Paccar Inc. (PCAR), a commercial truck producer, reported Tuesday better-than expected second-quarter earnings, attributing the strong results to a slow rebound in the market.
Paccar reported a profit of $99.6 million, or 27 cents a share, up from $26.5 million, or 7 cents a share, in the same quarter last year and ahead of average analyst expectations of 20 cents.
Revenue for the Washington-based company was up 32% to $2.46 billion, beating the Street’s view of $2.02 billion, and improving upon the year-earlier period’s $1.85 billion revenue.
Paccar CEO Mark C. Pigott said the positive results were driven by an improvement in the commercial truck and financial services markets.
“Against a backdrop of global truck markets that are only gradually emerging from historically low levels, PACCAR’s results reflect the benefits of higher truck and parts sales and improving financial services profits worldwide,” Pigott said.