Daimler, PACCAR, Volvo report decline in sales
Most major truck manufacturers wrapped up their first quarter last month, and released their results this week.
Daimler AG said in its earnings call Wednesday the company’s first-quarter North American truck sales dipped 3 percent and global truck sales fell 6 percent. Earnings from Daimler’s truck division plummeted 69 percent to $151 million, down from $489 million in the same period last year.
“In the first three months of this year, many markets developed worse than expected for economic reasons, especially Western Europe,” Chief Executive Officer Dieter Zetsche said in the company’s report.
Daimler lowered its full-year profit forecast, saying it expected full-year operating profit to be “below the previous year’s level.”
A sharp but expected decline in sales dragged down PACCAR’s earnings 28 percent the company announced Tuesday.
PACCAR earned $236.1 million in the first quarter of 2013, down $91.2 million compared to the $327.3 million posted in the first quarter last year.
Mark C. Pigott, Chairman, Chief Executive Officer and Chairman of PACCAR’s Executive Committee says the company delivered 30,500 trucks during the quarter, which was in line with projections.
“Looking forward, PACCAR truck deliveries in the second quarter are expected to increase 5 to 10 percent compared to the first quarter,” he added.