PACCAR Announces Strong Quarterly Revenues and Earnings

PACCAR (Nasdaq:PCAR) reported higher revenues and net income for the third quarter of 2014.

The company earned $371.4 million ($1.04 per diluted share) for the third quarter of 2014, an increase of 20 percent compared to $309.4 million ($.87 per diluted share) earned in the third quarter of 2013.

Third quarter net sales and financial services revenues were a quarterly record of $4.93 billion, a 15 percent increase compared to $4.30 billion in the third quarter of 2013.

For the first nine months of 2014, PACCAR reported net income of $964.5 million ($2.71 per diluted share) compared to $837.1 million ($2.36 per diluted share) in 2013.

Net sales and financial services revenues for the first nine months of 2014 were $13.88 billion compared to $12.52 billion last year.

“Our North American customers are benefiting from good economic growth, record freight tonnage, improving freight rates and the excellent operating efficiency of our new Kenworth and Peterbilt models in the on-highway and construction markets,” noted CEO Armstrong.

“PACCAR’s North American truck factories have increased build rates to meet strong demand for our industry-leading Kenworth and Peterbilt Class 8 vehicles,” he added.

Category: General Update