Paccar’s 4Q Earnings Decline

Truck maker Paccar Inc.’s fourth-quarter profit fell to $46.1 million, or 13 cents a share, from $113.1 million, or 31 cents, a year ago.

Sales fell 23% to $2.24 billion, the company said Friday. Paccar is the parent company of U.S. truck makers Kenworth Truck Co. and Peterbilt Motors Co., and Europe-based DAF Trucks.

The results included a one-time tax expense cost the company 3 cents per share.

The lower earnings were stronger than the 5 cents per share that analysts had expected in what was a down year for commercial vehicle makers, Reuters reported.

For the full year, the company’s net income was $111.9 million, or 31 cents per share, down from $1.02 billion, or $2.78, in 2008. Sales fell to $8.1 billion, from $15 billion.