Skip to main content
Advertising

Originally published July 23, 2013 at 7:32 AM | Page modified July 24, 2013 at 6:40 AM

  • Share:
             
  • Comments (0)
  • Print

Paccar’s 2Q profit slips but still beats expectations

The Bellevue manufacturer’s net income declines nearly 2 percent as demand for trucks slows.

The Associated Press

Most Popular Comments
Hide / Show comments
No comments have been posted to this article.
Start the conversation >

advertising

Paccar said Tuesday its second-quarter profit fell 1.9 percent, hurt by lower truck demand, but results still beat Wall Street predictions.

The stock initially climbed, hitting a six-year high of $60. But those gains gradually eroded, and it closed the trading session down 56 cents, or 1 percent, at $57.25.

The Bellevue maker of Kenworth and Peterbilt trucks earned $291.6 million, or 82 cents a share, in the three months ended June 30. That was down from $297.2 million, or 83 cents a share, in the same quarter of 2012.

Total sales and revenue fell 3.5 percent, to $4.3 billion from $4.46 billion.

Analysts, on average, expected a profit of 75 cents a share on $4.19 billion in revenue, according to FactSet.

Truck sales dropped 6 percent to $3.27 billion, while revenue from parts and financial services both increased.

Paccar Executive Vice President Dan Sobic said truck demand is being driven by the need to replace aging vehicles and the improving housing market.

Sobic said he expects the truck market to benefit from economic growth in the second half of the year, especially in automotive production and construction.

News where, when and how you want it

Email Icon

Get ready for 2015

Get ready for 2015

The Seattle Times 12-month wall calendar features hand-picked photos of life in the Pacific Northwest. Order while supplies last!

Advertising

Advertising


Advertising
The Seattle Times

The door is closed, but it's not locked.

Take a minute to subscribe and continue to enjoy The Seattle Times for as little as 99 cents a week.

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►