PACCAR Financial Reports Strong Results on Portfolio Performance
OCT 29, 2015 - 6:52 am
PACCAR reported that its Financial Services unit (PFS) achieved strong profits during the third quarter and first nine months of 2015 due to excellent portfolio performance.
PFS earned $92.9 million in Q3/15 compared to $96.9 million earned in the same period last year. Third quarter 2015 revenues were $301.0 million compared to $305.9 million in the same quarter of 2014. For the nine-month period, Financial Services pre-tax income was $272.7 million compared to $274.1 million last year. Nine-month revenues were $879.5 million compared with $902.2 million for the same period a year ago.
“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. “We have excellent access to the commercial paper and medium-term note markets, allowing PFS to profitably support the sale of PACCAR trucks in 22 countries on four continents.”
PFS has a portfolio of 174,000 trucks and trailers, with total assets of $12.36 billion. PacLease, a major full-service truck leasing company in North America and Europe with a fleet of over 38,000 vehicles, is included in this segment.
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