PACCAR Beats Q1 Earnings Estimates, Revenue up 53% YoY
Apr 19, 2011
PACCAR (NASDAQ:PCAR) reported Q1 EPS of $0.53, beating the consensus estimate for $0.49 per share. Revenues for the quarter were up 53% year-over-year to $3.04 billion, beating the consensus estimate for $2.97 billion.
Mark Pigott, chairman and chief executive officer said, "PACCAR reported improved revenues and net income for the first quarter of 2011. PACCAR's results reflect the benefits of stronger truck sales in Europe and North America and an improvement in financial services profit and parts revenues worldwide. The higher utilization of PACCAR's truck facilities contributed to increased gross margins. North American and European economies are recovering, with the exception of the residential and commercial construction markets in the United States. Our on-highway customers are benefiting from increased freight tonnage and freight rates which are driving improved fleet productivity. I am very proud of our 19,000 employees who have delivered excellent results to our shareholders and customers."
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