Paccar Q1 Profit Drops 91 Percent
Posted: 7:52 am PDT April 28, 2009Updated: 8:04 am PDT April 28, 2009
BELLEVUE, Wash. -- Paccar's first quarter profit fell 91 percent to $26 million, the company reported.Sales dropped 52 percent to $1.7 billion, compared to a year ago.The Bellevue-based commercial truck maker said the recession continues to affect the business.Chairman and Chief Executive Mark Piggott said "challenging market conditions" are continuing as the company heads into the second quarter.He said Paccar has "rigorously" cut operating costs and capital spending.
Copyright 2009 by KIROTV.com. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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