Cummins to take $2.04B charge for emissions settlement agreement in principle

CUMMINS INC

Charge approx $2.04B in Q4 2023; $1.93B expected to be paid in first half 2024.
Settlement with EPA, CARB, DOJ, CA AG over emissions certification for pick-up truck engines; about 1 million vehicles.
Company cooperated for >4 years, sees no evidence of bad faith, does not admit wrongdoing.
Previously accrued $59M for recalls of RAM 2500/3500 trucks; additional related charges may follow.
Company states strong liquidity to satisfy obligations and execute growth strategy.

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