Despite a profitable quarter and high sales, Cummins is expecting a slump next year and is making plans to trim costs including buyouts of some employees.
The Columbus based engine manufactured announced its third quarter results yesterday, reporting revenues of $8.4 billion for the quarter, up 15 percent from the same quarter last year. The company also saw sales in North America up 16 percent and international revenues up 13 percent over last year.
Jennifer Rumsey, Cummins Chair and CEO, said that the full year revenues will be at the high end of expectations, but also said the company sees moderating demand in some markets. She said the company will be taking steps to reduce costs and employees.
Rumsey said that cost reduction will include voluntary retirement and a voluntary separation program for eligible exempt employees. That will be for employees in certain business lines and markets.