The Class 8 truck order slowdown took a toll on fourth-quarter revenue and profits at PACCAR Inc. (NASDAQ: PCAR), but the parent company of Kenworth and Peterbilt trucks posted a full-year record in both measures and claimed 30% of the U.S. and Canadian market.
PACCAR posted fourth-quarter revenues of $6.12 billion compared with $6.28 billion in the same period in 2018. Earnings were $531.3 million, or $1.53 per diluted share, in the fourth quarter compared with $578.1 million, or $1.65 per diluted share, in the fourth quarter of 2018.
For all of 2019, PACCAR reported record revenues of $25.60 billion, up 9% over revenues of $23.50 billion in 2018. Earnings of $2.39 billion, or $6.87 per diluted share, were also a record and 9% higher than the $2.20 billion, or $6.24 per diluted share, earned in 2018.
Fourth-Quarter Financial Highlights:
Consolidated net sales and revenues of $6.12 billion.
Net income of $531.3 million.
PACCAR Parts revenue of $993.9 million.
PACCAR Parts pretax income of $205.2 million.
PACCAR Financial Services earned $68.1 million.
PACCAR invested $323.2 million in capital projects and research and development.
PACCAR maintained a larger backlog of trucks for much of 2019 compared to competitors either caught short of production capacity like Daimler Trucks North America or others, like Navistar International Corp. (NYSE: NAV), which reversed capacity additions.
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