The Class 8 truck order slowdown took a toll on fourth-quarter revenue and profits at PACCAR Inc. PCAR, but the parent company of Kenworth and Peterbilt trucks posted a full-year record in both measures and claimed 30% of the U.S. and Canadian market.
PACCAR posted fourth-quarter revenues of $6.12 billion compared with $6.28 billion in the same period in 2018. Earnings were $531.3 million, or $1.53 per diluted share, in the fourth quarter compared with $578.1 million, or $1.65 per diluted share, in the fourth quarter of 2018.
For all of 2019, PACCAR reported record revenues of $25.60 billion, up 9% over revenues of $23.50 billion in 2018. Earnings of $2.39 billion, or $6.87 per diluted share, were also a record and 9% higher than the $2.20 billion, or $6.24 per diluted share, earned in 2018.
Fourth-Quarter Financial Highlights:
- Consolidated net sales and revenues of $6.12 billion.
- Net income of $531.3 million.
- PACCAR Parts revenue of $993.9 million.
- PACCAR Parts pretax income of $205.2 million.
- PACCAR Financial Services earned $68.1 million.
- PACCAR invested $323.2 million in capital projects and research and development.
PACCAR maintained a larger backlog of trucks for much of 2019 compared to competitors either caught short of production capacity like Daimler Trucks North America or others, like Navistar International Corp. NAV, which reversed capacity additions.
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