Paccar Announces First Quarter Revenues and Earnings
“Paccar’s excellent balance sheet and positive cash flow have enabled ongoing investments to enhance operating efficiency and develop innovative products such as new diesel engines and hybrid vehicles. These investments will contribute to the company’s achievement of its long-term growth objectives,” notes Pigott. “The difficult recession continues to affect our business in North America and Europe as truck markets remain weak. The first quarter 2009 financial results were negatively impacted by lower build rates, temporary plant shutdowns and reduced gross margins. These challenging market conditions are continuing as we enter the second quarter of 2009. Paccar has rigorously reduced operating expenses and capital expenditures to align its business with the current market.”
Paccar earned $26.3 million ($.07 per diluted share) for the first quarter of 2009 compared to $292.3 million ($.79 per diluted share) earned in the first quarter last year. First quarter net sales and financial services revenues were $1.99 billion compared to $3.94 billion reported for the first quarter of 2008.