PACCAR announced it earned $291.6 million for the second quarter of 2013, compared to the $297.2 million earned in the second quarter of 2012. Second quarter net sales and financial services revenues were $4.30 billion, compared to the $4.46 billion in the second quarter of 2012.
PACCAR Financial Services (PFS) said profit increased during the second quarter and first half of 2013 due to growth in portfolio balances.

PFS achieved record quarterly pretax income of $81.5 million in the second quarter of 2013 compared to $77.4 million earned in the second quarter of 2012. Second quarter revenues were $288.8 million compared to $266.1 million in the same quarter of 2012. For the six-month period, Financial Services pretax income was a record $161.6 million compared to $148.7 million last year. First-half revenues were $581.9 million compared with $527.5 million for the same period a year ago.

“Dealers and customers appreciate the commitment of PFS to providing leading-edge technology solutions, excellent customer service and dedicated support of the transportation industry in all phases of the business cycle,” said Bob Bengston, PACCAR 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 improved earnings. We have excellent access to the commercial paper, medium-term note and syndicated loan markets, allowing PFS to profitably support the sale of PACCAR trucks in 23 countries on four continents.”

PACCAR Financial Services (PFS) has a portfolio of 155,000 trucks and trailers, with total assets of $10.93 billion. PacLease, a major full-service truck leasing company in North America and Europe with a fleet of over 33,000 vehicles, is included in this segment.

To read the PACCAR news release click here.