Cummins Inc. (NYSE: CMI) announced it is raising its 2030 financial targets during an analyst and shareholder meeting, citing stronger market positions and rising demand for its products.

The Columbus, Indiana-based company is expanding capacity and product investments to strengthen its position in mining and power generation markets. Chief Executive Officer Jennifer Rumsey said the company has navigated complexity while delivering record performance over the past two years.

"Since our last Analyst Day, we have continued to strengthen our position and execute on both our strategy and financial commitments, even as market conditions shifted," Rumsey said. "As a result, I am pleased to share we are raising our 2030 financial targets."

Engine Business President Brett Merritt said profitable growth will be driven by new product content, customer wins and a growing aftermarket, with investment to support this growth now in place. The company cited its distribution network and long-standing customer partnerships as competitive advantages.

Power Systems Business President Jenny Bush noted that demand for reliable power is accelerating and the company has positioned itself through capacity investments and expansion into prime power markets.

Chief Financial Officer Mark Smith said the company plans to continue delivering top-quartile return on invested capital and generate returns for shareholders. He indicated the company is raising expectations for revenue growth and margin expansion.

Cummins reported $2.8 billion in earnings on $33.7 billion in sales in 2024 and employs approximately 67,400 people worldwide. The company operates through five business segments: Engine, Components, Distribution, Power Systems and Accelera by Cummins.