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PACCAR Q4 profit falls YOY

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PACCAR Q4 profit falls YOY

PACCAR Inc said its normalized net income for the fourth quarter was 74 cents per share, compared with the S&P Capital IQ consensus estimate of 87 cents per share.

EPS declined 15.5% year over year from 88 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $261.8 million, a decline of 16.0% from $311.7 million in the prior-year period.

The normalized profit margin declined to 6.4% from 7.2% in the year-earlier period.

Total revenue decreased 6.5% on an annual basis to $4.07 billion from $4.36 billion, and total operating expenses declined 5.4% from the prior-year period to $3.65 billion from $3.86 billion.

Reported net income declined 16.8% year over year to $288.5 million, or 82 cents per share, from $346.7 million, or 98 cents per share.

For the year, the company's normalized net income totaled $3.49 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $3.91.

EPS declined from $4.11 in the prior year.

Normalized net income was $1.23 billion, a fall from $1.46 billion in the prior year.

Full-year total revenue decreased on an annual basis to $17.03 billion from $19.12 billion, and total operating expenses fell year over year to $15.09 billion from $16.79 billion.

The company said reported net income decreased year over year to $520.7 million, or $1.48 per share, in the full year, from $1.60 billion, or $4.51 per share.