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Paccar profits plunge but beat expectations

Post by John Gillie / The News Tribune on Oct. 27, 2009 at 2:16 pm with No Comments »
October 27, 2009 2:16 pm

Bellevue’s Paccar today reported profits declined to $13 million or 4 cents a share in the third quarter, 96 percent down from the same quarter in 2008.

But despite the decline, the maker of Kenworth, Peterbilt and DAF heavy-duty trucks beat Wall Street’s profit expectations. Analysts survey by Thomson Reuters had predicted on average earnings of just 2 cents a share.

The company said the worldwide economic slowdown continues to depress the market for new trucks. The company expects only 110,000 to 140,000 will be sold nationwide this year compared with a normal level of 225,000 new vehicles.

The company’s sales fell 50 percent to $2 billion.

Paccar Chairman Mark Pigott said the company is seeing “mildly encouraging signs” that the market will recover to a somewhat higher level next year.

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