Paccar reports slight dip in earnings, sales

Jason Cannon

July 23, 2013

Paccar reported “good” second quarter earnings Tuesday, banking $291.6 million.

“Paccar’s second quarter results reflect the benefits of gradually improving truck sales and strong aftermarket parts and financial services results worldwide,” says Mark Pigott, chairman and chief executive officer.

Paccar earnings dipped slightly from the $297.2 million posted in the second quarter of 2012. Second quarter net sales and financial services revenues hit $4.30 billion, compared to the $4.46 billion the year before.

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 compared to the $624.5 million in 2012.

“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,” says 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.”

Paccar says it has manufactured and installed more than 40,000 MX-13 engines in Kenworth and Peterbilt trucks in North America since beginning engine production in mid-2010.

“In the second quarter of 2013, the Paccar MX-13 engine was installed in 30 percent of Kenworth and Peterbilt heavy-duty trucks,” Craig Brewster, Paccar vice president, says.

The company expanded its range of Paccar engines with the introduction of the new Paccar MX-11 engine, with an output of up to 440 hp and torque of 1,550 lb-ft. It is scheduled to be available in the new DAF CF and XF Euro 6 models in the fourth quarter of 2013 and in Kenworth and Peterbilt trucks in 2015.

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