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PACCAR Q2 profit climbs 35.6% YOY

PACCAR Inc said its normalized net income for the second quarter amounted to $1.14 per share, compared with the S&P Capital IQ consensus estimate of $1.15 per share.

EPS rose 35.6% year over year from 84 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $407.6 million, a gain of 35.6% from $300.6 million in the year-earlier period.

The normalized profit margin climbed to 8.0% from 6.6% in the year-earlier period.

Total revenue grew 11.2% on an annual basis to $5.08 billion from $4.57 billion, and total operating expenses grew 8.2% on an annual basis to $4.43 billion from $4.09 billion.

Reported net income increased 40.0% on an annual basis to $448.9 million, or $1.26 per share, from $320.7 million, or 90 cents per share.