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PACCAR Inc : Paccar 1st-Quarter Net Drops 28% on Lower Revenue

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04/23/2013 | 02:40pm CET
   By Saabira Chaudhuri 

Paccar Inc.'s (PCAR) first-quarter earnings sank 28% as the maker of Kenworth and Peterbilt heavy-duty commercial trucks reported a sharp decline in revenue.

Paccar had seen its profits surge in recent quarters on sharply higher truck sales revenue in the U.S. and Canada, as well as growth at its financial-services unit. However in January, the company's bottom line was hit by a slump in revenue in Europe, the U.S. and Canada., and in the latest quarter, U.S. and Canada sales again disappointed.

Overall, revenue from the truck segment declined 23% while parts revenue edged down 1.9%. Revenue at the company's financial services business was a relative bright spot, rising 12% to $293.1 million.

"Paccar's truck segment results compared to last year reflect a decline in industry truck sales in North America due to slower economic growth," Chief Executive Mark Pigott said.

Paccar reported a quarterly profit of $236.1 million, or 67 cents a share, versus $327.3 million, or 91 cents a share, a year earlier.

Truck and other sales fell 20% to $3.63 billion.

Analysts polled by Thomson Reuters most recently forecast earnings of 69 cents on truck and other sales of $3.72 billion.

Geographically, sales were down 25% in the U.S. and Canada, but rose 1% in Europe.

Shares closed Monday at $49.04 and were inactive in recent premarket trading. The stock has risen 17% in the past 12 months.

Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com

Order free Annual Report for PACCAR, Inc.

Visit http://djnweurope.ar.wilink.com/?ticker=US6937181088 or call +44 (0)208 391 6028

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Financials ($)
Sales 2016 16 199 M
EBIT 2016 1 790 M
Net income 2016 564 M
Debt 2016 3 418 M
Yield 2016 2,65%
P/E ratio 2016 28,46
P/E ratio 2017 18,60
EV / Sales 2016 1,64x
EV / Sales 2017 1,72x
Capitalization 23 135 M
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PACCAR Inc Technical Analysis Chart | PCAR | US6937181088 | 4-Traders
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Mean consensus HOLD
Number of Analysts 23
Average target price 66,1 $
Spread / Average Target 0,15%
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Ronald E. Armstrong Chief Executive Officer & Director
Robert J. Christensen President & Chief Financial Officer
Mark Charles Pigott Executive Chairman
A. Lily Ley Chief Information Officer
Charles R. Williamson Lead Independent Director
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