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.”

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Terry Mulreany
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