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

“PACCAR’s strong balance sheet, complemented by its A+/A1 credit ratings, enables PFS to offer competitive retail financing to Kenworth, Peterbilt and DAF dealers and customers,” said Todd Hubbard, PACCAR Financial president. “A growing asset base and excellent portfolio performance are generating improved earnings. We have excellent access to the commercial paper, medium-term note and syndicated loan markets, allowing PFS to profitably support the sale of PACCAR trucks in 23 countries on three continents.”

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, provides financial services and information technology and distributes truck parts related to its principal business.

PACCAR will hold a conference call with securities analysts to discuss second quarter earnings on July 24, 2012, at 9:00 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 July 31, 2012. PACCAR shares are listed on NASDAQ Global Select Market, symbol PCAR, and its homepage can be found at www.paccar.com.

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in PACCAR’s filings with the Securities and Exchange Commission.

* J.D. Power and Associates 2012 Heavy Duty Truck Study sm. Study was based on 1,725 responses from principal maintainers of heavy-duty trucks. For more information please go to www.jdpower.com.

PACCAR Inc
SUMMARY INCOME STATEMENTS
(in millions except per share amounts)
       
Three Months Ended Six Months Ended
    June 30   June 30
    2012   2011   2012   2011
 
Truck and Other:
Net sales and revenues $ 4,191.1 $ 3,702.7 $ 8,705.8 $ 6,745.3
Cost of sales and revenues 3,632.5 3,231.1 7,552.4 5,863.4
Research and development 73.8 77.5 146.1 145.9
Selling, general and administrative 122.5 108.6 248.3 218.5
Interest and other expense (income), net     1.6     (.9 )     (.5 )     3.1
Truck and Other Income Before Income Taxes 360.7 286.4 759.5 514.4
 
Financial Services:
Revenues 266.1 258.0 527.5 499.0
Interest and other 159.6 165.5 318.1 322.5
Selling, general and administrative 24.1 24.6 48.2 47.8
Provision for losses on receivables     5.0     11.0       12.5       21.5
Financial Services Income Before Income Taxes 77.4 56.9 148.7 107.2
Investment income     8.2     9.9       17.1       17.9
Total Income Before Income Taxes 446.3 353.2 925.3 639.5
Income taxes     149.1     113.5       300.8       206.5
Net Income   $ 297.2   $ 239.7     $ 624.5     $ 433.0
 
Net Income Per Share:
Basic   $ .83   $ .66     $ 1.75     $ 1.18
Diluted   $ .83   $ .65     $ 1.75     $ 1.18
 
Weighted Average Shares Outstanding:
Basic     356.0     365.9       356.7       365.8
Diluted     356.8     367.2       357.4       367.2
Dividends declared per share   $ .20   $ .12     $ .38     $ .24
PACCAR Inc
CONDENSED BALANCE SHEETS
(in millions)
       
June 30 December 31
            2012   2011
ASSETS
Truck and Other:
Cash and marketable debt securities $ 2,591.2 $ 2,900.7
Trade and other receivables, net 1,120.9 977.8
Inventories 883.2 710.4
Property, plant, and equipment, net 2,096.6 1,973.3
Equipment on operating lease and other 1,340.6 1,209.1
Financial Services Assets             10,212.3     9,401.4
            $ 18,244.8   $ 17,172.7
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Truck and Other:
Accounts payable, deferred revenues and other $ 3,909.5 $ 3,846.7
Long-term debt 150.0 150.0
Financial Services Liabilities 8,473.2 7,811.6
STOCKHOLDERS' EQUITY             5,712.1     5,364.4
            $ 18,244.8   $ 17,172.7
Common Shares Outstanding             353.5     356.8
 
GEOGRAPHIC REVENUE DATA
 
Three Months Ended Six Months Ended
    June 30   June 30
    2012   2011   2012   2011
United States and Canada $ 2,624.1 $ 2,077.7 $ 5,554.1 $ 3,666.4
Europe 1,054.6 1,313.3 2,165.2 2,492.3
Other     778.5     569.7     1,514.0     1,085.6
    $ 4,457.2   $ 3,960.7   $ 9,233.3   $ 7,244.3
PACCAR Inc
CONDENSED CASH FLOW STATEMENTS
(in millions)
   
Six Months Ended June 30   2012   2011
OPERATING ACTIVITIES:
Net income $ 624.5 $ 433.0
Depreciation and amortization:
Property, plant and equipment 97.8 97.2
Equipment on operating leases and other 248.4 234.2
Net increase in wholesale receivables on new trucks (257.6 ) (210.3 )
Net (increase) decrease in sales-type finance leases and dealer direct loans on
new trucks (65.7 ) 19.7
All other operating activities     (203.4 )     218.2  
Net Cash Provided by Operating Activities 444.0 792.0
 
INVESTING ACTIVITIES:
Acquisition of property, plant and equipment (208.7 ) (117.5 )
Acquisition of equipment for operating leases (628.0 ) (718.0 )
Net increase in financial services receivables (390.9 ) (165.6 )
Net increase in marketable securities (30.9 ) (565.9 )
All other investing activities     178.1       165.1  
Net Cash Used in Investing Activities (1,080.4 ) (1,401.9 )
 
FINANCING ACTIVITIES:
Cash dividends paid (385.7 ) (87.7 )
Purchase of treasury stock (139.5 )
Stock compensation transactions 5.7 4.4
Net increase in debt     783.7       446.0  
Net Cash Provided by Financing Activities 264.2 362.7
Effect of exchange rate changes on cash     (14.6 )     79.0  
Net Decrease in Cash and Cash Equivalents (386.8 ) (168.2 )
Cash and cash equivalents at beginning of period     2,106.7       2,040.8  
Cash and cash equivalents at end of period   $ 1,719.9     $ 1,872.6  

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50350573&lang=en



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