PACCAR reported that its PACCAR Financial Services (PFS) unit fourth quarter pretax income was a record $90.4 million compared to the $78.7 million earned in the fourth quarter of 2012. Fourth quarter revenues were $299.5 million compared to $297.8 million in the same quarter of 2012.

For the full year, revenues were $1.17 billion compared to $1.10 billion in 2012, and pretax income was a record $340.2 million in 2013, an increase of 11% compared to $307.8 million a year ago.

Bob Bengston, PACCAR senior vice president, said, “”During the fourth quarter and full year of 2013, PFS profit increased due to growth in its portfolio.”

“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 23 countries on four continents,” said Todd Hubbard, PACCAR Financial president. “A growing asset base and excellent portfolio performance are generating improved earnings.” PACCAR Financial Services has excellent access to the debt markets, issuing $2.10 billion in two-, three- and five-year term notes during 2013.

PFS has a portfolio of over 161,000 trucks and trailers, with total assets of $11.63 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.

To read the PACCAR news release click here.