By Dow Jones Business News, October 29, 2013, 08:39:00 AM EDT
By Anna Prior
Paccar Inc.'s ( PCAR ) third-quarter earnings climbed 32% as the maker of Kenworth and Peterbilt heavy-duty commercial
trucks reported improved sales.
"Higher truck deliveries, record aftermarket parts sales and financial services pretax profits contributed to
increased earnings," said Chief Executive Mark Pigott. "Our customers in North America are benefiting from higher fleet
utilization and record freight tonnage, which are driving industry fleet replacement."
Paccar had seen its bottom line hit by a slump in revenue, which the company has attributed to a sluggish truck market
in North America caused by anemic economic growth in the U.S.
On Tuesday, however, the company reported sales were up 24% in the U.S. and Canada, and climbed 16% in Europe.
Overall, Paccar reported a quarterly profit of $309.4 million, or 87 cents a share, versus $233.6 million, or 66 cents
a share, a year earlier.
Truck and other sales rose 13% to $4.01 billion.
Analysts polled by Thomson Reuters recently forecast earnings of 85 cents a share on truck and other sales of $4.13
Revenue at the company's financial services business grew 7.3% to $293.5 million. The segment now has a portfolio of
more than 158,000 trucks and trailers, with total assets of $11.37 billion.
Shares closed Monday at $58.21 and were inactive premarket. The stock has risen 29% since the start of the year.
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