Paccar reports Q1 results below analyst expectations

Paccar (NASDAQ:PCAR) on Tuesday reported first-quarter net income of $505.1 million, with earnings per share of 96 cents.

Excluding non-recurring costs, the truck manufacturer's adjusted earnings came in at $1.46 per share.

These results fell short of Wall Street's projections.

A survey of seven analysts by Zacks Investment Research had an average estimate of $1.57 per share.

Paccar also reported revenue of $7.44 billion for the period.

Adjusted revenue came in at $6.91 billion, which also did not meet Street forecasts.

Six analysts surveyed by Zacks had anticipated adjusted revenue of $7.07 billion.

Following the earnings release on Tuesday, Paccar's share price dropped nearly 8% to $85.04 during early trading.