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PACCAR Q1 profit climbs 38.2% YOY

PACCAR Inc said its first-quarter normalized net income came to 99 cents per share, compared with the S&P Capital IQ consensus estimate of $1.01 per share.

EPS climbed 38.1% year over year from 71 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $351.1 million, a gain of 38.2% from $254.1 million in the year-earlier period.

The normalized profit margin climbed to 7.3% from 5.8% in the year-earlier period.

Total revenue climbed 10.3% year over year to $4.83 billion from $4.38 billion, and total operating expenses rose 7.4% year over year to $4.27 billion from $3.98 billion.

Reported net income rose 37.7% year over year to $377.5 million, or $1.06 per share, from $274.1 million, or 77 cents per share.