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Cummins Inc. (CMI) said Thursday it isn't anticipating any recovery in its markets this year, as the engine maker reported an 81% plunge in second-quarter profit.

The company cut revenue projects for some hard hit segments of its business, but it maintained its previous revenue and income guidance for 2009 and its second-quarter earnings topped analysts' expectations. In early trading, Cummins' stock was up 4.7% at $41.63 a share.

Cummins has seen steep declines in sales this year across all its business segments, particularly in truck engines where reduced shipping volumes have driven down demand for new commercial trucks.

It expects revenue from heavy-duty truck engines to fall by 28% from 2008, compared with a 20% decline anticipated after the first-quarter. It forecast that industrywide production of heavy duty trucks in North America this year will total 98,000, down from its first-quarter prediction of 113,000 trucks. Cummins also widened its forecasted revenue declines from medium-duty trucks and recreational vehicles. It anticipates revenue from industrial engines will plunge 43% this year from 2008.

Chairman and Chief Executive Tim Solso said the Columbus, Ind., company is proceeding under the assumption that it "won't see any recovery" in its end markets this year.

Cummins' second-quarter income tumbled to $56 million, or 28 cents a share, from $293 million, or $1.49 a share, a year earlier. Restructuring costs clipped profit by 2 cents a share. Net sales in the quarter plummeted 38% to $2.43 billion.

Analysts polled by Thomson Reuters expected earnings of 26 cents a share on revenue of $2.47 billion. Gross margin in the quarter fell to 18.4% from 22.6% on lower production.

All of the company's businesses experienced sales decreases in the quarter, with the largest in the engine and components segments, down 45% and 41%, respectively.

Nevertheless, the company left its guidance for 2009 unchanged. Cummins expects 2009 revenue to decline about 30% from 2008 to roughly $10.04 billion. Cummins' is forecasting earnings before interest and taxes of about $502 million, translating into about $1.48 a share.

-By Bob Tita, Dow Jones Newswires; 312-750-4129; robert.tita@dowjones.com

(Mike Barris contributed to this report.)