BELLEVUE, Wash. — Commercial truck maker Paccar says its first-quarter profit plummeted 91 percent.
The parent of truckmakers, Kenworth and Peterbilt, cited the continued effects of the economic slowdown on a depressed global shipping industry.
The company says results were hurt by lower build rates, temporary plant shutdowns and lower gross margins. In addition, Paccar says that the tough market conditions have continued into the second quarter.
It expects U.S. and Canadian sales of class 8 trucks to total between 100,000 and 130,000 vehicles this year.
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