Paccar Posts Higher 2Q Profit; Warns on Slowing Economy
Paccar Inc. reported its second-quarter profit rose 24% from a year ago, but warned that a slowing economy could crimp truck orders later this year.
Net income rose to $297.2 million, or 83 cents per share, from $239.7 million, or 65 cents, a year ago, Bellevue, Wash.-based Paccar said Tuesday.
Sales and financial services revenues rose to $4.46 billion from $3.96 billion, while truck revenue rose 13.2% to $4.2 billion, the truck and engine maker said.
Paccar expects U.S. and Canadian Class 8 truck sales to be 210,000 to 230,000 vehicles this year, up from 197,000 last year.
But weak U.S. economic growth, coupled with ongoing uncertainty in Europe, could dampen truck orders for the remainder of the year, CEO Mark Pigott said in a statement.
Paccar is the parent company of Kenworth Truck Co., Peterbilt Motors Co. and Europe-based DAF trucks.
