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To: fatty who wrote (170408)	12/11/2008 8:36:48 AM
From: DebtBomb	Respond to of 306849

Cummins Engine cuts jobs, lowers full-year outlook By Christopher Hinton Last update: 8:23 a.m. EST Dec. 11, 2008 NEW YORK (MarketWatch) -- Cummins Engine Co. (CMICummins Engine Company, Inc News, chart, profile, more Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: CMI) said Thursday it would cut 500 jobs, or 3.5% of its workforce, before 2009 because of a sudden drop in demand for its medium- and heavy duty trucks and construction products. The Columbus, Ind., engine and power-systems builder said the move would help it save between $30 million to $40 million in costs for the fourth quarter. Furthermore, Cummins said it now expects 2008 sales to increase 9%, which is below its previous guidance of 12%. Earnings before interest and taxes were reduced to 9% of sales, versus the prior guidance of 10%. Cummins also reaffirmed its solvency, saying its debt is less than 15% of its capital and that it has a "healthy cash balance" with access to $1.1 billion in revolving credit. Shares of Cummins fell 7.5% in premarket trading to $24.81http://www.marketwatch.com/News/Story/Story.aspx?guid=%7b443F4594-9B66-42B3-B9FE-21F6050B5E44%7d&siteid=yhoof2&print=true&dist=printMidSection