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ANALYSIS * Europe - Europe truck makers face worse 2009
Stockholm,Sweden -Reuters/Portfolio, by Victoria Klesty -Feb 2 2009: -- Europe's heavy truck makers are expected to post sharply lower profits after a collapse in demand in the fourth quarter, and they should brace for even worse conditions in the coming year, analysts believe... With emptying order books, an ailing construction equipment unit and overcapacity looming, Sweden's Volvo is likely to be hit the hardest among Europe's top players, according to Reuters polls... Swedish crowns ($28 million) in the quarter, including restructuring costs that analysts expect will come in at 269 million crowns. Truck sales are seen down 15 percent and the company is also expected to cut its dividend in half... The firm, the world number-two by truck sales, reported close to zero order intake in the third quarter and shut production for much of December... Germany's MAN and Swedish rival Scania are expected to fare less badly as they have more flexible labor forces and can adapt more easily... Analysts expect Germany's MAN to report a 27 percent drop in year-on-year pretax profit, while Scania's profit is seen down 35 percent. Median estimates indicate there will be no cuts in MAN's dividend, while Scania's dividend is seen falling 20 percent...
Labels: truckmakers' news Europe
posted by Unknown @ 7:00 AM
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