Updated from 10:10 a.m. EDT

Cummins

(CUM)

, the diesel engine maker, warned Tuesday that its third-quarter

earnings would likely fall about 25% below expectations, largely because of a slowdown in the heavy truck market and a weakened euro.

Cummins, based in Columbus, Ind., said it expects earnings of 65 cents a share, well below analysts' consensus forecast of 85 cents a share, according to

First Call/Thomson Financial

. But it added that it has offset at least some of the pain with an effort focused on cost cutting and consolidation.

"We will continue to relentlessly reduce costs across all of our businesses as the softness continues in the North American heavy-duty truck market," said Tim Solso, chairman and chief executive of Cummins, in a statement.

The third-quarter results, expected in mid-October, will show that shipments to the North American heavy truck market declined nearly 50%, according to Cummins. That fall, in turn, reduced demand for certain truck-related parts in the company's filtration business.

Finally, the company, like many others in recent days, partially blamed the sagging euro for its financial woes.

Cummins finished Tuesday regular trading up 6 cents at $31.48.