Shares of Paccar Inc. PCAR, -0.26% rallied 2.3% toward a two-month high in premarket trading Tuesday, after the truck maker reported record third-quarter profit that doubled and revenue that climbed above expectations, as “strong” used truck prices helped provide a boost. Net income rose to $769.4 million, or $2.21 a share, from $380.5 million, or $1.09 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.98. Revenue grew 37.2% to $7.06 billion, above the FactSet consensus of $6.71 billion, as truck revenue jumped 50.6% to $5.20 billion and parts revenue increased 16.8% to $1.47 billion. “Strong industry truck utilization and increased freight tonnage is good for truck demand,” said Senior Vice President Mike Dozier. “Customers are replacing older vehicles with the new fuel-efficient Kenworth and Peterbilt trucks.” Paccar’s stock has gained 7.0% over the past three months through Monday, while the S&P 500 SPX, +0.20% has declined 4.3%.
