(Reuters) – U.S. truck maker PACCAR Inc (NASDAQ:) beat first-quarter profit estimates on Tuesday as strong demand from its truck and parts segments fueled higher infrastructure spending.
PACCAR, which makes Kenworth, Peterbilt and DAF trucks, expects retail sales of its Class 8 trucks in the U.S. and Canada to be between 250,000 and 290,000 in 2024.
“Demand for trucks in North America is growing due to increased infrastructure spending,” said Mike Dozier, executive vice president of PACCAR.
The company said it is also investing in manufacturing capacity and developing next-generation powertrains and connected systems, which are expected to drive growth in the aftermarket.
The Bellevue, Wash.-based company reported adjusted earnings of $2.25 per share for the quarter ended March 31, beating LSEG estimates of $2.17.
Net sales and revenue for the first quarter were $8.74 billion, beating analysts’ average expectations of $8.24 billion.