PACCAR reported Q1/15 earnings of $378.4 million were up 38% from $273.9 million same quarter last year. PACCAR said Q1/15 net sales and financial services revenues of $4.83 billion were 10% higher than the $4.38 billion reported for the first quarter of 2014. The truck maker noted that its results improved compared to last year reflecting the benefits of stronger industry truck sales in North America.

PACCAR said Class 8 truck industry retail sales for the U.S. and Canada in 2015 are expected to be in a range of 260,000-290,000 vehicles, compared to the 250,000 vehicles sold in 2014. “The truck market is strong due to the good economy, record freight demand, and expansion of industry fleet capacity. Our customers’ operating efficiency is benefiting from the aerodynamic enhancements to Kenworth and Peterbilt’s trucks and low oil prices,” said Dan Sobic, PACCAR executive vice president. “The last two quarters of Class 8 truck industry orders were the strongest since 2006. Kenworth and Peterbilt’s primary truck factories are manufacturing at record levels, reflecting the strong market.”

PACCAR Financial Services (PFS) first quarter 2015 pretax income was $89.0 million compared to $85.5 million earned in the first quarter of 2014. First quarter 2015 revenues of $284.7 million reflect lower currency exchange rates compared to $293.7 million in 2014. “PFS’ profit increased due to higher asset balances and excellent portfolio performance during the first quarter of 2015,” said Bob Bengston, PACCAR senior vice president. “Our Kenworth, Peterbilt and DAF dealers and customers appreciate PFS’ commitment to providing technology solutions, excellent customer service and dedicated support of the transportation industry in all phases of the business cycle.”

“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 22 countries on four continents,” said Todd Hubbard, PACCAR Financial president.

PACCAR Financial Services (PFS) has a portfolio of 168,000 trucks and trailers, with total assets of $11.8 billion. PACCAR Leasing, a major full-service truck leasing company in North America and Europe with a fleet of 38,000 vehicles, is included in this segment.

To view the full PACCAR news release, click here.