PACCAR Inc. PCAR is the third-largest manufacturer of heavy-duty trucks in the world. It also has substantial manufacturing exposure to light/medium trucks. The company also provides customer support for its products by supplying aftermarket parts as well as finance and leasing services. PACCAR has a record of generating net profit for 77 consecutive years. The company benefits from strong operating performance and sizeable market share in the U.S. and Canada. The company’s expansion plans and active capital deployment as well as rising European industry sales also inspire optimism. However, PACCAR is likely to be affected by the expected decline in Class 8 industry retail sales in the U.S. and Canada this year. It is also facing competition in the commercial trucks market. Estimate Trend & Surprise History The Zacks Consensus Estimate for PACCAR for the first quarter has remained stable at 95 cents per share over the past week and month. Moreover, PACCAR has a track record of delivering positive earnings surprises. It has beaten the Zacks Consensus Estimate in 3 of the trailing 4 quarters with an average beat of around 3.52%. Investors have been eagerly awaiting PACCAR’s latest earnings report to see whether it outperforms in this quarter. Zacks Rank PACCAR currently has a Zacks Rank #3 (Hold), but that could change following its earnings report which was just released. We have highlighted some of the key stats from this Washington-based truck manufacturer’s earnings announcement below: Earnings Top Estimates PACCAR delivered earnings of 99 cents per share in the first quarter of 2016 that topped the Zacks Consensus Estimate of 95 cents. However, earnings were lower than $1.06 in the year-ago quarter. Revenues Beat Estimates PACCAR recorded revenues of $4.30 billion, beating the Zacks Consensus Estimate of $4.07 billion but lower than the year ago revenues of $4.83 billion. Key Stats/Developments to Note In the first quarter of 2016, PACCAR repurchased 1.1 million shares for $56.3 million. Under the current share repurchase authorization worth $300 million, the company has repurchased 3.8 million shares for $192.6 million. PACCAR reaffirmed the estimate for 2016 industry sales in the above 16-ton truck market in Europe to be in the range of 260,000–290,000 units. However, the estimate for Class 8 industry retail sales for the U.S. and Canada in 2016 was lowered to the range of 220,000-250,000 units from the prior estimate of 230,000–260,000 vehicles. Market Reaction PACCAR’s share price was inactive following the release. It would be interesting to see how the market reacts to the results during the trading session today. Check back later for our full write up on PACCAR’s earnings report! Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PACCAR INC (PCAR): Free Stock Analysis Report To read this article on Zacks.com click here.