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In response to the ongoing global economic downturn, Cummins has revised its annual sales and earnings projections for 2009. The first quarter of the year reflected a sharp decline in demand due to the global recession, which significantly impacted the company's performance. Cummins reported sales of $2.44 billion in Q1 2009, a 30% drop compared to the same period in 2008. Pre-tax income fell to $28 million, representing just 1.1% of sales—down 91% from the previous year. Net profit was only $7 million, a staggering 96% decrease from the prior year. This decline was partly attributed to $66 million in restructuring costs related to workforce reductions. During the quarter, Cummins cut 4,100 full-time employees and contractors as part of cost-cutting measures. Excluding these charges, net income would have been $51 million, with EBIT reaching $94 million or 3.9% of sales. Based on the weak market conditions observed in the first quarter and expectations for the full year, Cummins lowered its 2009 forecasts. The company now anticipates a 30% drop in annual sales compared to 2008, with pre-tax EBITDA expected to fall by 5% (excluding restructuring costs). Tim Solso, Chairman and CEO of Cummins, emphasized that the situation remained dire, with no clear signs of recovery in 2009. “We are taking significant steps to reduce costs and improve efficiency,” he said. “Our goal is to maintain profitability while ensuring sufficient cash flow to continue investing in key products and technologies for future growth.” Cummins has made progress in cutting expenses and optimizing capital spending, focusing on strategic projects that support long-term development. This includes investments in new product platforms aligned with upcoming emission standards, such as those required for 2010. Despite the challenging economic climate, Cummins maintains a strong financial position, with a low debt ratio and ample liquidity. As of the end of Q1 2009, the company held $353 million in cash and equivalents, with total liquidity reaching $1.8 billion. It did not need to draw on its $1.1 billion revolving credit facility. China remains a critical market for Cummins. Even amid the global crisis, the company continued to advance its strategic initiatives in the region. Several key projects were progressing smoothly in 2009: - The Foton Cummins ISF 3.8-liter engine project entered limited production. At the Shanghai Auto Show, the Futian Omar C high-end light truck equipped with the ISF 3.8L engine was officially launched. Work on the ISF 2.8L engine also continued steadily. - The Cummins Wuhan plant project was nearing completion, enhancing localized production capabilities in China. - The Chongqing Cummins QSK19/QSK38 all-electronic high-horsepower diesel engine platform was introduced. - The Dongfeng Cummins ISD/ISL Euro IV product development advanced well, with new models expected to improve fuel efficiency. Cummins continues to focus on innovation and long-term growth, even in difficult times. Its commitment to the Chinese market and global operations demonstrates resilience and strategic vision.

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