PACCAR reports record profits for 2012

Jason Cannon

January 31, 2013

PACCAR reported record revenues for 2012 and its 74th consecutive year of net profit.  PACCAR's annual revenues of $17.05 billion were the highest in company history and the $1.11 billion of net income was the fourth best in its history.It’s wasn’t too bad to be PACCAR in 2012.

In a year that saw the introduction of three new trucks – the Kenworth T680, Peterbilt Model 579 and DAF XF Euro 6 – the company announced Thursday record annual revenues of $17.05 billion. 

“PACCAR’s strong balance sheet and operating cash flow of $1.52 billion in 2012 enabled the company to deliver many new products, enhance manufacturing efficiency and expand globally,” Ron Armstrong, president of PACCAR says.  “PACCAR launched more new trucks in 2012 than in any other year… “We are pleased that DAF achieved record share in the European above 16-tonne market and Kenworth and Peterbilt achieved record share in the Class 8 market in North America.”

The company’s 2012 revenues compare favorably to the $16.36 billion posted in 2011 and reported net income was $1.11 billion in 2012 compared to $1.04 billion earned last year. 

Fourth quarter net sales and financial service revenues dipped year-over-year with $3.99 billion compared to $4.85 billion for the comparable period in 2011.

The company says it delivered 140,400 vehicles worldwide.

“Class 8 industry retail sales in the U.S. and Canada improved to 225,000 units in 2012 compared to 197,000 in 2011,” Dan Sobic, PACCAR executive vice president, says.  “Our customers are benefiting from good freight tonnage and freight rates.  In 2012, PACCAR achieved a record Class 8 retail market share in the U.S. and Canada of 28.9 percent…Estimates for U.S. and Canada truck industry Class 8 retail sales in 2013 are in the range of 210,000-240,000 units, driven by ongoing replacement of the aging fleet and the overall growth in the economy.”

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