Paccar 1Q net income falls 28 percent

April 25, 2013 10:17:33 AM

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BELLEVUE, Wash. -- Paccar Inc. said Tuesday that first-quarter net income dropped 28 percent, as slower economic growth reduced North American demand for its trucks. 

 

The Bellevue, Wash., company earned $236.1 million, or 67 cents per share, down from $327.3 million, or 91 cents per share, in the same quarter last year. 

 

Total sales and revenue fell 18 percent to $3.92 billion, as sales of trucks, parts and other items fell 20 percent to $3.63 billion. Financial services revenue rose 12 percent to $293.1 million. 

 

The results missed Wall Street predictions. Analysts, on average, expected a profit of 69 cents per share on $3.95 billion in revenue, according to FactSet. 

 

While the recent quarter's results were hurt by weak truck demand, Paccar expects the overall truck market to get a boost this year from job growth and automotive production.