Paccar Q4 Results Down, Miss Estimates On Weak North American Deliveries

(RTTNews) - Trucks manufacturer Paccar Inc. (PCAR) reported Tuesday that its fourth-quarter net income declined to $288.8 million or $0.82 per share from $347.2 million or $0.98 per share a year ago.

On average, 21 analysts polled by Thomson Reuters expected earnings of $0.86 per share for the quarter. Analysts' estimates typically exclude special items.

PACCAR achieved net sales and financial service revenues of $4.07 billion compared to $4.36 billion for the same period in 2015.

Net sales and revenues were $3.77 billion, down from $4.06 billion a year ago. The weak results reflected lower truck deliveries in North America.

Analysts were looking for sales of $3.87 billion.

Noting that Paccar achieved its 78th consecutive year of net income, Ron Armstrong, chief executive officer, said, "PACCAR's financial results reflect the company's premium-quality products and services, increased European truck deliveries, higher truck market share, and good aftermarket parts and PACCAR Financial Services results."

Further, Paccar declared cash dividends of $1.56 per share during 2016, including a special dividend of $.60 per share paid in January 2017.

Paccar has paid a dividend every year since 1941.