Paccar’s stock extends pullback, even after profit and revenue rose above forecasts as customers updated truck fleets

Shares of Paccar Inc.
PCAR,
+0.90%
fell 1.9% in premarket trading Tuesday, to extend their pullback from last week’s record close, even after the heavy-duty trucks maker beat profit and revenue expectations. Net income jumped to a record $1.22 billion, or $2.33 a share, from $720.4 million, or $1.37 a share, in the year-ago period. That beat the FactSet consensus for earnings per share of $2.18. Revenue grew 24.4% to $8.44 billion, above the FactSet consensus of $8.31 billion, as new truck deliveries increased 10.7% to 51,900. Gross margin improved to 18.8% from 14.4%. “Customers are updating their fleets to take advantage of Peterbilt and Kenworth’s industry-leading fuel efficiency and reliability,” said Executive Vice President Darrin Siver. “Our factory production schedules are full for the year.” The stock, which had closed at a record $89.42 on July 18, has run up 34.4% year to date through Monday while the S&P 500
SPX,
+0.40%
has gained 18.6%.