Paccar Reports Lower 3Q Profit
Paccar Inc. reported a lower third-quarter profit compared with a year ago, reflecting lower truck orders in North America.
Net income declined to $233.6 million, or 66 cents a share, down from $281.6 million, or 77 cents, a year ago, Bellevue, Wash.-based Paccar said Thursday.
Sales and financial services revenues declined to $3.82 billion from $4.26 billion, while truck revenue fell to $3.5 billion, from $4 billion, the truck and engine maker said.
The results “reflect lower industry truck orders in North America and Europe due to the uneven global economy,” Chairman and CEO Mark Pigott said in a statement.
“Paccar’s dealers and customers have benefited from good freight demand in North America and Europe as evidenced by strong aftermarket parts and services business and excellent Paccar Financial Services performance,” he said.
The company said last month that its third-quarter truck production was down 15% to 20% from the second quarter.
Paccar is the parent company of Kenworth Truck Co., Peterbilt Motors Co. and Europe-based DAF trucks.
