July 23 (Reuters) -

U.S. truckmaker PACCAR Inc ( PCAR ) reported a fall in its second-quarter

profit on Tuesday, marginally missing estimates, hurt by inflationary pressures

and high capital spending.

Shares of the company, which makes trucks under the Kenworth, Peterbilt and

DAF brands, were down 6.3% in early trading.

Elevated borrowing costs and depressed freight activity, triggered by a

slowdown in consumer demand, contributed to the prolonged trucking recession

that hampered PACCAR's ( PCAR ) earnings.

With the company expanding its portfolio to include powertrains and

emissions-free vehicles, its high capital spending also impacted its bottomline.

PACCAR ( PCAR ) also lowered its annual industry retail sales estimates for Class 8

trucks, which are used to move heavy freight, in the United States and Canada to

240,000-280,000 units, down from its previous estimate of 250,000-290,000 units.

It expects capital investments in the range of $725 million to $775

million in 2024.

The company reported a profit of $1.12 billion, or $2.13 per share, for the

quarter ended June 30, down from $1.22 billion, $2.33 per share, a year earlier.

Analysts had expected a profit of $2.14 apiece, according to LSEG data.

Net sales and revenue for the second quarter was $8.77 billion, above

analysts' average expectations of $8.33 billion.