Truck manufacturer PACCAR reported higher second-quarter profit on essentially flat revenue on Tuesday, noting build rates climbed during the period as orders strengthened and freight rates improved.
PACCAR (NASDAQ: PCAR) reported second-quarter earnings of $1.43 per diluted share, 6 cents higher from a year earlier
Net income of $752 million was up 4 percent from a year earlier and 24 percent better than the first quarter. Revenue of $7.55 billion was essentially flat year over year, up less than 1 percent from $7.51 billion. The profit came on lower volume.
It’s a split that captures where Class 8 truck demand sits. PACCAR delivered 38,700 trucks globally in the quarter, down about 2 percent year over year. U.S. and Canada deliveries fell to 22,000 from 23,000 units.