Truckmaker Paccar has reported a 30% rise in fourth-quarter earnings after truck industry sales began a slow comeback in 2003 from a three-year slump, with demand gaining momentum in the final months of the year.
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According to Reuters, Paccar, which builds Peterbilt and Kenworth trucks, said quarterly net income rose to $US159.1 million, or $1.35 a share, from $122.2 million, or $1.05 a share, a year ago.
Analysts had expected earnings of $1.25 a share, with estimates ranging from $1.14 to $1.46 a share, according to Reuters Research, a unit of Reuters Group Plc.
Paccar reportedly said fourth-quarter net sales and revenue rose to $2.08 billion from $1.81 billion. Including revenue from financial services, sales increased to $2.2 billion from $1.9 billion.
Bellevue, Washington-based Paccar said it maintained its share of the retail market for Class 8 heavy-duty trucks in 2003 while increasing its share of the medium-duty truck market and also made market share gains in Europe, Reuters added, noting that Paccar generates about half its revenue from outside the United States.
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By GlobalDataThe company has forecast a rebound for US heavy trucks this year and said the European market would be slightly stronger than last year.
“It is anticipated that the North American Class 8 truck market will improve 10-15% in 2004 as customers replace aging trucks and benefit from a gradual economic recovery,” Paccar chairman and chief executive Mark Piggott said in a statement cited by Reuters.
Other companies in the heavy truck market have predicted industry growth of between 25 and 35% in 2004, the report noted.
