Paccar’s 1Q Profit Jumps on Higher Truck Sales
Truck and engine maker Paccar Inc. said Tuesday its first-quarter profit rose from a year ago on higher truck and aftermarket sales.
Net income rose to $327.3 million, or 91 cents a share, from $193.3 million, or 53 cents, a year ago.
Revenue jumped 45% to $4.78 billion, Bellevue, Wash.-based Paccar said in a statement.
While the North American Class 8 truck market is benefiting from increased freight tonnage and higher fleet utilization rates, the vocational truck market remains subdued due to low levels of new housing starts and general construction activity, Paccar Chairman and CEO Mark Pigott said in a statement.
Paccar held its 2012 industrywide U.S. and Canadian industry retail sales forecast to a range of 210,000-240,000 vehicles, from 197,000 last year, primarily due to replacement of aging trucks.
Paccar is the parent company of Kenworth Truck Co., Peterbilt Motors Co. and Europe-based DAF trucks.
