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.
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