Cummins Inc. reported first quarter revenues of $3.9 billion decreased 12% from the first quarter of 2012.
Revenues in North America declined by 15% and international revenues declined by 10% as the company experienced weaker demand in most major geographies and end markets.
Earnings before interest and taxes were $437 million or 11.1% of sales, compared to $658 million or 14.7% of sales a year ago.
Net income attributable to Cummins in the first quarter was $282 million ($1.49 per diluted share), compared to $455 million ($2.38 per diluted share) in the first quarter of 2012.
The most significant decline in demand occurred within the Engine Business, with total unit volumes down 18% year-over-year. Shipments of high horsepower engines declined by 24% due to weakness in mining, oil and gas and power generation markets.
Based on the current forecast, the company expects full year revenues to be flat to down 5% and EBIT to be in the range of 13% to 14% of sales.