PACCAR Inc (PCAR) has reported a 16.82 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $288.80 million, or $0.82 a share in the quarter, compared with $347.20 million, or $0.98 a share for the same period last year.
Revenue during the quarter dropped 6.53 percent to $4,070.70 million from $4,355.30 million in the previous year period. Gross margin for the quarter contracted 1 basis points over the previous year period to 20.33 percent. Total expenses were 84.85 percent of quarterly revenues, up from 84.61 percent for the same period last year. That has resulted in a contraction of 24 basis points in operating margin to 15.15 percent.
Operating income for the quarter was $616.70 million, compared with $670.10 million in the previous year period.
“PACCAR reported very good annual revenues and profitability in 2016. PACCAR achieved its 78th consecutive year of net income,” said Ron Armstrong, chief executive officer. “PACCAR’s financial results reflect the company’s premium-quality products and services, increased European truck deliveries, higher truck market share, and good aftermarket parts and PACCAR Financial Services results. I am very proud of our 23,000 employees who have delivered outstanding products and services to our customers.”
Operating cash flow declines
PACCAR Inc has generated cash of $2,300.80 million from operating activities during the year, down 9.98 percent or $255.20 million, when compared with the last year.
The company has spent $1,564.30 million cash to meet investing activities during the year as against cash outgo of $1,974.90 million in the last year.
The company has spent $823.50 million cash to carry out financing activities during the year as against cash outgo of $196.50 million in the last year period.
Cash and cash equivalents stood at $1,915.70 million as on Dec. 31, 2016, down 4.99 percent or $100.70 million from $2,016.40 million on Dec. 31, 2015.
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