PACCAR announced it earned $319.2 million for the second quarter of 2014, an increase of 9% compared to the second quarter of 2013. Second quarter net sales and financial services revenues were $4.57 billion, a 6% increase compared to $4.30 billion in the second quarter of 2013.

“Class 8 industry retail sales for the U.S. and Canada in 2014 are improving and are expected to be in the range of 230,000-250,000 vehicles,” said Dan Sobic, PACCAR executive vice president. “Our customers are benefiting from record levels of freight tonnage, good freight rates and the excellent operating efficiency of the new Kenworth and Peterbilt trucks for the on-highway and vocational segments. Truck demand is being driven primarily by the ongoing replacement of the aging truck population, economic growth and some expansion of fleet capacity,” added Sobic.

To view the full PACCAR news release, click here.