Financial Services Companies Achieve Good Results
PACCAR Financial Services (PFS) has a portfolio of 147,000 trucks and trailers, with total assets of $9.98 billion. PACCAR Leasing, a major full-service truck leasing company in North America and Europe with a fleet of over 32,000 vehicles, is included in this segment. PFS’s first quarter 2012 pretax income was $71.3 million compared to the $50.3 million earned in the first quarter of 2011. First quarter 2012 revenues were $261.4 million compared to $241.0 million in 2011. “During the first quarter of 2012, profit increased due to lower borrowing costs and growth in portfolio balances,” said Bob Bengston, PACCAR vice president. “Dealers and customers appreciate PFS’s commitment to providing leading-edge technology solutions, excellent customer service capabilities and dedicated support of the transportation industry in all phases of the business cycle.”
"PACCAR's excellent balance sheet, complemented by its A+/A1 credit ratings, enables PFS to offer competitive retail financing to Kenworth, Peterbilt and DAF dealers and customers in 23 countries on three continents," said Todd Hubbard, PACCAR Financial Corp. president. "Higher freight volumes and increasing freight rates have improved our customers' profitability leading to lower past dues and credit losses. Used truck prices have improved from prior year levels by 5-10 percent."
PACCAR is a global technology leader in the design, manufacture and customer support of high-quality light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates. PACCAR also designs and manufactures advanced diesel engines and provides financial services and information technology and distributes truck parts related to its principal business. PACCAR shares are traded on the NASDAQ Global Select Market, symbol PCAR. Its homepage is www.paccar.com.PACCAR will hold a conference call with securities analysts to discuss first quarter earnings on April 24, 2012, at 8:00 a.m. Pacific time. Interested parties may listen to the call by selecting “Live Webcast” at PACCAR’s homepage. The Webcast will be available on a recorded basis through April 30, 2012.