USA: PACCAR Reports Sales and Earnings for Third Quarter; European Truck Market Strong, while U.S. and Canadian Truck Sales Slow
PACCAR Inc PCAR posted net income for the third quarter ended September 30, 2000, of $93.1 million, or $1.21 per diluted share, reported Mark C. Pigott, chairman and chief executive officer. That compares with $144.7 million, or $1.83 per diluted share, for the same period a year ago. Net income in the current quarter included a $12.4 million benefit related to higher expected utilization of a net operating loss (NOL) carryforward in Europe. Earnings without the NOL benefit were $80.7 million, or $1.05 per diluted share. Consolidated net sales for the third quarter of 2000 totaled $1.6 billion, compared to $2.2 billion for the same period last year. Pigott commented that, "PACCAR's third quarter results benefited from its geographic diversity and solid performance in the aftermarket parts business."
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