“PACCAR (Nasdaq:PCAR) reported good revenues and net income for the second quarter of 2013,” said Mark Pigott, chairman and chief executive officer. “PACCAR’s second quarter results reflect the benefits of gradually improving truck sales and strong aftermarket parts and financial services results worldwide. I am very proud of our 22,000 employees who have delivered excellent results to our shareholders and customers.”
DAF truck factory under construction in Ponta Grossa, Brasil. (Photo: Business Wire)
PACCAR earned $291.6 million ($.82 per diluted share) for the second quarter of 2013, compared to the $297.2 million ($.83 per diluted share) earned in the second quarter of 2012. Second quarter net sales and financial services revenues were $4.30 billion, compared to the $4.46 billion in the second quarter of 2012. Net sales and financial services revenues for the first six months of 2013 were $8.22 billion compared to $9.23 billion last year. For the first six months of 2013, PACCAR reported net income of $527.7 million ($1.49 per diluted share) compared to the $624.5 million ($1.75 per diluted share) in 2012.
Construction of PACCAR’s DAF factory in Ponta Grossa, Brasil is progressing on schedule. “Brasil is a major truck market with projected industry sales above six tonnes of over 140,000 vehicles in 2013,” said Marco Davila, DAF Brasil president. “The DAF product range offers premium quality, low operating costs and the industry-leading PACCAR MX-13 engine. Our dealers in Brasil are building new facilities throughout the country to provide world-class aftermarket support to our customers. We look forward to the production of DAF trucks in Brasil in late 2013."
Financial Highlights – Second Quarter 2013
Highlights of PACCAR’s financial results for the second quarter of 2013 include:
Financial Highlights – First Half 2013
- Consolidated sales and revenues of $4.30 billion.
- Net income of $291.6 million.
- Manufacturing cash and marketable securities of $2.52 billion.
- Cash generated from operations of $768.6 million.
- Record Financial Services pretax income of $81.5 million.
- Research and development expenses of $61.8 million.
- $2.0 billion of bank credit facilities renewed.
Highlights of PACCAR’s financial results for the first six months of 2013 include:
Global Truck Markets
- Consolidated sales and revenues of $8.22 billion.
- Net income of $527.7 million.
- Cash generated from operations of $1.15 billion.
- Record Financial Services pretax income of $161.6 million.
- Medium-term note (MTN) issuances of $1.35 billion.
- Record shareholders’ equity of $6.11 billion.
DAF achieved a market share of 15.8 percent in the above 16-tonne segment in Europe this year, and is the market share leader in the United Kingdom, the Netherlands, Belgium and Central Europe.
magazine in the United Kingdom recently honored the DAF XF105 with the “2013 Fleet Truck of the Year” award. “Customers recognize DAF’s product quality leadership, low operating costs and excellent resale value,” said Harrie Schippers, DAF president. “DAF’s range of industry-leading vehicles has been enhanced by the launch of the new DAF XF, CF and LF Euro 6 vehicles. It is estimated that industry sales in the above 16-tonne truck market in Europe this year will be in the range of 210,000-230,000 units."
“Class 8 industry retail sales for the U.S. and Canada in 2013 are expected to be in the range of 210,000-230,000 vehicles,” said Dan Sobic, PACCAR executive vice president. “Our customers are benefiting from record levels of freight tonnage and good freight rates. Truck demand is being driven primarily by the ongoing replacement of the aging truck population and an improving housing sector. The truck market should benefit from projected economic expansion in the remainder of the year, particularly growth in auto production and construction activity.”