(COLUMBUS) - Cummins Inc. said Wednesday that its third-quarter net income tumbled 22 percent, pulled down by lower demand for its commercial engines.
The Associated Press reports, Cummins said that demand has dropped sharply over the past three months, prompting it to cancel or delay products, scale back production and reduce costs.
The company said in early October that it plans to reduce its workforce by between 1,000 and 1,500 people by the end of this year.
The Columbus, Ind.-based company earned $352 million, or $1.86 per share, for the three months ended Sept. 30, down from $452 million, or $2.35 per share, in the same quarter last year.
Revenue fell 11 percent to $4.12 billion from $4.63 billion, as engine sales dropped 14 percent to $2.5 billion and components sales decreased 8 percent to $938 million.
North American revenue rose 2 percent, while international revenue dropped 21 percent, the company said.
Cummins projected full-year sales of $17 billion, well ahead of average predictions of $8.53 billion.
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