Despite strong sales in the month of June, SAF-Holland posted a loss of $6.58 million during the second quarter, compared with a profit of $16.7 million in the year-ago quarter
. The company's earnings before tax and interest was a loss of $1.1 million, versus $27.76 million during the second quarter of 2008.

Sales slumped during the quarter as well, at $144.8 million, down from $341.56 million in 2008. In North America, sales were down to $68.4 million, compared with $86.86 million in the year-ago period.

Despite the declines, the company seemed optimistic about its results over the first half of 2009, with sales of $305.2 million. The company attributes this performance to its cost reduction and restructuring efforts.

"SAF-Holland is benefitting from our decisive cost reduction initiatives," said Dr. Reiner Beutel, CEO of SAF-Holland Group GmbH. "It is not only on the cost side where positive signs are visible: the truck market in the USA also seems to be stabilizing and our global aftermarket business has been showing an upswing since March. We are confident that this positive development in North America and in the Aftermarket will continue. Our efforts will pay off even more, if demand sustainably increases."

The company saw an uptick in sales within its powered vehicle systems business, at $31.5 million, compared with $27.6 million for the second quarter of 2008. Sales within its trailer systems and aftermarket units were down, however, at $60.5 million and $52.5 million, respectively.

"Even if the first signs of a market revival in the worldwide replacement part business and stabilization in the truck market in the USA are visible, SAF-Holland expects a clear sales decline over the year compared to 2008 with a corresponding reduction in earnings," the company said in a release.