PACCAR has reported a drop in revenue and profits in the second quarter of the year.
The parent company of truck brands including Kenworth, Peterbilt and DAF, has reported its pre-tax truck profit totalled $329.4 million (US), down from $420.1 million in the same period last year.
Gary Moore, Paccar executive vice president, says improving truck sales in the US and Canada have helped the company.
“The truck market (in North America) reflects the good economy and high freight tonnage levels.”
While an $833 million fine imposed on DAF by the European Union for its part in a price and technology fixing scheme (details here) has dragged PACCAR into the red for the first half of the year.
Paccar reported a loss of $113.3 million for the period, compared to a profit of $825.6 million during the same time in 2015.
Despite the huge fine, Mr Moore says things are looking up in Europe.
“The European above-16-tonne truck market continues to strengthen due to positive economic growth and increased freight activity,”
“DAF achieved market share of 16% in the first half of 2016.
“DAF’s above 16-tonne truck registrations increased 28% year-to-date compared to the same period last year.”
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