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Mark Pigott

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Paccar's First-Quarter Net Drops 28% On Lower Revenue

Paccar Inc.'s (PCAR) first-quarter earnings sank 28%, as the truck maker blamed a weak U.S. economy for discouraging truckers from buying the company's Kenworth and Peterbilt commercial trucks.The company's sales and income from the quarter missed analysts' estimates. Paccar's first-quarter revenue from trucks dropped 23% from a year ago, to $2.93 billion, while operating profit from trucks dropped 45%, to $165 million. The Bellevue, Wash., company attributed the decline to a sluggish truck market in North America caused by anemic economic growth in the United States. Paccar's first-quarter revenue from the U.S and Canada dropped 25% from a year ago.Paccar said industry-wide sales of new heavy-duty trucks in the U.S. and Canada dropped to 45,000 vehicles during the first quarter, down from 54,000 trucks a year earlier."Paccar's truck segment results reflect a decline in industry truck sales in North America due to slower economic growth," Chief Executive Mark Pigott said. "Our customer...

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  1. Paccar Posts Lower Results On Weaker Truck Orders

    Paccar Inc. reported third-quarter net income of $233.6 million, or 66 cents a share, down from $281.6 million, or 77 cents, earned in the same period during 2011. Q...

  2. Volvo, Paccar to Trim Truck Production in US

    Commercial truck makers Paccar Inc. (PCAR) and Volvo AB (VOVLY, VOLV-B.SK) disclosed Tuesday they intend to reduce production in response to weakening demand for tru...

  3. Paccar, Volvo to Trim Truck Output Due to Weak U.S. Demand

    Commercial truck makers Paccar Inc. (PCAR) and Volvo AB (VOVLY, VOLV-B.SK) disclosed Tuesday they intend to reduce production in response to weakening demand for tru...

  4. Volvo, Paccar to Trim Truck Output Due to Weak U.S. Demand

    Commercial truck makers Paccar Inc. (PCAR) and Volvo AB (VOVLY, VOLV-B.SK) disclosed Tuesday they intend to reduce production in response to weakening demand for tru...

  5. PACCAR's 2Q Results: Postgame Scorecard

    For the second quarter, PACCAR (NASDAQ:PCAR) saw a rise in net income.Earnings and Revenue The company experienced stronger-than-expected EPS and revenues. The compa...

  6. Paccar Lifts Dividend 11%, Citing Strong Results

    DOW JONES NEWSWIRESPaccar Inc. (PCAR) raised its quarterly dividend 11% in a nod to its streak of stronger operating results, joining the array of companies that hav...

  7. 3M, U.S. manufacturers sound warning on Europe

    By Scott Malone and John D. StollDiversified manufacturer 3M Co <MMM.N> sounded a warning on Tuesday, telling Wall Street that Europe's brewing debt crisis and weake...

  8. Paccar 3Q Jumps on Uptick in European Demand

    Helped by growing European demand for tractor trailers, Paccar ( NASDAQ :PCAR) reported Tuesday a slightly better-than-expected third-quarter profit, leading the com...

  1. Paccar 1st-Quarter Net Drops 28% on Lower Revenue

    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 h...

  2. Paccar 4th-Quarter Net Down 23%; Weak Start to 2013 Forecast

    Paccar Inc. (PCAR) forecast mostly flat sales for heavy-duty truck markets in Europe and U.S. this year, after the company's fourth-quarter profit sank 23% on lower ...

  3. Paccar, Eaton Vance and Others Declare Extra Dividends Ahead of Year-End

    Paccar Inc. (PCAR) and Eaton Vance Corp. (EV) said Tuesday they are issuing extra cash dividends, joining other companies looking to raise shareholder return ahead o...

  4. Paccar, Eaton Vance Declare Extra Dividends

    Paccar Inc. (PCAR) and Eaton Vance Corp. (EV) are issuing extra cash dividends, joining other companies looking to raise shareholder return ahead of the potential "f...

  5. Paccar Declares Extra Dividend of 80 Cents a Share

    Paccar Inc.'s (PCAR) board is issuing an extra cash dividend of 80 cents a share to enhance returns for truck manufacturer's shareholders following its strong result...

  6. Paccar's 3rd-Quarter Net Falls 17%; Beats Expectations

    Paccar Inc.'s (PCAR) third-quarter earnings fell 17%, but the commercial truck maker's income was better than expected in a deteriorating North American truck market...

  7. Paccar's 3rd-Quarter Net Falls 17% on Revenue Slide

    Paccar Inc.'s (PCAR) third-quarter earnings fell 17% as the maker of Kenworth and Peterbilt heavy-duty commercial trucks saw sales slide in Europe, the U.S. and Cana...

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