PACCAR reported that its PACCAR Financial Services (PFS) Q2/14 pretax income in 2014 improved to a record $91.7 million compared to $81.5 million earned in Q2/13. Second quarter 2014 revenues were $302.6 million compared to $288.8 million in the same quarter of 2013.

For the six-month period, financial services pretax income was $177.2 million compared to $161.6 million last year. First-half revenues were $596.3 million compared with $581.9 million for the same period a year ago. During the second quarter and first half of 2014, PACCAR said PFS profit increased due to growth in portfolio balances and a lower provision for credit losses.

“Dealers and customers appreciate PFS 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 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 improved 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.”
PACCAR is a global technology leader in the design, manufacture and customer support of high-quality light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates. PACCAR also designs and manufactures advanced diesel engines, provides financial services and information technology and distributes truck parts related to its principal business.

PACCAR Financial Services has a portfolio of 161,000 trucks and trailers, with total assets of $11.75 billion. PacLease, a major full-service truck leasing company in North America and Europe with a fleet of over 35,000 vehicles, is included in this segment.