Diesel engine maker Cummins Inc said it would reduce the range of light-duty engines it makes in North America as global economic weakness hurt its fourth-quarter revenue and restructuring costs ate into profits. Cummins said revenue in 2016 would shrink further, between 5 and 9 percent, due to a "weak macroeconomic environment," but margins would be higher thanks to its restructuring efforts. Poor sales around the world had already forced the Columbus, Indiana-based company to lay off around 2,000 people, or 4 percent of its global workforce. Those cuts were announced when the company reported third-quarter results in October. Cummins took a pretax charge of $90 million in the fourth quarter relating to those layoffs. "As a result of weakening market conditions... (Cummins) reviewed its global manufacturing footprint and now expects to scale back the range of light duty engines it plans to manufacture in North America," Chief Operating Officer Rich Freeland said in a statement. Due to this change and the "uncertainty of winning additional customers" for its V8 light-duty engine, Cummins recorded a non-cash, pretax charge of $211 million to adjust its North American assets to fair value. Cummins provides engines for Chrysler pickup trucks and for the Titan model made by Nissan Motor Co Ltd. The market for Cummins engines for the heavy Class 8 trucks that move goods around the highways of America has also suffered as trucking companies have reacted to lackluster retail sales in the fourth quarter and softness in freight markets. According to preliminary data, U.S. January Class 8 truck orders slumped 48 percent on the year, indicating that 2016 could be another weak year for truck makers and suppliers. Cummins said it expected the North American heavy-duty truck market to decline 25 percent in 2016 to 220,000 units. The company said it would return 75 percent of operating cash flow to shareholders through dividends and share repurchases in 2016. Cummins reported a fourth-quarter net profit of $161 million, or 92 cents a share, down 64 percent from $444 million, or $2.44 per share, a year earlier. Excluding restructuring charges, the company earned $2.02 per share in the quarter. Analysts had expected earnings per share of $2.11. Revenue fell 2 percent in the fourth quarter, while international sales were down 12 percent.