COLUMBUS, Ind. — Cummins Inc. is reporting its first quarter results of 2016.
Revenues of $4.3 billion decreased 9 percent from the same quarter in 2015. Officials said lower production in the North American heavy-duty truck market and weak global demand for off-highway and power generation equipment contributed to the reduction in sales.
“Our results for the first quarter reflect solid execution of our cost reduction plans in the face of very challenging market conditions,” said Chief Operating Officer Rich Freeland. “Benefits from restructuring actions, material cost reduction projects and lower warranty costs all helped to mitigate the impact of lower sales.”
The company cut upwards of 2,000 jobs globally in 2015 following market slowdowns and revenue losses.