Cummins shares plans for long-term growth and increased profitability

COLUMBUS, Ind.–(BUSINESS WIRE)–During a meeting with analysts and shareholders today, members of the management team of Cummins Inc. (NYSE: CMI), a global energy leader, shared plans to the company to generate profitable growth through its leadership in the design, manufacture and support of powertrain technology across a number of fuel types and energy sources.

“Decarbonizing our economy is essential to our way of life and our industry will play a key role in this effort,” Tom Linebarger, Chairman and CEO, said at the meeting. “Fortunately, decarbonization is also a growth opportunity for Cummins. We are confident in our ability to play a leading role in bringing low-carbon technologies to commercial and industrial vehicle markets globally and to generate strong returns, thanks to the capabilities that Cummins has developed over the years.

The Company is uniquely positioned to lead the transition to zero emissions and exceed our markets, thanks to our range of advanced combustion powertrains and zero carbon solutions. “Our growing technology portfolio, bolstered by our recently announced plans to acquire Meritor and Jacobs Vehicle Systems, combined with our industry-leading scale and longstanding global relationships, makes us a essential powertrain solution for OEMs, wherever they operate,” said Jennifer Rumsey, president. and chief operating officer. Rumsey explained that the company is investing in differentiated technologies that will meet diverse customer needs and enable business growth as decarbonization proceeds, including fuel-independent engine platforms and key components. for powertrain performance and emissions.

Amy Davis, Vice President and President – New Power, explained how the company is already preparing for a completely zero-emissions future, with investments in a wide range of technologies ranging from electrolyzers for the production of green hydrogen to technologies for mobility such as the electric battery and the electric fuel cell. systems. “Our New Power business is positioned to capture significant growth both in our core markets, as they transition to zero-carbon solutions, and in the new spaces presented by the global hydrogen economy,” Davis said. . “We will leverage key capabilities brought by Cummins, such as deep customer relationships, application knowledge and an extensive sales and service network, while demonstrating the agility of a startup mindset. Through shorter development cycles, vehicle build capability, bringing in external talent and operational autonomy, we will be able to improve the value we can deliver to all of our stakeholders.

The wide range of clean diesel and low carbon engine and powertrain component solutions in the Core business, combined with the extensive zero-emission technologies in the New Power business, ensure that Cummins will be well positioned for growth, regardless of the pace of adoption. of zero-emission vehicles, while working towards the company’s ambitious goal of zero carbon emissions by 2050.

Webcast Information

A copy of the presentation used in the meeting and a replay of the webcast are available at investor.cummins.com.

About Cummins

Cummins Inc., a global energy leader, is a complementary business segments company that designs, manufactures, distributes and services a broad portfolio of energy solutions. The Company’s product line includes diesel, natural gas, electric and hybrid powertrains and powertrain-related components, including filtration, aftertreatment, turbochargers, fuel systems, control systems, air handling systems, automated transmissions, electrical power generation systems, batteries, electrified power systems, hydrogen generation products and fuel cells. Headquartered in Columbus, Indiana (USA), since its founding in 1919, Cummins has employed approximately 59,900 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, the environment and equal opportunities. Cummins serves its customers online, through a network of independent and company-owned distributors, and through thousands of dealers worldwide and earned approximately $2.1 billion on sales of $24.0 billion in 2021. Find out how Cummins is fueling an always-on world by accessing press releases and more information about https://www.cummins.com/always-on.

Forward-Looking Disclosure Statement

Information provided in this release that is not purely historical is forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, advice, preliminary results, expectations, hopes, beliefs and intentions about strategies for the future. These forward-looking statements include, but are not limited to, statements relating to our plans and expectations regarding our revenues and EBITDA. Our actual future results could differ materially from those projected in these forward-looking statements due to a number of factors, including, but not limited to: any adverse results of our internal review of our emissions certification process and compliance with emission standards; increased scrutiny by regulators, as well as the unpredictability of the adoption, implementation and enforcement of emission standards around the world; changes in international, national and regional trade laws, regulations and policies; any adverse effects of U.S. government COVID-19 vaccination mandates; changes in taxation; the costs and risks of legal and ethical compliance globally; increasingly stringent environmental laws and regulations; future bans or limitations on the use of diesel-powered products; fluctuations in raw material, transportation and labor prices and supply shortages; align our capacity and production with our demand; shares and earnings of joint ventures and other investees that we do not directly control; customers of major truck manufacturers and original equipment manufacturers who cease to outsource their engine supply needs or who experience financial difficulty, bankruptcy or change of control; Product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; product liability claims; our product sales mix; non-completion, adverse results or failure to realize expected benefits from the separation of our filtration business; our plan to reposition our portfolio of product offerings through the exploration of strategic acquisitions and divestitures and the uncertainties associated with entering into such transactions; difficult markets for talent and the ability to attract, develop and retain key personnel; climate change and global warming; exposure to potential security breaches or other disruptions to our IT environment and data security; political, economic and other risks associated with operations in many countries, including political, economic and social uncertainty and the ever-changing globalization of our business; competitor activity; increasing competition, including increased global competition between our customers in emerging markets; labor relations or work stoppages; changes in foreign currency exchange rates; the return on our pension plan assets and the volatility of discount rates; the price and availability of energy; the continued availability of funding, financial instruments and financial resources in the amounts, times and on the terms necessary to support our future operations; and other risks detailed from time to time in our filings with the SEC, including in the Risk Factors section of our 2021 Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to carefully consider these factors when evaluating forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release, and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. . More detailed information about factors that could affect our performance can be found in our filings with the SEC, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.

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