Paccar, parent company of DAF Trucks, reported lower revenues and net income for the first quarter of 2009, reflecting the impact of a slower economy on freight shipments and truck purchases worldwide, according to chairman and chief executive Mark Pigott.
First quarter net sales and financial services revenues were $1.99 billion compared to $3.94 billion reported for the first quarter of 2008.
DAF achieved a market share in the above 15-tonne market of 14.1 per cent in 2008 and has a medium-term market share goal of 20 per cent.
The estimate for 2009 industry sales in the above 15-tonne truck market in Europe is being adjusted lower to a range of 180,000-220,000 units, said Aad Goudriaan, DAF president.
Class 8 industry retail sales in the US and Canada are expected to be in the range of 100,000-130,000 vehicles in 2009, reflecting continued economic weakness, specifically in lower housing starts and auto production.
“The good news is that even though freight tonnage is below year-ago levels, it has improved slightly in the last two months. Additionally, our customers‚ profitability is benefiting from lower fuel prices and good availability of drivers,” said Dan Sobic, PACCAR executive vice president.