PACCAR Q2 Earnings Helped by Favorable EC Adjustment
JUL 27, 2016 - 6:55 am
PACCAR reported net income of $481.3 million in Q2/16, up from $447.2 million in Q2/15. The truck maker noted earnings were helped by a favorable $109.6 million adjustment to a non-recurring charge established in Q1/16 for the European Commission (EC) investigation of all European truck manufacturers. On July 19, the EC concluded its investigation by reaching a settlement with DAF.
“PACCAR achieved good quarterly net income in the second quarter of 2016,” said Ron Armstrong, CEO. “PACCAR’s financial results reflect favorable truck markets and good aftermarket parts and financial services results worldwide. I am very proud of our 23,000 employees who have delivered outstanding products and services to our customers.”
PACCAR Financial Services (PFS) reported pretax Q2/16 income of $77.3 million, down 14.9% from $90.8 million in Q2/15. For the first six months, pretax income was $157.6 million, down 12.3% from $179.8 million a year earlier.
PFS has a portfolio of 175,000 trucks and trailers, with total assets of $12.23 billion. PACCAR Leasing, which has a fleet of 38,000 vehicles, is included in that segment.
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