The company says year-to-date orders are down 37 percent compared to last year.
“New orders in April were surprisingly stronger on a month-over-month basis than the double-digit decline expected by seasonal patterns, but higher cancellations pushed net orders below last month’s level,” says Frank Maly, director, commercial vehicle transportation analysis and research, ACT Research. “Most surprising was extremely weak reefer volumes, with new orders off 45 percent sequentially month-over-month and 65 percent year-over-year. A surge in cancelations helped push reefer net orders to the lowest monthly volume since December of 2000, when the industry posted a net-negative order month.”
ACT says near-record backlogs have filled 2019 build slots for many OEMs, and there continues to be some resistance toward booking orders into next year, resulting in the modest order volumes. Maly also adds that although up more than 20 percent year-over-year, industry backlog posted a fourth consecutive sequential decline, and “that pattern is likely to continue for the next couple of months, particularly for dry vans and reefers.”
