PACCAR Q4 Profit Down

(RTTNews) - PACCAR (PCAR) reported that its net income for the fourth quarter of 2018 declined to $578.1 million or $1.65 per share from $589.2 million or $1.67 per share in the fourth quarter of 2017.

The prior year result included $173.4 million of net tax benefits resulting from changes to U.S. tax law.

Excluding the one-time tax benefits, PACCAR reported adjusted net income of $415.8 million or $1.18 per share in the fourth quarter of 2017.

Net sales and revenues were $5.93 billion, compared to $5.12 billion last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.53 per share and revenues of $5.74 billion. Analysts' estimates typically exclude special items.

Quarterly revenues were $6.28 billion in the fourth quarter 2018, a 15% increase compared to the $5.45 billion reported in the same period in 2017.