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PACCAR profit holds mostly steady YOY in Q2

PACCAR Inc said its second-quarter normalized net income came to 96 cents per share, compared with the S&P Capital IQ consensus estimate of 99 cents per share.

In the prior-year period, the per-share result was a profit of 95 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $336.9 million, compared with $335.4 million in the prior-year period.

The normalized profit margin dropped to 7.2% from 7.6% in the year-earlier period.

Total revenue increased 6.6% year over year to $4.70 billion from $4.41 billion, and total operating expenses climbed 7.5% from the prior-year period to $4.17 billion from $3.88 billion.

Reported net income fell 22.4% on an annual basis to $373.9 million, or $1.06 per share, from $481.7 million, or $1.37 per share.