Cummins lowers profit report, cuts more workers-WEB ONLY

Cummins Inc. announced this morning that it revised its fourth quarter and annual operating results for 2008 downward to reflect higher warranty liability than previously reported.

The Columbus manufacturer’s profit dropped by $46 million during the fourth quarter, to reflect a change in warranty cost estimates for its midrange engine products launched in 2007.

Also, the company said yesterday that it plans to cut 985 employees worldwide by the end of the week. The reduction includes 225 salaried and 235 hourly workers in Indiana.

Cummins earlier this month offered early-retirement packages to 350 workers, but after only 120 accepted, the company opted to cut another 115 jobs.