Paccar’s 2Q Income Gains on European Sales

Heavy-duty truck maker Paccar Inc. said Tuesday its second-quarter profit rose 5%, led by higher European sales.

The company’s net income rose to $313.5 million, or 86 cents a share, from $298.3 million, or 79 cents, last year. Sales rose 11% to $4.11 billion.

“Robust demand for Paccar products in Europe and international markets continues to generate excellent earnings and provide opportunities for growth,” Chief Executive Officer Mark Pigott 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.

“The dramatic increase in diesel prices, coupled with declining housing starts and auto production, impacted U.S. and Canadian Class 8 truck sales in the first half,” said Dan Sobic, Paccar senior vice president.

“The European economy, especially Central Europe, continues to experience moderate growth,” shared Aad Goudriaan, president of DAF. “Industry truck sales in Europe above 15 [metric tons] are expected to set a record of 350,000-360,000 units compared to 340,000 in 2007,” he said.