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Third-quarter financial reports from fleets and equipment makers continue to reflect a tepid freight environment.
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Strong parts sales offset slumps in other areas, but softening of the North American truck market will make continued profits doubtful, the company said.
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Dana Holding Corp. moved from a profit to a loss in the fourth quarter of last year, as sales turned lower and it felt the effects of a strong U.S. dollar on overseas operations.
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The parent company to Volvo, Mack and other truck brands is back in the black, according to earnings reports released Friday, but it plans to cut U.S. production as it nears the end of a four-year cost cutting plan.
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UPDATED -- Truck and engine manufacturer Paccar on Friday reported record annual revenue of $19.12 billion and record net income of $1.60 billion for 2015, but fell short of analysts’ expectations in the final quarter of the year.
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Trucking operator YRC Worldwide Inc. cut some of its losses the first quarter of the year, but was still $21.6 million in the red.
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Cummins reported its third quarter revenue was $4.9 billion, a 15% increase from the third quarter of last year. Stronger demand for on-highway markets and distributor acquisitions in North America was a significant factor in revenue growth.
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Although its market share is not increasing as rapidly as it had expected, Navistar has made significant progress in cutting its warranty spend and other costs, and as a result posted a positive income number in its fiscal third quarter, despite lower sales than anticipated.
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