Truck maker Paccar's 1Q profit rises 69 percent
BELLEVUE, Wash. (AP) — Heavy-duty truck maker Paccar Inc. said Tuesday that first-quarter profit rose 69 percent on higher sales of trucks in North America and parts.
The company, which makes Kenworth and Peterbilt trucks, said its North American customers were benefiting from an increase in freight shipping and the need to replace trucks in their aging fleets.
The gains were tempered by continued sluggish demand for trucks used to haul construction materials because of the weak housing market in North America, and by ongoing economic problems that led to fewer truck orders in Europe.
Net income was $327.3 million, or 91 cents per share, compared with $193.3 million, or 53 cents per share, a year earlier.
Analysts expected 79 cents per share, according to FactSet.
Revenue rose 48 percent to $4.51 billion. Analysts forecast $4.17 billion.
Share of Paccar rose 24 cents to $42.20 in afternoon trading. Its shares have traded in a range of $31.57 to $54.58 in the past year.