Bellevue’s Paccar today reported profits declined to $13 million or 4 cents a share in the third quarter, 96 percent down from the same quarter in 2008.
But despite the decline, the maker of Kenworth, Peterbilt and DAF heavy-duty trucks beat Wall Street’s profit expectations. Analysts survey by Thomson Reuters had predicted on average earnings of just 2 cents a share.
The company said the worldwide economic slowdown continues to depress the market for new trucks. The company expects only 110,000 to 140,000 will be sold nationwide this year compared with a normal level of 225,000 new vehicles.
The company’s sales fell 50 percent to $2 billion.
Paccar Chairman Mark Pigott said the company is seeing “mildly encouraging signs” that the market will recover to a somewhat higher level next year.