Paccar net income climbs 32 percent
The Bellevue-based company said its revenues rose 13 percent to $4.30 billion.
The Associated Press
Paccar, which makes Kenworth and Peterbilt trucks, reported third-quarter net income that beat analyst expectations as deliveries and aftermarket-parts sales rose.
The Bellevue-based company said pretax profit from truck sales jumped 42 percent to $242.5 million. Earnings also rose for parts and financial services. The company posted revenue gains in its two main regions — the U.S. and Canada, and Europe.
Net income rose 32 percent to $309.4 million, or 87 cents per share, for the quarter that ended Sept. 30. During the same period last year it earned $233.6 million, or 66 cents per share. Revenue rose 13 percent to $4.3 billion from $3.8 billion a year earlier. Analysts surveyed by FactSet had been expecting a profit of 85 cents per share on revenue of $4.1 billion.
But for the year to date, Paccar is still lagging its 2012 performance, Its nine-month income was $837.1 million, down 2.4 percent from the previous year, and revenues were $12.5 billion, down 4 percent.
The company said one highlight of the quarter was this month’s opening of the Brazilian factory for its DAF truck line, which has capacity to build up to 10,000 heavy-duty trucks a year for the South American market.
Paccar predicted sales of the large trucks for tractor-trailer rigs will be 205,000 to 215,000 vehicles in the U.S. and Canada this year. Demand is being driven by replacement of older trucks and an improving housing sector, the company said.
It predicted sales of 210,000 to 240,000 trucks next year if there’s some growth in the overall fleet size “reflecting modest overall economic growth.” The low end of the 2014 range raised the possibility that the number of trucks sold could fall slightly from this year’s level.
Paccar shares fell $1.58 or 2.7 percent to close at $56.63. The stock is still up 30.1 percent in the past 52 weeks.
Seattle Times staff contributed
to this report.