Paccar's net income climbs

Paccar Inc.'s first-quarter net income climbed to $110.8 million from $47.2 million a year ago thanks to effective cost-cutting methods, CEO Mark C. Pigott said. The truckmaker said North American heavy-duty truck orders were 32% lower in the first quarter compared to first-quarter 2002. However, Pigott said he believes that 2003 sales will be comparable to last year. Paccar said sales in Europe are expected to be 5 to10% lower than last year.