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Topics  Manufacturing  /  AP

Paccar 4th-quarter profit nearly doubles

By AP  | January 31, 2012
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BELLEVUE, Wash. (AP) — Paccar Inc., which makes Peterbilt and Kenworth trucks, said Tuesday its fourth-quarter profit nearly doubled, boosted by a 58 percent jump in sales and revenue.

The Bellevue, Wash.-based company earned $327.7 million, or 91 cents per share, up from $169.8 million, or 46 cents per share, in the same quarter a year earlier.

Revenue jumped to $4.85 billion from $3.06 billion. The increase included a more than doubling of U.S. and Canadian sales to $2.77 billion, as Paccar customers benefited from higher freight tonnage and rates and bought new trucks.

The results easily beat Wall Street predictions. Analysts, on average, expected a profit of 79 cents per share on $4.34 billion in revenue, according to a FactSet poll.

Paccar said it expects U.S. and Canadian sales to continue to improve this year, as customers continue to replace their aging fleets. But the company warned that the ongoing European debt crisis has resulted in lower truck orders from eurozone countries in recent months.

For the full year 2011, Paccar earned $1.04 billion, or $2.86 per share, compared with $457.6 million, or $1.25 per share, in 2010. Revenue rose to $16.36 billion from $10.29 billion.

In morning trading, Paccar shares rose $1.43, or 3.2 percent, to $45.61, after peaking at $46.63 shortly after the opening bell. Over the past 52 weeks, the company's shares have traded between $31.57 and $56.88.

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Topics  Manufacturing  /  AP
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