Truck revenue up modestly
Apr 25, 2006 10:20 AM
Truck revenue of $3.639 billion in the first quarter upsided the consensus of $3.433 billion, but came in a little shy of Bear Stearns’ $3.722 forecast.
Truck gross margins of 14.8% were the best first-quarter result since 15.1% in ‘99, though were a little shy of Bear Stearns’ 15% forecast.
Year-to-year incremental gross margins of 15.6% improved from 13.5% in the fourth quarter of last year, which Bear Stearns attributes to a higher mix of Class 8 vs. Class 6-7 vehicles in the quarter. The projection was incremental gross margins of 16.5%, modestly higher than actual results. Financial Services operating income of $54.8 million was roughly inline with the $55.5 million forecast.
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