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Paccar 3Q net income more than doubles

October 25, 2011

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BELLEVUE, Wash.—Paccar Inc., which makes Peterbilt and Kenworth trucks, said Tuesday that its third-quarter net income more than doubled, helped by increased truck deliveries, higher aftermarket sales and a growing financial services business.

The company earned $281.6 million, or 77 cents per share, up from earnings of $119.9 million, or 33 cents per share, in the same period a year earlier.

Revenue, which comprises truck sales and financial services revenue, rose 67 percent $4.26 billion from $2.54 billion.

Analysts, on average, were expecting earnings of 70 cents per share on total revenue of $4.14 billion, according to a poll by FactSet.

"Our customers in North America are benefiting from increased freight tonnage and higher fleet utilization which are driving the replacement of their aging fleets, resulting in increased demand for Paccar products and services," said Mark Pigott, chairman and CEO, in a statement.

He added that the company had lower industry truck orders in Europe because of the economic uncertainties in the region.

Shares fell 27 cents to $42.11 in morning trading Tuesday.