Paccar’s 1Q Income Declines
Heavy-duty truck maker Paccar Inc. said Tuesday its first-quarter profit fell to $292.3 million, or 79 cents a share, from $365.6 million, or 97 cents, a year earlier.
Sales and financial services revenue slipped to $3.96 billion, from $3.98 billion a year earlier, while truck sales and revenue fell to $3.62 billion, from $3.72 billion, Paccar said.
“Higher fuel prices as well as lower housing starts and auto production have dampened U.S. and Canadian Class 8 truck retail sales in the first quarter,” said Dan Sobic, Paccar’s senior vice president.
“Class 8 truck orders are being impacted as customers ‘right size’ their fleets and adjust to current freight demand and a slower economy,” he said in a statement.
The company said it expects 2008 industry retail sales to be 165,000 to 185,000 vehicles.
Paccar is the parent company of U.S. truck makers Kenworth Truck Co. and Peterbilt Motors Co., and Europe-based DAF Trucks.
