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TRUCKMAKERS' NEWS WORLDWIDE
* USA - Paccar remains profitable through challenging 2008
Bellevue,Wash,USA -Truck News (CAN) -2 Feb 2009: -- Despite spiraling truck sales in North America and around the world, Paccar managed to record a net profit in 2008 for the 70th straight year... In fact, its net income was the fourth highest in the company’s history, it reported last week. But despite the profit earned in 2008, the company said it’s not immune to steadily deteriorating market conditions... Paccar reported net earnings of US$113.1 million for the fourth quarter of 08, down significantly from the US$261.1 million earned in the same quarter of 07. Net income for the full year was US$1.02 billion, a 17% decline from 2007...* Sweden - Volvo, Scania to See Profit Drop as Truck Glut Widens
Sweden -Bloomberg, by Chad Thomas -Feb. 2, 2009: -- Eugene Shakalida aimed in 2007 to triple the fleet of heavy trucks at a logistics company he co- owns near Moscow. Now, he won’t buy a single one this year... Shakalida, 40, is trying to avoid job cuts as prices for cargo shipments plummet as much as 40 percent. His company, Trasko, spent a decade growing from a handful of workers and trucks to 320 employees and 90 vehicles, he said in a telephone interview... Trasko’s reversal of fortunes reflects the demise of the heavy-truck industry as demand runs dry for goods from car parts to household appliances in regions including eastern Europe, which was a main engine of the previous boom. European heavy- truck sales may plunge as much as 40 percent this year, hurting Volvo AB, Scania AB and MAN AG, who together account for 54 percent of that market...
* Europe - Sweden's Volvo seen worst hit in Q4; pretax down 96 pct - Scania's Q4 seen down 35 pct, Germany's MAN 27 pct
Stockholm,Sweden -Reuters (UK), 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... Volvo's pretax profit is seen down 96 percent at 231 million 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...
* USA - Oshkosh posts loss, cuts jobs; shares plunge
Chicago,ILL,USA -Reuters (UK), by James B. Kelleher -Jan 29, 2009: -- Oshkosh Corp withdrew its 2009 earnings forecast on Thursday and announced hundreds of additional job cuts as the specialty truckmaker grappled with a downturn in business that it warned could trip its credit covenants... The news sent Oshkosh shares down over 30 percent in trading on the New York Stock Exchange. Over the past year, the stock has lost 85 percent of its value and the company's market capitalization has gone from more than $3.4 billion to less than $600 million...Labels: truckmakers' news worldwide
posted by Unknown @ 10:43 AM
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