BELLEVUE, Wash. (AP) -- 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, along with increased housing starts and construction.
Paccar shares fell 12 cents to $48.92 in midday trading.