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 — down from an April forecast of 200,000 to 220,000 trucks, which would have been the industry’s best year since 2006.
“We have lowered the range due to the uneven economic recovery and supplier capacity constraints, especially tires and chassis components,” Paccar Executive Vice President Dan Sobic said in a statement.
“The good news is that industry suppliers are investing in their facilities to meet increased market demands,” Sobic said. “Our customers are benefiting from higher freight tonnage and improved fleet utilization rates, resulting in strong growth of our aftermarket parts sales.”
For the first half of 2011, Paccar — the parent company of Kenworth Truck Co. and Peterbilt Motors Co. — 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.
