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Cummins (CMI) Acquires Siemens Commercial Vehicles Business
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Cummins Inc. (CMI - Free Report) recently announced that through its subsidiary Meritor, it has completed the acquisition of Siemens Commercial Vehicles business, a top supplier of high-performance electric drive systems for commercial vehicles.
The acquired business will report through Cummins New Power business unit.
The acquisition contributes to Cummins’ capabilities in direct drive and transmission-based remote mount electric motors, inverters, software and related services, critical for the next generation of electric powertrains. The buyout will also add nearly 200 employees, primarily in Germany, China and the United States, which will expand its scope of offering global customers with a wider range of electrified product solutions across commercial vehicle applications.
Cummins is enthusiastic about the acquisition and looking forward to bringing its innovation in its key technologies. The buyout also reflects another key milestone as it bolsters Cummins’ strategy to reach net-zero emissions by 2050.
Cummins acquired Meritor in August 2022. The buyout positions Cummins as a leading provider of integrated powertrain solutions across internal combustion and electric power applications. The acquisition adds products to Cummins’ components business, offering attractive growth opportunities across the firm’s range of power solutions and applications. The deal augurs well for CMI’s prospects and is set to offer financial, commercial and operational synergies. The company expects Meritor to contribute $1.7-$1.9 billion in sales in 2022.
Shares of CMI have gained 16.3% over a year, outperforming the industry’s 14.1% rise.
CarParts has an expected earnings growth rate of 85% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 72.7% upward over the past 30 days.
Allison has an expected earnings growth rate of 26.1% for the current year. The Zacks Consensus Estimate for ALSN’s current-year earnings has been revised 0.6% upward in the past 30 days.
Genuine Parts has an expected earnings growth rate of 18.1% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 0.2% downward in the past 30 days.
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Cummins (CMI) Acquires Siemens Commercial Vehicles Business
Cummins Inc. (CMI - Free Report) recently announced that through its subsidiary Meritor, it has completed the acquisition of Siemens Commercial Vehicles business, a top supplier of high-performance electric drive systems for commercial vehicles.
The acquired business will report through Cummins New Power business unit.
The acquisition contributes to Cummins’ capabilities in direct drive and transmission-based remote mount electric motors, inverters, software and related services, critical for the next generation of electric powertrains. The buyout will also add nearly 200 employees, primarily in Germany, China and the United States, which will expand its scope of offering global customers with a wider range of electrified product solutions across commercial vehicle applications.
Cummins is enthusiastic about the acquisition and looking forward to bringing its innovation in its key technologies. The buyout also reflects another key milestone as it bolsters Cummins’ strategy to reach net-zero emissions by 2050.
Cummins acquired Meritor in August 2022. The buyout positions Cummins as a leading provider of integrated powertrain solutions across internal combustion and electric power applications. The acquisition adds products to Cummins’ components business, offering attractive growth opportunities across the firm’s range of power solutions and applications. The deal augurs well for CMI’s prospects and is set to offer financial, commercial and operational synergies. The company expects Meritor to contribute $1.7-$1.9 billion in sales in 2022.
Shares of CMI have gained 16.3% over a year, outperforming the industry’s 14.1% rise.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
CMI currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked players in the auto space – CarParts.com (PRTS - Free Report) , sporting a Zacks Rank #1 (Strong Buy), and Allison Transmission Holdings (ALSN - Free Report) and Genuine Parts Company (GPC - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
CarParts has an expected earnings growth rate of 85% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 72.7% upward over the past 30 days.
Allison has an expected earnings growth rate of 26.1% for the current year. The Zacks Consensus Estimate for ALSN’s current-year earnings has been revised 0.6% upward in the past 30 days.
Genuine Parts has an expected earnings growth rate of 18.1% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 0.2% downward in the past 30 days.