PACCAR delivered 39,800 trucks during the first quarter, and our truck deliveries were about 45% higher than the same period last year. Market pricing has improved since the first quarter of last year and coupled with increased plant utilization and improving leverage, generated higher quarterly truck gross margins of 9.2% compared to 7.8% a year ago. PACCAR does expect to deliver slightly fewer trucks 2% to 3% in the second quarter compared to the first quarter.Economic uncertainties in the Eurozone have resulted in lower industry truck orders compared to last year. Most European truck manufacturers have reduced build rates and scheduled shutdown days to reflect the lower market. The good news is that freight on Germany's motorways, which is one of the most closely watched freight statistics, is comparable to last year, indicating that freight traffic throughout the Eurozone is at good levels and our customers are generating profitable results.
PACCAR's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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