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Mark Pigott

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 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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