: Paccar stock rises after truck manufacturer tops profit mark
Paccar Inc. PCAR stock rose 4.3% in premarket trades Tuesday after the manufacturer of Kenworth and Peterbilt trucks reported fourth-quarter results that topped Wall Street expectations both on earnings and revenue. Paccar said it earned $2.64 a share, ahead of the analyst forecast of $2.21 a share, according to estimates compiled by FactSet. Paccar’s revenue of $7.73 billion beat the analyst estimate of $7.14 billion. Looking ahead, Paccar said it expects to spend $525 million to $575 million on capital projects in 2023, along with $360 million to $410 million for research and development. The company said it’s increasing its investment in next generation clean diesel and electric powertrain technologies, autonomous driving systems, connected vehicle services, advanced manufacturing and distribution. Prior to Tuesday’s moves, Paccar stock is up 8.8% in the past year, compared to an 8.9% drop by the S&P 500 SPX.
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