The company anticipates weaker demand in North America’s on-highway truck markets but remains optimistic about improving profitability and cash flow due to strength in other key markets.

Key highlights for 2024 included the launch of Cummins HELM™ engine platforms, the formation of a joint venture with Daimler Trucks & Buses to advance zero-emissions technology, and the introduction of new generator sets. Cummins also continued its focus on shareholder returns, increasing its dividend for the 15th consecutive year and returning $969 million to shareholders.

In the first quarter of 2025, the company expects a slightly weaker market, but it remains committed to delivering strong financial performance and investing in future growth.

Dakota Wealth Management senior portfolio manager Robert Pavlik is optimistic about LULU, CMU and PWR.