PACCAR Q3 Earnings Second Highest in History

PACCAR reported Q3/15 earnings of $431.2 million, up 16% from $371.4 million for the same quarter in 2014. Third quarter net sales and financial services revenues were $4.85 billion this year compared to $4.93 billion for the same period last year. For the first nine months of 2015, PACCAR reported a 31% increase in net income to $1.26 billion compared to $964.5 million in 2014. Net sales and financial services revenues for the first nine months of 2015 were $14.76 billion compared to $13.88 billion last year.

“PACCAR reported strong revenues and net income for the third quarter of 2015,” said Ron Armstrong, chief executive officer. “PACCAR’s third quarter results reflect the benefits of increased truck sales in North America and Europe, and excellent aftermarket parts and financial services results worldwide. This was the second best quarter in PACCAR’s 110-year history. I am very proud of our 24,500 employees who have delivered outstanding results to our shareholders and customers.”

“The U.S. and Canada truck industry Class 8 retail sales year-to-date are 18% higher compared to the same period last year. Kenworth and Peterbilt customers are benefiting from good economic growth, strong freight tonnage and lower fuel prices,” said Dan Sobic, PACCAR executive vice president. “Next year should be another strong year for truck sales.”

PACCAR said Class 8 industry retail sales for the U.S. and Canada in 2015 are estimated to be in the range of 275,000 to 285,000 vehicles. Estimates for U.S. and Canada truck industry Class 8 retail sales in 2016 are in the range of 240,000 to 270,000 units.

PACCAR said it is estimated that European truck industry sales in the above 16-tonne market will be in the range of 255,000 to 265,000 units this year and are projected to increase to a range of 250,000 to 280,000 units in 2016.

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