Paccar has said that its quarterly net profit rose 22% in its fourth quarter, as customers bought trucks ahead of new US clean air rules that took effect on January 1st, 2007.
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Paccar reported fourth-quarter net profit of US$380.5m, compared with US$312.9m a year earlier, and said that is performance was helped with market share gains in Europe and strong performances at its parts and service and finance units. Revenue rose 16% to US$4.23bn.
The anticipation of sales in 2006 means that sales in 2007 are expected to be well down in 2007. Paccar has forecast a 28-38% fall in North American sales this year, while large engine manufacturer, Caterpillar Inc, has forecast a 48% drop in North American truck production.
Paccar is less dependent on the north American market than its competitors. It derives 48% of its revenue overseas and is expecting Europe to help offset a poor performance in North America, although the company is forecasting sales there to fall seven percent this year.
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