Paccar 4Q Profit Drops 31 Percent

Net income fell to $261.1 million, or 71 cents per share, from $380.5 million, or $1.01 per share, in the year-ago period.

The result was well short of analysts' estimate of 82 cents per share, according to Thomson Financial.

Sales including the financial services unit fell to $3.76 billion from $4.23 billion last year. Truck sales fell 14 percent to $3.43 billion.

For the year, profit fell to $1.23 billion, or $3.29 per share, and truck sales slipped 18 percent to $14.03 billion.

Paccar shares slipped $2.50, or 5.2 percent, to $45.67 in midday trading. In the past year, the stock has ranged from $41.58 to $65.75.