PACCAR Q3/16 Net Income Down 19.7% Y/Y, PFS Down 23.6%



PACCAR reported net income of $346.2 million for Q3/16, which was down 19.7% from the $431.2 million earned in Q3/15.

PACCAR Financial Services (PFS) reported pre-tax income of $71.0 million in the quarter, which was down 23.6% from the $92.9 million reported in the same period of 2015.

PFS has a portfolio of 176,000 trucks and trailers, with total assets of $12.37 billion. PacLease, a major full-service truck leasing company in North America and Europe, with a fleet of nearly 38,000 vehicles, is included in this segment.

Despite declining income, PACCAR CEO Ron Armstrong remained positive in his comments about the company’s Q3/16 results.

“PACCAR reported good revenues and net income for the third quarter of 2016,” Armstrong said. “PACCAR’s third quarter results reflect strong truck markets in Europe, increased heavy-duty truck market share in North America and Europe, and good aftermarket parts and financial services results worldwide. I am very proud of our 23,000 employees who have delivered industry-leading products and services to our customers.”


Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
[email protected]
Susie Angelucci
Advertising: 484.459.3016
[email protected]

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.
www.abfjournal.com