Paccar's third-quarter earnings dropped 17% compared to a year ago, with lower industry truck orders in North America and Europe due to the uneven global economy.
Paccar earned $233.6 million for the third quarter of 2012 compared to the $281.6 million in the third quarter last year. Third quarter net sales and financial services revenues were $3.82 billion compared to $4.26 billion in 2011.
For the first nine months of 2012, Paccar reported net income of $858.1 million, an increase of 20% compared to the $714.6 million in the first nine months of 2011. Net sales and financial services revenues for the first nine months of 2012 were $13.05 billion, up 13% compared to $11.50 billion last year.
During the third quarter of 2012, Paccar repurchased 570,000 of its common shares for $22.6 million. Under the current board of directors resolution authorizing $300 million of stock repurchases, Paccar has repurchased 4.99 million shares for $192 million.