PACCAR Inc beat market expectations for fourth-quarter earnings on Tuesday, aided by strong demand for its trucks from customers looking to replace ageing fleets.Rising e-commerce deliveries and a focus on bolstering logistics networks have driven demand for long-haul trucks, bolstering sales for companies such as PACCAR.
"Good freight markets and an increased fleet age are driving strong demand...," PACCAR Vice President Darrin Siver said. PACCAR said on Tuesday that U.S. and Canada Class 8 truck industry retail sales are estimated to be in the range of 270,000 and 310,000 trucks for 2023. Last year, it sold 283,500 units.
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