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UPDATE: Paccar Posts Upbeat Q3 Profit

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Paccar (NASDAQ: PCAR) posted a better-than-expected profit for the third quarter.

The Bellevue, Washington-based company posted a quarterly profit of $371.4 million, or $1.04 per share, versus a year-ago profit of $309.4 million, or $0.87 per share.

Its net sales and financial services revenue climbed 15% to $4.93 billion. However, analysts were expecting a profit of $0.96 per share on revenue of $4.46 billion.

During the quarter, the company repurchased 581,355 of its common shares for $34.1 million.

Ron Armstrong, chief executive officer said, “PACCAR's third quarter results reflect the benefits of strong truck sales in the U.S. and Canada, and excellent aftermarket parts revenues and financial services results worldwide.”

Paccar shares rose 2.20% to $62.64 at 11:00 a.m. ET.

Posted-In: profitEarnings News

 

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