Paccar Inc (PCAR) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $310.30 million, or $ 0.88 a share in the quarter, against a net loss of $594.60 million, or $1.69 a share in the last year period. Revenue during the quarter went down marginally by 1.87 percent to $3,935.70 million from $4,010.60 million in the previous year period. Gross margin for the quarter contracted 82 basis points over the previous year period to 14.06 percent. Operating margin for the quarter stood at negative 15.36 percent as compared to a negative 14.43 percent for the previous year period.
Operating loss for the quarter was $604.40 million, compared with an operating loss of $578.80 million in the previous year period.
Peterbilt, Kenworth and DAF dealers have invested over $1 billion and have added nearly 200 locations during the last five years to enhance customer service in North America and Europe. “PACCAR MX engines have increased the aftermarket business opportunity for PACCAR dealers,” noted Harrie Schippers, PACCAR executive vice president and chief financial officer. “The network expansion delivers industry-leading service, enhanced parts availability and excellent operating efficiency for Peterbilt, Kenworth and DAF customers. These investments support PACCAR’s truck and parts market share growth.”
Operating cash flow declines
Paccar Inc has generated cash of $610.50 million from operating activities during the quarter, down 23.28 percent or $ 185.30 million, when compared with the last year period. The company has spent $337 million cash to meet investing activities during the quarter as against cash outgo of $292.20 million in the last year period.
The company has spent $445.70 million cash to carry out financing activities during the quarter as against cash outgo of $722.90 million in the last year period.
Cash and cash equivalents stood at $1,764.40 million as on Mar. 31, 2017, down 4.49 percent or $82.90 million from $1,847.30 million on Mar. 31, 2016.
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