Truck and engine manufacturer Paccar Inc. said Tuesday its second-quarter profit rose on higher truck sales, though it trimmed its overall sales outlook for the 2011 North American trucking market.
Net income rose to $239.7 million, or 65 cents per share, from $99.6 million, or 27 cents, a year ago. Revenue rose 61% to $3.96 billion.
Paccar lowered its industrywide 2011 North American Class 8 truck sales forecast to between 180,000 and 200,000 trucks â€” down from an April forecast of 200,000 to 220,000 trucks, which would have been the industryâ€™s best year since 2006.
â€œWe have lowered the range due to the uneven economic recovery and supplier capacity constraints, especially tires and chassis components,â€� Paccar Executive Vice President Dan Sobic said in a statement.
â€œThe good news is that industry suppliers are investing in their facilities to meet increased market demands,â€� Sobic said. â€œOur customers are benefiting from higher freight tonnage and improved fleet utilization rates, resulting in strong growth of our aftermarket parts sales.â€�
For the first half of 2011, Paccar â€” the parent company of Kenworth Truck Co. and Peterbilt Motors Co. â€” said it had a Class 8 market share of 26.7% in the U.S. and Canada, up from 24.1% in the first half of 2010. Paccar is also the parent of Europe-based DAF Trucks.
Â© 2010, Transport Topics Publishing Group. All rights reserved.
Paccarâ€™s 2Q Profit Rises on Higher Truck Sales (7/26/2011 11:00:00 AM)
Purchases of Classes 4-7 Vehicles Rise 23.8% in June (7/26/2011 8:00:00 AM)
New CEO Says Cummins Can Compete Despite Vertical Integration of Trucks (7/25/2011 3:00:00 AM)
June Class 8 Truck Sales Jump 64.6% (7/18/2011 9:00:00 AM)
June Class 8 Truck Orders Top 20,000 for Eighth Straight Month (7/11/2011 8:00:00 AM)
Survey Finds Fewer Technical Problems With 2009 Trucks Than Previous Year (7/11/2011 5:30:00 AM)