A weakening global economy has prompted Cummins Inc. to lower its sales and earnings expectations for the year. The company late Tuesday also said it would reduce its workforce by 1,000 to 1,500 people by the end of the year.
Cummins provided no details about where the workforce reductions would take place, and a spokeswoman said the Columbus-based engine maker would be analyzing the situation probably through the end of the month.
Shares fell more than 4 percent in after-hours trading.
Cummins announced after markets closed on Tuesday that it expects to generate sales of about $17 billion, down $1 billion or 5.5 percent from its previous projection. The company expects its earnings before interest and taxes to be about 13.5 percent of sales, down from about 14.5 percent before.
For more, read tomorrow's edition of The Republic.