PACCAR Inc shares (PCAR) are down on Tuesday.
In Q3, PACCAR reported earnings of $1.85 per share, exceeding the expected $1.82, and sales of $7.70 billion, surpassing the $7.65 billion forecast.
Net income fell to $972.1 million, down from $1.23 billion last year.
They delivered 44,900 trucks this quarter, compared to 50,100 units the previous year.
“Kenworth and Peterbilt’s 31.1% market share shows the high quality of our trucks,” said Kevin Baney, a senior vice president at PACCAR.
Though the less-than-truckload segment is strong, the truckload segment is struggling.
PACCAR forecasts U.S. and Canada Class 8 truck sales at 250,000 to 270,000 for 2024, and between 250,000 and 280,000 for 2025.
A new 240,000 square-foot parts distribution center (PDC) will open in Massbach, Germany, in November to enhance delivery.
The company ended the quarter with $6.849 billion in cash and equivalents.
PACCAR plans to invest $700-$800 million in capital projects and $480-$530 million in R&D in 2025.
Price Action: PCAR shares fell 5.98% to $103.06 on Tuesday.
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