Paccar’s Third-Quarter Earnings Jump
Paccar Inc. said Tuesday its third-quarter profit jumped to $119.9 million, or 33 cents a share, from $13 million, or 4 cents, a year ago.
Third quarter net sales and financial services revenues rose 26% to $2.54 billion, the truck maker said in a statement.
Paccar is the parent company of U.S. truck makers Kenworth Truck Co. and Peterbilt Motors Co., and Europe-based DAF Trucks.
The company’s board also approved a 33% percent increase to its quarterly cash dividend to 12 cents per share, from 9 cents, payable to shareholders of record as of Nov. 19.
The company expects Class 8 sales in the U.S. and Canada to be in the range of 120,000 to 130,000 vehicles this year, up 10% to 15% from last year, said Dan Sobic, Paccar’s executive vice president.
He said the company estimates that sales next year will rise to 160,000 to 180,000 units, due to high fleet age and general economic growth.
