NEW YORK (TheStreet) -- Shares of Paccar (PCAR) - Get Report were slumping on heavy trading volume late Tuesday afternoon after the company posted weaker-than-expected results for the 2016 third quarter.
Before today's market open, the Bellevue, WA-based truck manufacturer reported earnings of 98 cents per diluted share on revenue of $4.25 billion.
Analysts surveyed by FactSet had projected earnings of 99 cents per share on revenue of $4.34 billion.
"PACCAR's third quarter results reflect strong truck markets in Europe, increased heavy-duty truck market share in North America and Europe, and good aftermarket parts and financial services results worldwide," CEO Ron Armstrong said in a statement.
For 2016, class 8 truck industry retail sales for the U.S. and Canada are expected to be between 215,000 and 225,000 vehicles, Paccar said.
More than 3.50 million of the company's shares traded so far today vs. its average volume of 1.73 million shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its increase in net income, good cash flow from operations, solid stock price performance, growth in earnings per share and largely solid financial position with reasonable debt levels by most measures.
The team believes its strengths outweigh the fact that the company has had somewhat disappointing return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: PCAR