“PACCAR (Nasdaq:PCAR) reported good quarterly revenues and net income for the third quarter of 2013,” said Mark Pigott, chairman and chief executive officer. “Higher truck deliveries, record aftermarket parts sales and financial services pretax profits contributed to increased earnings. Our customers in North America are benefiting from higher fleet utilization and record freight tonnage, which are driving industry fleet replacement. I am very proud of our 22,700 employees who have delivered industry-leading products and services to our customers worldwide.”
The First DAF Truck Manufactured in the Brasil Assembly Facility (Photo: Business Wire)
PACCAR earned $309.4 million ($.87 per diluted share) for the third quarter of 2013, an increase of 32 percent compared to the $233.6 million ($.66 per diluted share) earned in the third quarter last year. Third quarter net sales and financial services revenues were $4.30 billion compared to $3.82 billion in 2012, a 13 percent increase. For the first nine months of 2013, PACCAR reported net income of $837.1 million ($2.36 per diluted share), compared to the $858.1 million ($2.41 per diluted share) earned in the first nine months of 2012. Net sales and financial services revenues for the first nine months of 2013 were $12.52 billion compared to $13.05 billion last year.
“PACCAR’s excellent balance sheet, including $2.83 billion of manufacturing cash and marketable securities, strong operating cash flow and industry-leading operating margins have enabled ongoing investment, which has extended PACCAR’s geographic footprint, enhanced operating efficiency and supported the development of a new range of trucks and engines,” noted Ron Armstrong, PACCAR president. “PACCAR has invested $320 million in a new DAF assembly facility in Ponta Grossa, Brasil where production of DAF trucks began on October 2, 2013.”