Cummins highlights hydrogen and EV partnerships

Cummins is highlighting hydrogen fuel cell and battery technology advancements as key highlights in its second quarter 2019 results.

The engine manufacturing giant posted net income of US$675 million and revenue of US$6.2 billion (up 1% year-on-year) for the period.

Increased truck production in North America and stronger demand in North American power generation markets was partially offset by lower demand in oil and gas and international truck markets, its report says.

Currency negatively impacted revenues by 2% primarily due to a stronger US dollar.

Second quarter sales in North America set a new record and improved by 7% while international revenues decreased by 6%. Sales in North America increased in all segments except Power Systems, which was negatively impacted by lower demand in oil and gas markets. International revenues declined due to lower truck demand in China, Europe, Brazil, and India, it says.

Cummins chairman and chief executive Tom Linebarger says it was a solid quarter for the company achieving record revenue.

“While we do expect to see a moderation in demand in the second half of the year, our financial strength combined with our diversified geographic and end market exposure will enable us to generate strong profits, continue to invest in future growth, and return cash to shareholders.”

Among highlights was the recent deal for Cummins to acquire the majority of shares of Canadian-based fuel cell systems provider Hydrogenics Corporation. The agreement is subject to closing conditions and shareholder approval.

Hydrogenics was founded in 1995 and is a leading developer and manufacturer of hydrogen fuel cell modules and hydrogen generation equipment.

Cummins entered into a definitive agreement to acquire the majority of shares of fuel cell systems provider Hydrogenics Corporation.

The agreement is subject to customary closing conditions and Hydrogenics’ shareholder approval.

Cummins and Gillig announced that the Gill zero-emission battery electric bus, powered by Cummins, is now available for commercial orders by customers.