Originally published January 29, 2010 at 9:51 AM | Page modified January 29, 2010 at 1:42 PM

Paccar posts profit in challenging year

Paccar reported a profit of $111.9 million for 2009, a challenging year that saw the Bellevue-based truck maker's sales fall by nearly half to $7.1 billion.

By Seattle Times staff

SaneBull Live Stock Infogreat free widgetsWidgetboxMore info

Paccar on Friday reported a profit of $111.9 million, or 31 cents a share, for 2009, a challenging year that saw the Bellevue-based truck maker's sales fall by nearly half.

The company sold $7.1 billion worth of trucks last year, down from $13.7 billion in 2008, as the global economic downturn cut into demand.

Last year, Paccar reported a $1.02 billion profit, or $2.78 a share.

In the fourth quarter, Paccar's profit was $46.1 million, or 13 cents a share, down from $113.1 million, or 31 cents a share, in the fourth quarter of 2008. Revenue fell to $2.24 billion from $2.92 billion a year earlier.

The fourth-quarter results beat expectations, The Associated Press reported. Analysts surveyed by Thomson Reuters were expecting quarterly profit of 7 cents a share on revenue of $2.03 billion. The news pushed Paccar stock up 80 cents, or 2.3 percent, to $36.03 Friday.

Paccar said it expects some increase in industry demand in North America this year, but little if any in Europe.

E-mail article Print Share

More Business & Technology

UPDATE - 09:46 AM
Exxon Mobil wins ruling in Alaska oil spill case

UPDATE - 09:32 AM
Bank stocks push indexes higher; oil prices dip

UPDATE - 08:04 AM
Ford CEO Mulally gets $56.5M in stock award

UPDATE - 07:54 AM
Underwater mortgages rise as home prices fall

NEW - 09:43 AM
Warner Bros. to offer movie rentals on Facebook

More Business & Technology headlines...

Comments

No comments have been posted to this article.

Read all comments / Share your thoughts