PACCAR: 2012 Class 8 Retail Sales Could Reach 240K

PACCAR reported strong revenues and net income for the fourth quarter of 2011 and achieved its 73rd consecutive year of net profit. “PACCAR’s fourth quarter revenues of $4.85 billion were the highest quarterly revenues in company history,” said Mark Pigott, chairman and chief executive officer.

“Class 8 industry retail sales in the U.S. and Canada improved to 197,000 units in 2011 compared to 126,000 in 2010, a 56% increase,” said Dan Sobic, PACCAR executive vice president. “Our customers are benefiting from higher freight tonnage and improved freight rates. Industry retail sales in 2012 are expected to increase to a range of 210,000-240,000 vehicles, driven primarily by ongoing replacement of the aging truck population. Annual replacement demand for the U.S. and Canadian truck market is estimated to be approximately 225,000 units,” added Sobic.