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“PACCAR (Nasdaq:PCAR) reported excellent revenues and net income for the first quarter of 2012,” said Mark Pigott, chairman and chief executive officer. “PACCAR’s results reflect the benefits of increased truck sales in North America and growth in financial services assets and aftermarket revenues worldwide. Our customers in North America are benefiting from increased freight tonnage and higher fleet utilization rates which are driving the replacement of their aging on-highway fleets. The vocational truck market remains subdued due to the low levels of new housing starts and general construction activity. European truck registrations improved in 2011, but ongoing Eurozone economic challenges resulted in lower industry truck orders in the first quarter of 2012. I am very proud of our 23,200 employees who have delivered excellent results to our shareholders and customers.”
New Kenworth T680 and New Peterbilt Model 579 (Photo: Business Wire)
PACCAR earned $327.3 million ($.91 per diluted share) for the first quarter of 2012 compared to $193.3 million ($.53 per diluted share) in the first quarter last year. First quarter 2012 net sales and financial services revenues increased 45 percent to $4.78 billion from $3.28 billion reported for the first quarter of 2011.
“PACCAR’s strong balance sheet and positive cash flow have enabled the company to increase capital investments to enhance manufacturing operating efficiency and product development programs. We are pleased to launch our newest vehicles, the Kenworth T680 and the Peterbilt Model 579. These aerodynamic trucks are the result of a four-year, $400 million program that designed and developed a family of 2.1 meter-wide cabs, powered by the fuel-efficient PACCAR MX engine,” added Pigott. “These new product investments will build on PACCAR’s record 28.1 percent share of the Class 8 North American truck market achieved in 2011 and contribute to the company’s long-term growth.”