First-quarter profits fall at Paccar as demand drops for big trucks
Paccar Inc., the U.S. maker of Kenworth and Peterbilt trucks, said that first-quarter profit fell 20 percent as rising fuel costs and reduced freight shipments crimped demand for heavy-duty trucks.
Paccar’s net income dropped to $292.3 million, or 79 cents a share, while sales of its largest trucks plunged 37 percent in the quarter. The company lowered its 2008 industry sales forecast to “reflect market uncertainties” in the U.S. and Canada. The shares fell the most in three months.
May 20th, 2008
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