PACCAR reported it earned $371.4 million in Q3/14, an increase of 20% compared to $309.4 million earned in Q3/13. Third quarter net sales and financial services revenues were a quarterly record of $4.93 billion, a 15% 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 compared to $837.1 million 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.

PACCAR Financial Services (PFS) reported Q3/14 pretax income achieved a record $96.9 million compared to $88.2 million earned in the third quarter of 2013. Third quarter 2014 revenues were $305.9 million compared to $293.5 million in the same quarter of 2013. For the nine-month period, Financial Services pretax income was $274.1 million compared to $249.8 million last year. Nine-month revenues were $902.2 million compared with $875.4 million for the same period a year ago.

PACCAR said PFS profit increased due to higher asset balances and excellent portfolio performance during the third quarter and first nine months of 2014. “Dealers and customers appreciate PFS providing leading-edge technology solutions, excellent customer service and dedicated support to the transportation industry,” said Bob Bengston, PACCAR senior vice president.

“PACCAR’s strong balance sheet, complemented by its A+/A1 credit ratings, enables PFS to offer competitive retail financing to Kenworth, Peterbilt and DAF dealers and customers,” said Todd Hubbard, PACCAR Financial president. “A growing asset base and robust portfolio performance are generating strong earnings. We have excellent access to the commercial paper and medium-term note markets, allowing PFS to profitably support the sale of PACCAR trucks in 23 countries on four continents.”

PFS has a portfolio of 163,000 trucks and trailers, with total assets of $11.77 billion. PacLease, a major full-service truck leasing company in North America and Europe with a fleet of over 37,000 vehicles, is included in this segment.

To read the entire PACCAR news release, click here.