Paccar posts higher profit as trucking companies refresh fleets
By: Reuters | Oct 28 2014 at 08:07 AM | Intermodal
Paccar Inc posted a higher-than-expected quarterly profit on Tuesday as trucking companies in North America, encouraged by the economic rebound, falling fuel prices and rising freight volumes, updated their fleets.
The Bellevue, Washington-based truck- and engine-maker company posted a third quarter profit of $371.4 million, or $1.04 a share, up from $309.4 million, or 87 cents a share, during the comparable quarter last year.
Third quarter net sales and financial services revenues rose 15 percent to $4.93 billion.
Analysts, on average, expected the company to report a profit of 96 cents a share, according to Thomson Reuters I/B/E/S.