PACCAR Quarterly Revenues and Earnings Down

PACCAR (Nasdaq: PCAR) reported down revenues and net income for the third quarter of 2016 versus the prior year’s performance.

PACCAR earned $346.2 million ($.98 per diluted share) for the third quarter of 2016 compared to $431.2 million ($1.21 per diluted share) earned in the third quarter of 2015. Third quarter net sales and financial services revenues were $4.25 billion this year compared to $4.85 billion for the same period last year.

For the first nine months of 2016, PACCAR reported adjusted net income (non-GAAP)1 of $1.07 billion ($3.03 per diluted share), excluding an $833.0 million non-tax-deductible, non-recurring charge for a European Commission (EC) settlement. The company earned $1.26 billion ($3.53 per diluted share) in the first nine months of 2015. PACCAR reported net income of $232.9 million ($.66 per diluted share) in the first nine months of 2016, including the non-recurring charge. Net sales and financial services revenues for the first nine months of 2016 were $12.96 billion compared to $14.76 billion last year.

Highlights of PACCAR’s financial results for the third quarter of 2016 include:

* Consolidated sales and revenues of $4.25 billion.
* Net income of $346.2 million.
* PACCAR Parts quarterly pre-tax income of $138.3 million.
* Financial Services quarterly pre-tax income of $71.0 million.
* Manufacturing cash and marketable securities of $2.80 billion.

Tags: PACCAR, PACCAR earnings

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