PACCAR reported that its PACCAR Financial Services fourth quarter pretax income was $67.4 million compared to the $49.9 million earned in the fourth quarter of 2010. Fourth quarter revenues were $266.2 million compared to $243.8 million in the same quarter of 2010. For the full year, revenues were $1.03 billion compared to $967.8 million in 2010 and pretax income was $236.4 million in 2011 compared to $153.5 million a year ago.

“During the fourth quarter and full-year 2011, profit increased due to better finance margins and improved portfolio performance,” said Bob Bengston, PACCAR vice president. “PACCAR’s excellent balance sheet, complemented by its A+/A1 credit ratings, enables PFS to offer competitive retail financing to Kenworth, Peterbilt and DAF dealers and customers in 21 countries on three continents,” said Todd Hubbard, PACCAR Financial president. “Higher freight volumes and increasing freight rates have improved our customers’ profitability leading to lower past dues and provisions for credit losses. Used truck prices have improved from prior year levels by 5-10%.”

PACCAR Financial had excellent access to the debt markets in 2011, issuing $982 million in three-year term notes during the year. “Strong investor demand for PACCAR’s debt securities is a result of PACCAR’s consistent profitability, good cash flow and strong balance sheet,” said Robin Easton, PACCAR treasurer. “PFS borrows at excellent rates which gives our customers a competitive advantage.”

PACCAR Financial finances a portfolio of 145,000 trucks and trailers, with total assets of $9.4 billion. PACCAR Leasing, a major full-service truck leasing company in North America and Europe with a fleet of over 32,000 vehicles, is included in this segment.