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The DAF CF Earned The U.K. Fleet Truck Of The Year Award For 2012 (Photo: Business Wire)

Stocks in this article: PCAR

Global Truck Markets

DAF continued to strengthen its position in the European truck market, achieving a market share of 16.0 percent in the above 16-tonne segment in the first five months of 2012. “DAF is one of the market leaders in the European tractor segment as fleets recognize DAF’s product quality leadership, low operating costs and excellent resale value,” said Harrie Schippers, DAF president. “We estimate that 2012 industry registrations in the above 16-tonne truck market in Europe will be 210,000-230,000 units, compared to 241,000 units in 2011.”

“Class 8 industry retail sales in the U.S. and Canada are expected to be in the range of 210,000-230,000 vehicles in 2012. Industry retail sales in 2011 were 197,000 units. Our customers are benefiting from higher freight tonnage, improved fleet utilization rates and lower fuel prices,” said Dan Sobic, PACCAR executive vice president. “For the first half of 2012, PACCAR increased its Class 8 retail market share in the U.S. and Canada to 29.9 percent.”

Financial Highlights – Second Quarter 2012

Highlights of PACCAR’s financial results for the second quarter of 2012 include:

  • Consolidated sales and revenues of $4.46 billion.
  • Net income of $297.2 million.
  • Manufacturing cash and marketable securities of $2.59 billion.
  • Cash generated from operations of $317.7 million.
  • Record Financial Services pretax income of $77.4 million.
  • Research and development expenses of $73.8 million.
  • $2.0 billion of bank credit facilities renewed.
  • 3.2 million shares repurchased for $123.9 million.

Financial Highlights – First Half 2012

Financial highlights for the first six months of 2012 include:

  • Consolidated sales and revenues of $9.23 billion.
  • Net income of $624.5 million.
  • Cash generated from operations of $444.0 million.
  • Financial Services pretax income of $148.7 million.
  • Research and development expenses of $146.1 million.
  • Medium-term note (MTN) issuances of $1.54 billion.
  • Capital investments of $237.8 million.

South American Expansion

Construction of PACCAR’s new DAF factory in Ponta Grossa, Brasil is progressing. "Brasil is a major truck market with projected industry sales above six-tonne of 135,000 units in 2012. The DAF product range offers premium quality, low operating costs and the industry-leading PACCAR MX engine," said Bob Christensen, PACCAR executive vice president. "The production of DAF trucks in Brasil in 2013 is an exciting development which will add to PACCAR’s sales in South America."

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