PACCAR Q1 Profit Tops Estimates

(RTTNews) - PACCAR (PCAR) reported net income of $733.9 million or $1.40 per share in the first quarter of 2023, including a $446.4 million after-tax, non-recurring charge related to civil litigation in Europe. Excluding the non-recurring charge, the company earned adjusted net income of $1.18 billion or $2.25 per share in the first quarter of 2023. Net income was $600.5 million or $1.15 per share in the first quarter last year.

On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $1.81, for the quarter. Analysts' estimates typically exclude special items.

The company achieved quarterly revenues of $8.47 billion in the first quarter of 2023, compared to the $6.47 billion reported in the same period in 2022. Analysts on average had estimated $7.71 billion in revenue.

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