BELLEVUE, Wash. — Paccar Inc., which makes trucks and parts carrying the Kenworth, Peterbilt and DAF nameplates, reported Friday that its fourth-quarter profit tumbled 59 percent as sales dropped 23 percent.
The results still topped analyst estimates.
The company earned $46.1 million, or 13 cents a share, in the three months ended Dec. 31, down from $113.1 million, or 31 cents a share, a year earlier.
Revenue fell to $2.24 billion from $2.92 billion a year earlier.
Analysts surveyed by Thomson Reuters were expecting fourth-quarter profit of 7 cents a share on revenue of $2.03 billion.
For the full year, profit came to $111.9 million, or 31 cents a share, down from $1.02 billion, or $2.78 a share, in 2008. Twelve-month revenue fell to $8.09 billion from $14.97 billion in 2008.
Kevin Jones of The Trucker staff can be reached for comment at email@example.com.
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