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Cummins' Sales, Profits Way Down
Company Struggles During Recession
POSTED: 10:13 am EDT July 30, 2009
COLUMBUS, Ind. -- Sales and profits are down again for engine-maker Cummins Inc.The Columbus-based company released its second-quarter earnings report Thursday, and the results were not positive.Earnings dropped 81 percent to $56 million, down from $293 million during the same period last year, which was a record year for Cummins.
The report reflects significantly decreased demand for Cummins' products stemming from the recession.The engine and components sectors of Cummins' business took the biggest hits, both down more than 40 percent.The company has cut thousands of jobs and trimmed costs. Cummins officials expect sales this year to be about 30 percent lower than last year.
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Previous Stories:
- July 13, 2009: 400 Laid-Off Workers Return To Assembly Line
- May 12, 2009: Cummins Chairman Says He Takes Layoffs Personally
- May 7, 2009: Cummins To Lay Off More Than 700
- May 5, 2009: Cummins Makes Drastic Cuts To Plant Production
- February 25, 2009: Cummins To Cut 460 Indiana Jobs
- February 18, 2009: Workers Accept Wage, Insurance Cuts To Keep Jobs
- February 11, 2009: Workers Told To Take Pay Cut Or Risk Losing Jobs
- January 13, 2009: Cummins To Cut 800 More Jobs, Slice Salaries
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