CHICAGO, Feb 3 (Reuters) - Cummins Inc (CMI.N) said on Tuesday that its earnings fell 55 percent as the worldwide recession triggered a sharp reversal in once-strong demand for its products during the final quarter of 2008.
The company, which makes diesel engines, fuel systems and electrical power systems, also predicted 2009 would be a tough year across all its business segments, with sales down 20 percent from 2008’s levels.
Cummins reported a fourth-quarter profit of $89 million, or 45 cents a share, down from $198 million, or $1 a share, last year.
Sales fell 6 percent to $3.29 billion.
Analysts on average expected the company to report a profit of 41 cents a share, according to Reuters Estimates. (Reporting by James Kelleher, editing by Maureen Bavdek)