Cummins is reporting first quarter revenues of $5 billion dollars, a decrease of 17 percent since the first quarter of last year. In its quarterly SEC filing, the company said lower truck production in North America and weaker demand in global construction, mining and power generation drove the decreasing revenue.
Sales in North America declined by 16 percent while international revenues ere down by 17 percent. That was led by declines in Europe, Asia Pacific, Latin America, India, and China.
The company declined to provide revenue or profitability guidance for 2020, due to the uncertainty surrounding the coronavirus pandemic. Chairman and CEO Tom Linebarger said that the company has faced unforseen crises before in its 100 year history and he said he is confident the company can navigate the current crisis and emerge stronger.
Cummins reported that it is planning for weak demand levels to persist for some time.