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Engine manufacturer Cummins Inc. (CMI) announced that fourth-quarter profit fell by 55% due to a sharp drop in global truck and construction market demand, from US$198 million, or US$1 per share, to US$89 million in the same period last year , 45 cents per share. Revenue fell by more than 6% from 3.52 billion U.S. dollars in the same period last year to 3.29 billion U.S. dollars.

Analysts polled by Thomson Reuters on average expected the company’s quarterly earnings per share of 42 cents and revenue of $3.2 billion.

Due to the reduction of truck and construction market demand, the revenue of the engine division of Cummins’ largest business unit decreased by 10%. The revenue of its parts and components division also declined, despite the increase in revenue in the power production and transmission and distribution sectors.

Cummins has been laying off staff in order to deal with the shrinking market. On Monday, the company announced that it will provide up to 350 workers with a voluntary retirement plan. The company plans to cut more than 2,700 salaried and hourly employees globally by the end of March.

For the full year of 2008, Cummins’ earnings increased by 8%, from US$739 million, or US$3.70 per share, in 2007 fiscal year to US$801 million, or US$4.08 per share. Revenue from the previous year's $130.5 billion organization was $143.4 million.

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