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PACCAR Q1 profit falls YOY

PACCAR Inc said its normalized net income for the first quarter amounted to 79 cents per share, compared with the S&P Capital IQ consensus estimate of 88 cents per share.

EPS declined 13.0% year over year from 91 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $280.1 million, a decline of 12.6% from $320.6 million in the year-earlier period.

The normalized profit margin dropped to 6.6% from 7.5% in the year-earlier period.

Total revenue fell on an annual basis to $4.24 billion from $4.30 billion, and total operating expenses totaled $3.80 billion, compared with $3.79 billion in the prior-year period.

Reported net income came to $310.4 million, or 88 cents per share, compared with a loss of $593.7 million, or a loss of $1.69 per share, in the prior-year period.