FULL REPORT 5:09 p.m.:
Truck and engine production recently halted at Denton-based Peterbilt Motors Co. has been suspended for even longer, its parent company, PACCAR Inc. announced Wednesday, April 1.
The shutdown, which initially went into effect on March 24, has been extended to April 20 for all of the PACCAR plants worldwide, according to a news release from the company.
PACCAR said it will review future actions regularly. It will continue to provide aftermarket support to its customers who deliver medical supplies, food and essential infrastructure services to communities, the release states.
The company’s 2020 outlook and first-quarter results will be included in an earnings call scheduled for April 21. The company is publicly traded on NASDAQ under the symbol PCAR.
Financial results for 2020 will be impacted by lower production schedules due to changes in customer demand and the impact of government regulations or mandates, according to the release.
“PACCAR’s excellent balance sheet, experienced leadership team and outstanding employees will contribute to the company successfully managing through this difficult period,” said PACCAR CEO Preston Feight in the release.
PACCAR is a global technology leader in the design, manufacture and customer support of premium light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates, its website states. PACCAR also designs and manufactures advanced diesel engines, provides financial services, information technology and distributes truck parts related to its principal business.
The Denton Record-Chronicle reported in August 2019 that Peterbilt’s division office and manufacturing plant in Denton employ about 3,000 people.
ORIGINAL 3:48 p.m.:
PACCAR Inc., parent company of Peterbilt Motors Co. in Denton, announced today, April 1, that it's extending its shutdown until April 20.
"PACCAR Inc (Nasdaq: PCAR) is providing a business update in response to recent changes in customer demand and a weaker outlook for the global economy, as a consequence of the coronavirus pandemic," according to a press release from the firm. "The Company will extend the suspension of truck and engine production at its factories worldwide until April 20, 2020. The company will review future actions on a regular basis. PACCAR will continue to provide aftermarket support to its customers who deliver medical supplies, food and essential infrastructure services to our communities."
The press release indicated the company's 2020 financials "will be impacted by lower production schedules due to changes in customer demand and the impact of government regulations or mandates."
A business update and reports on first-quarter earnings are scheduled during an earnings call April 21.
PACCAR had initially announced March 23 that it would halt truck and engine production beginning March 24.