Class 8 net new orders for January were revised up 4%, while Class 5-7 orders were revised down 0.2%.
Class 8 orders were 22,922 in January, up 93% year-over-year (vs. up 17% year-over-year in December). January marked the fourth consecutive month of over-20,000 Class 8 orders. Seasonally adjusted, January's order intake was roughly 253,000 annualized -- even better than the seasonally adjusted annualized run-rate in the past three months of 230,000. We continue to believe that Class 8 orders bottomed for the cycle in April 2007 at 10,491.
Class 5-7 orders were 19,471, up 17% year-over-year (vs. up 81% year-over-year in December).
“Arguably, Class 5-7 orders are a ‘purer’ measure of economically derived demand,” Bear Stearns said.
Class 5-8 builds remain weak, as expected -- down 28% year-over-year in January.