UPDATE 1-Paccar net drops; cuts European industry outlook


* Reports 2nd-qtr net profit of 7 cents a share * Says profits includes one-time gain * Cuts outlook for European truck demand CHICAGO, July 28 (Reuters) - Paccar Inc said on Tuesday its second-quarter earnings plunged more than 90 percent as a weak worldwide freight market walloped demand for its trucks and forced the company to temporarily close some of its plants. The company warned the "challenging market conditions" were continuing, especially in Europe, where it lowered its ...

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