Why Paccar Stock Rolled Downhill Today
Paccar (NASDAQ: PCAR) stock tumbled 8.5% through 11:25 a.m. ET Tuesday after the company reported a tiny earnings miss.
Heading into earnings, analysts forecast the commercial truck manufacturer would earn $2.14 per share on $8.3 billion in sales. In fact, Paccar beat the sales figure easily with $8.8 billion in revenue reported. It fell a penny short on earnings, however: $2.13 per share.
Paccar CEO Preston Feight characterized both sales and earnings as "excellent" in Q2. This despite only one of the two metrics outperforming -- and despite earnings declining 8.6% year over year. (Sales fell 1% year over year.)
Source Fool.com