Paccar’s Profit Jumps 32.4%
Truck maker Paccar Inc. said its profit increase 32.4% in the third quarter amid higher truck deliveries and record profits in its parts and financial service businesses.
Paccar’s net income was $309.4 million, or 87 cents per share, compared with $233.6 million, or 66 cents, in the same quarter in 2012, it said in an Oct. 29 statement. It revenue from sales and financial services was $4.3 billion, a 13% increase over last year.
“Our customers in North America are benefiting from higher fleet utilization and record freight tonnage, which are driving industry fleet replacement,” CEO Mark Pigott said in the statement. “I am very proud of our 22,700 employees who have delivered industry-leading products and services to our customers worldwide.”
Paccar sells the Kenworth Truck Co. and Peterbilt Motors Co. brands of light-, medium- and heavy-duty trucks in North America. It also sells the DAF Trucks and Leyland Trucks brands internationally.
