PACCAR Inc.'s (PCAR) stock experienced a significant drop of 5.09% in the intraday trading session on Tuesday. The plummet came after the company reported its fourth-quarter financial results, which fell short of analysts' expectations for both earnings and revenue.
The leading truck manufacturer reported a fourth-quarter net income of $872.0 million, or $1.66 per diluted share, which missed the consensus estimate of $1.69 per share. Additionally, PACCAR's revenue for the quarter stood at $7.91 billion, missing the analysts' expectation of $7.62 billion.
According to the company's earnings release, the disappointing results were primarily attributed to a sluggish freight market recovery and elevated production costs, which pressured its margins. PACCAR delivered 185,300 vehicles worldwide at the end of 2024, a decrease from 204,200 deliveries in the previous year.
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