Paccar Inc. said Tuesday its first-quarter profit declined from a year ago and its revenue fell, due to slower economic growth.
Net income fell to $236.1 million, or 67 cents a share, from $327.3 million, or 91 cents, a year ago.
Sales and financial services revenue fell to $3.92 billion from $4.78 billion in the previous first quarter, Bellevue, Wash.-based Paccar said in a statement.
“Class 8 industry retail sales for the U.S. and Canada in 2013 are expected to be in a range of 210,000 to 240,000 vehicles, compared to the 225,000 vehicles sold in 2012, driven primarily by the ongoing replacement of the aging truck population, and projected economic growth in the second half,” said Dan Sobic, Paccar’s executive vice president.
Sobic said that the truck market should benefit from improvements in job growth and auto production, as well as increased housing starts and construction activity.
Paccar, the parent company of Kenworth Truck Co., Peterbilt Motors Co. and Europe-based DAF trucks said the recent launch of several trucks, including the Kenworth T880 and Peterbilt Model 567, will contribute to the company’s long-term growth.