Earnings: Europe gives Paccar's quarterly income a boost

For truck manufacturer Paccar Inc., Europe is proving to be the shock absorber for an increasingly bumpy North American road. The Bellevue-based parent of Kenworth, Peterbilt and DAF trucks on Tuesday reported second-quarter net income of $313.5 million, or 86 cents a share, up from $298.3 million, or 79 cents a share, in the year-ago quarter. Revenue rose 11 percent from a year ago to $4.1 billion. Investors liked the fact that Paccar both beat analysts' estimates (an average of 84 cents) and increased its profit, even as it dealt with higher raw material costs and a trucking market roiled by high fuel prices and a weak economy. Paccar stock gained $1.88 a share to $44.60 in trading Tuesday following the announcement. "They're operating well in a pretty tough environment," said D.A. Davidson & Co. analyst JB Groh. Paccar... [read full story]