Profits slip at truck giant

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Paccar, parent company of DAF Trucks saw earning slip to  $663.9 million for the first half of 2007 from $711.9 m last year. Net sales and financial services revenues for the first six months of 2007 were $7.70 billion compared to $8.02 billion last year. Mark Pigott, chairman and chief executive said: “The group had benefited from balanced global diversification and continued growth in aftermarket parts and financial services revenues.  “Paccar’s robust business in Europe and international markets has partially countered the emissions regulation-induced truck market decline in the U.S. and Canada.” Aad Goudriaan, president of DAF Trucks said: “The European economy continues to experience robust growth. In the second quarter, business and consumer confidence reached six-year highs and unemployment fell to a ten-year low.  Industry truck sales in Western Europe above 15 tonnes are strong and could reach 265,000-280,000 compared to 268,000 in 2006.  Our goal is to achieve over 20 per cent market share.”
 In June 2007, Paccar completed the acquisition of Truck Centre Hauser, a rental and leasing company in Germany which has a fleet of 3,500 trucks and trailers serving some 3,000 customers from ten sites locations located throughout Germany.

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