Paccar, the world's second-largest manufacturer of big-rig trucks, said yesterday that its second-quarter profit edged up 2. 1 percent, bolstered by...
Paccar, the world’s second-largest manufacturer of big-rig trucks, said yesterday that its second-quarter profit edged up 2.1 percent, bolstered by strong revenue growth.
The Bellevue company’s profit rose to $241.5 million, or $1.39 a share, from $236.5 million, or $1.34 a share, a year ago.
Results included a one-time charge of $64 million, or 37 cents a share, for income taxes associated with the repatriation of $1.5 billion of cash from its foreign subsidiaries.
Net sales and financial services revenue climbed 27.6 percent to $3.56 billion from $2.79 billion in 2004.
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Wall Street analysts expected the company to earn $1.68 a share excluding items, on anticipated revenue of $3.26 billion, according to Thomson Financial.
The company also said that year-to-date, retail sales of Class 8 trucks in the U.S. and Canada exceeded 137,000 units, up more than 33 percent over a year ago.
Paccar stock closed yesterday down $2.39, or 3.2 percent, at $72.