Paccar 4Q results beat analysts' expectations
BELLEVUE, Wash. (AP) — Truck maker Paccar's fourth-quarter net income fell 23 percent, as revenue weakened. The results still beat Wall Street's expectations, and the stock rose in premarket trading.
The Bellevue, Wash., company earned $253.5 million, or 72 cents per share, for the three months ended Dec. 31. That's down from $327.7 million, or 91 cents per share, a year ago.
Revenue declined 18 percent to $3.99 billion.
Analysts surveyed by FactSet expected earnings of 68 cents per share on revenue of $3.91 billion.
U.S. and Canada revenue dropped to $2.18 billion from $2.77 billion. European revenue fell to $1.12 billion from $1.34 billion.
For the year Paccar Inc. made $1.11 billion, or $3.12 per share compared with $1.04 billion, or $2.86 per share, in 2011.
Annual revenue increased 4 percent to $17.05 billion, which the company said was its best annual revenue performance ever.
Paccar shares rose 25 cents to $48.40 before the market opened.