$PACCAR Inc (PCAR.US)$ shares are down 5.63% to $103.44 Tuesday after delivering earnings in the morning.
The company reported 3Q earnings per share of $1.85, beating the street view of $1.82. Quarterly sales of $7.70 billion, beating the analyst consensus estimate of $7.65 billion.
PACCAR achieved net income of $972.1 million, compared to $1.23 billion in the same period last year.
"Kenworth and Peterbilt's strong 31.1% market share this year reflects the superior quality and operating performance of our trucks," said Kevin Baney, PACCAR senior vice president. "Strong infrastructure spending in the U.S. has been good for Kenworth and Peterbilt's business due to our market share leadership in vocational trucks."
The company noted that the less-than-truckload segment is performing well, while the truckload segment is weak.
PACCAR estimates that U.S. and Canada Class 8 truck industry retail sales will be between 250,000 and 270,000 vehicles in 2024, and between 250,000 and 280,000 vehicles in 2025.
