Highlights – First Quarter 2012
Highlights of PACCAR’s results during the first quarter of 2012 include:
Global Truck Markets
- Consolidated sales and revenues of $4.78 billion.
- Net income of $327.3 million.
- Truck and Other cash and marketable securities of $2.78 billion.
- Financial Services pretax income of $71.3 million.
- Truck and Other SG&A percent to sales of 2.8 percent.
- Research and development expenses of $72.3 million.
- Capital investments of $112.8 million.
- Issued $609.5 million in five-year medium-term notes.
- Record total assets of $18.16 billion.
DAF is the market share leader in the European tractor market and is also the overall market share leader in the United Kingdom, Netherlands and Belgium. “Our customers recognize DAF’s quality leadership, low operating costs and excellent resale value,” said Harrie Schippers, DAF president. “It is estimated that industry sales in the above 16-tonne truck market in Europe in 2012 will be in the range of 210,000-230,000 units, versus 241,000 last year, reflecting a market that is being impacted by economic challenges in the Eurozone," said Schippers. “European truck manufacturers have reduced build rates as well as scheduled factory shutdown days to reflect the lower market.”
"U.S. and Canadian industry retail sales in 2012 are expected to increase from 197,000 last year to a range of 210,000-240,000 vehicles, driven primarily by the ongoing replacement of the aging truck population,” said Dan Sobic, PACCAR executive vice president. “The gradual recovery of the truck market reflects an economy that continues to experience high unemployment rates and a low level of housing starts and construction activity. Annual replacement demand for the U.S. and Canadian truck market is estimated to be approximately 225,000 units," added Sobic.