PACCAR Inc ( PCAR ). shares are trading lower on Tuesday.

The company reported third-quarter earnings per share of $1.85, beating the street view of $1.82. Quarterly sales of $7.70 billion, beating the analyst consensus estimate of $7.65 billion.

PACCAR ( PCAR ) achieved net income of $972.1 million, compared to $1.23 billion in the same period last year.

Global truck deliveries in the quarter under review totaled 44,900 units, lower than 50,100 units in the year-ago period.

“Kenworth and Peterbilt’s strong 31.1% market share this year reflects the superior quality and operating performance of our trucks,” said Kevin Baney, PACCAR ( PCAR ) senior vice president. “Strong infrastructure spending in the U.S. has been good for Kenworth and Peterbilt’s business due to our market share leadership in vocational trucks.”

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The company noted that the less-than-truckload segment is performing well, while the truckload segment is weak.

PACCAR ( PCAR ) estimates that U.S. and Canada Class 8 truck industry retail sales will be between 250,000 and 270,000 vehicles in 2024, and between 250,000 and 280,000 vehicles in 2025.

PACCAR ( PCAR ) will open its new 240,000 square-foot PDC in Massbach, Germany, in November. This PDC will expedite parts delivery to dealers and customers in the region.

The company exited the quarter with cash and equivalents worth $6.849 billion.

PACCAR ( PCAR ) estimates that it will invest $700 million – $800 million in capital projects and $480 million – $530 million in research and development expenses in 2025.

Price Action: PCAR shares are trading lower by 5.98% to $103.06 at last check Tuesday.

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