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Trucking’s Suppliers * USA - Still see slow recovery
Engine, tire, and truck manufacturers alike don’t see any significant economy recovery occurring until next year...
New York,NY,USA -Fleet Owner, by Sean Kilcarr -Aug 3, 2009: ... with truck sales remaining flat for the balance of 2009 and only a mild uptick predicted for 2010... While Cummins reported its sales declined 37% to $2.43 billion compared to the second quarter of 2008, an almost fivefold drop in profitability proved the biggest surprise, with net income falling to $56 million in the second quarter of 2009, compared to $293 million in the same period last year... The decline in profitability was primarily due to the sharply lower volumes, Cummins said, with its engine and components segments continuing to see the most severe reductions in demand, and with sales declining sharply in nearly every geographic market due to the global recession. The company said heavy-duty engine sales dropped 41% and medium-duty fell 43%, while demand in the light-duty/RV engine segment declined 54%... Overall, Cummins said engine sales totaled $1.31 billion in the second quarter – down 45% from the same period last year – with this division posting a $4 million loss...
Paccar – which owns Kenworth, Peterbilt, and DAF of Europe – posted an operated loss of $36.5 million on net revenues of $1.85 billion in the second quarter, compared to $313.5 million in profits on $4.11 billion in revenues during the same period in 2008. However, a one-time pretax gain of $47.7 million, due to the discontinuance of certain post-retirement health care plan subsidiaries allowed Paccar to offset its losses and post $26.5 million in earnings for the second quarter of 2009...Labels: engine makers
posted by Unknown @ 1:28 PM
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