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MARKET PROGNOSIS * WORLDWIDE
* USA - As economies sputter, truck sales stall
Chicago,ILL,USA -Reuters/The Guardian (UK), by James Kelleher -October 29 2008: -- The modest rebound in North American truck sales that commercial vehicle makers were hoping for in 2009 is looking increasingly unlikely as the U.S. economy slows even more as a result of the turmoil in financial markets... That's more bad news for the truckmakers, which suddenly finds itself confronting a downturn in markets that had -- until now -- been growing steadily and offsetting the softness here... Eli Lustgarten, an analyst at Longbow Research who covers the sector, to cut his 2009 earnings estimate for Cummins Inc by nearly 20 percent this week... He predicts heavy truck makers will produce about 195,000 next year, making it "the third year of sub-normal sales" and well below the 377,000 units sold in 2006, ahead of the last set if new emission regulations... The ominous signs come as Cummins and Oshkosh Corp, a specialty truck maker, prepare to report their latest quarterly earnings over the next few day.
If the recent results from Paccar, the Bellevue, Washington-based maker of Peterbilt, Kenworth and DAF brand trucks is any indication, they may not be pretty. A big drag on its results was much closer to home. Its in-house finance unit said that its pretax income tumbled 38 percent amid rising credit losses and truck repossessions in the United States and Canada...
* USA - Roemer Report: Transportation Experts Warn No Peak Expected This Year - Industry experts hope for freight demand recovery by mid-2009
Toledo,OH,USA -insurance news net -October 28, 2008: — The October edition of trucking insurance industry journal, The Roemer Report, cautions that lack of freight this holiday season could reduce potential earnings for motor carriers, many of whom rely on the autumn peak to make up for slower times during the rest of the year. This is normally the start of the busy holiday season, when Asian goods inundate West Coast ports and make their way inland to store shelves. Due to the sluggish housing market and falling dollar, last holiday season also experienced a slowdown. Much of this year’s slowdown is also blamed on the U.S. housing market, where home values have dropped and construction is down. Retailers are managing inventories tightly in order to have adequate merchandise on hand for consumers, without having too many products left after the holiday season. Some industry experts expect improvement by mid-2009...
* Germany - Daimler Trucks head sees flat market in 2010 -paper
Frankfurt,Germany -Reuters -Oct 31, 2008: -- The head of Daimler Trucks, the world's largest commercial vehicles maker, expects the market to remain flat in 2010 after what could very well be a decline of 15-25 percent come next year... "We will cut additional shifts and let go of temporary workers," Andreas Renschler told Euro am Sonntag in comments to be published in this coming Sunday's edition... Following the recent boom years where manufacturers could not keep up with rising demand, Daimler's trucks division has already eliminated a Saturday late shift in its largest assembly plant in Woerth, Germany. Daimler Trucks is a unit of Daimler AG...
Labels: market prognosis
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