Saturday, January 20, 2018

Paccar 1st-quarter profit more than doubles


Wednesday, April 21, 2010
Paccar said sales of new trucks are still below historic levels as trucking companies try to stay efficient coming out of the recession by keeping a lower number of rigs. But Paccar's parts business is growing as more companies choose to repair older trucks rather than buy new ones.
Paccar said sales of new trucks are still below historic levels as trucking companies try to stay efficient coming out of the recession by keeping a lower number of rigs. But Paccar's parts business is growing as more companies choose to repair older trucks rather than buy new ones.

BELLEVUE, Wash. — Paccar Inc. said Tuesday its first-quarter earnings more than doubled on stronger North American truck sales and an improvement in its parts and financial services businesses worldwide.

The company earned $68.3 million, or 19 cents per share, compared with $26.3 million, or 7 cents per share, in the same quarter last year.

Revenue rose 12 percent to $2.23 billion from $1.99 billion a year earlier.

Analysts polled by Thomson Reuters expected a profit of 15 cents per share on revenue of $1.91 billion.

The company said sales of new trucks are still below historic levels as trucking companies try to stay efficient coming out of the recession by keeping a lower number of rigs. But Paccar's parts business is growing as more companies choose to repair older trucks rather than buy new ones.

Shares fell 41 cents to $46.23 in morning trading. Earlier the stock set a 52-week high of $47.21.

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

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