UPDATE 1-Paccar posts lower profit, cuts sales forecasts

Tue Jul 23, 2013 10:07am EDT

July 23 (Reuters) - Truck maker Paccar Inc reported a lower quarterly profit on Tuesday and trimmed its full-year sales forecasts for North America and Europe, where freight carriers are postponing purchases of new vehicles.

The company, which makes Peterbilt, Kenworth and DAF brand commercial trucks, reported a second-quarter profit of $291.6 million, or 82 cents a share, down from $297.2 million, or 83 cents a share, a year earlier.

Revenue from truck and engine sales, as well as Paccar's in-house finance unit, fell 3.6 percent to $4.30 billion.

The Bellevue, Washington-based company said it now expects to sell 210,000 to 230,000 "Class 8" trucks - the biggest it makes - in North America this year, down from a previous forecast of 210,000 and 240,000.

The company lowered it forecast for truck sales in Europe to a range of 210,000 to 230,000, down from a previous forecast of 210,000 to 235,000.

Paccar shares were up 65 cents to $58.46 in early Nasdaq trading.