BELLEVUE, Wash. — Paccar, maker of Peterbilt and Kenworth trucks, reports today lower sales and net income for the first quarter of 2001 compared with the same period a year ago.
First quarter net sales and financial services revenues decreased to US$1.5 billion, 34 per cent lower than the $2.3 billion reported for the comparable period in 2000.
Net income of $44.3 million, or 58 U.S. cents per share diluted was down from $154.9 million, or $1.98 per share diluted earned in the first quarter of 2000.
“The financial results reflect a recessionary truck market in North America comparable to 1990-91,” noted Mark C. Pigott, chairman and chief executive officer of Paccar.
“The industry is being severely impacted by high levels of new and used truck inventory, lower freight tonnage and high fuel and insurance costs,” he continued.
“Paccar’s U.S. and Canadian Class 8 production in the first quarter 2001 was nearly 20 per cent lower compared to fourth quarter 2000. Kenworth and Peterbilt trucks’ superior operating performance and industry leading residual values continue to enhance their premium image. Paccar’s quality products and services, disciplined cost structure and strong balance sheet favorably positions the company for when the truck markets recover.”
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