PACCAR Q3 earnings fall but beat estimate

PACCAR Inc. (NASDAQ: PCAR) earnings per share fell 36.57% year over year to $1.11, which beat the estimate of $0.95. Revenue of $4,538 billion declined by 24.42% from the same period last year, which beat the estimate of $4,410 billion. PACCAR manufactures medium- and heavy-duty trucks under the Kenworth and Peterbilt brands, which are primarily sold in North America and Australia. Its DAF-branded trucks are sold in Europe and South America. The three brands have 2,200 independent dealers in 103 countries. Kenworth and Peterbilt hold 29% of the Class 8 market share in North America and 17% of the heavy-duty market share in Europe. Consolidated revenue for 2019 was $25.6 billion, including $1.5 billion of financial-services revenue. Shares of PACCAR moved higher by more than 5% in pre-market trading following the company report.