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Paccar reports 24 percent gain in 2Q profit on higher sales

Paccar, which makes Kenworth and Peterbilt trucks, cautioned however that weak economic growth in the U.S. and the uncertainty stemming from the European debt crisis could suppress orders for its trucks in the rest of the year.

The Associated Press

7/25/2012

BELLEVUE, Wash. — Heavy-duty truck maker Paccar Inc. said Tuesday its second-quarter profit jumped 24 percent on higher sales of trucks in North and South America, and growth in its truck leasing company and other financial services.

Paccar, which makes Kenworth and Peterbilt trucks, cautioned however that weak economic growth in the U.S. and the uncertainty stemming from the European debt crisis could suppress orders for its trucks in the rest of the year.

Paccar is a significant player in the European markets for trucks and tractors.

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The company reported second-quarter net income of $297.2 million, or 83 cents per share, up from $239.7 million, or 65 cents per share, in the April-June quarter of 2011.

Revenue — which includes truck sales and financial services revenue — rose 12.6 percent, to $4.46 billion from $3.96 billion a year earlier. Truck sales amounted to $4.19 billion.

On average, analysts surveyed by FactSet forecast earnings per share of 82 cents and sales of $4.22 billion.

Kevin Jones of The Trucker staff can be reached for comment at kevinj@thetrucker.com.

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