COLUMBUS, Ind. — Cummins Inc. revenues fell by 1 percent in 2015 to $19 billion, according to financial results released Thursday for the full year and last quarter of 2015.
North American revenues increased by 7 percent, while international sales declined 11 percent.
Cummins CEO Tom Linebarger said weak end markets and a stronger U.S. dollar attributed to the revenue shortages.
The company reduced its global workforce in late 2015 in response to a slowdown in global markets and third quarter revenues.
In the final quarter of 2015, revenues of $4.8 billion decreased 6 percent from the same quarter in 2014.
“The benefits of restructuring, material cost reduction initiatives and quality improvements combined with the launch of new and improved products in 2016, should position the company for stronger performance in the future, despite the challenges of a weak macroeconomic environment,” Linebarger said.