PACCAR Reports Lower Revenue as Truck Deliveries Decline
The truck manufacturer reported a revenue drop to $6.78 billion as deliveries fell in North America. Higher fuel costs and industry over-capacity weighed on demand.
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PACCAR INC reported total quarterly revenue of $6.78 billion, an 8.8% decline from $7.44 billion a year earlier. Truck deliveries in the United States and Canada fell 19.8% to 17,800 units as industry over-capacity persists. Investors are weighing a 13.4% drop in truck sales against a 1.2% rise in high-margin aftermarket parts revenue.
PACCAR INC saw its truck sales revenue slide to $4.53 billion. Higher fuel costs linked to Middle East conflict slowed a recovery that began earlier this year. Demand remains soft after a four-year industry recession.
