Paccar’s Fourth-Quarter Income Declines
Heavy-duty truck maker Paccar Inc.’s fourth-quarter profit fell to $113.1 million, or 31 cents per share, from $261.1 million, or 71 cents per share, a year ago.
Sales dropped 24% to $2.62 billion, the company said Friday.
Class 8 industry truck sales in the U.S. and Canada were 153,000 in 2008, down from 176,000 in 2007, reflecting the recessionary economy, particularly the slowdown in the housing and automotive sectors, Paccar said in a statement.
For the full year, Paccar earned $1.02 billion, or $2.78 a share, down from $1.23 billion, or $3.29, a year earlier. Revenue slipped to $13.7 billion, from $14 billion.
Truck sales are expected to be about 150,000 vehicles this year and to improve slightly in the second half of 2009, in the range of 170,000 to 210,000, as fleets replace vehicles after several years of lower purchases, he said in a statement.
Paccar is the parent company of U.S. truck makers Kenworth Truck Co. and Peterbilt Motors Co., and Europe-based DAF Trucks.
