PACCAR Reports 33% Growth in Q1 Revenue

PACCAR reported Q1/18 net sales and financial services revenues of $5.65 billion, which was 33% higher than the $4.24 billion earned in Q1/17. PACCAR achieved net income of $512.1 million in the quarter, which was 65% higher than the $310.3 million earned in the same period last year.

“PACCAR reported record quarterly revenues and excellent net income for the first quarter of 2018,” said Ron Armstrong, CEO of PACCAR. “PACCAR benefited from record quarterly truck deliveries driven by strong market share and robust global truck demand, as well as record quarterly PACCAR Parts revenues and pretax profits. I am very proud of our 26,000 employees who have delivered industry-leading products and services to our customers.

“PACCAR’s excellent balance sheet and strong operating cash flow have enabled the company to invest $3.0 billion in new facilities, products and services during the past five years. New Kenworth, Peterbilt and DAF vehicles, the integrated PACCAR powertrain, enhanced truck and engine production facilities, new PACCAR Parts distribution centers (PDCs) and TRP Stores are contributing to PACCAR’s long-term growth.”

PACCAR reported 44,500 new truck delivers in Q1/18, up from 35,000 in Q1/17.

In addition, PACCAR Financial Services, which has a portfolio of 187,000 trucks and trailers with total assets of $13.59 billion, including PACCAR Leasing, reported Q1/18 pretax income of $67.5 million, which was 19% higher than its Q1/17 mark. PACCAR Financial Services also achieved Q1/18 revenues of $332.2 million compared to $302.2 million in the same quarter of 2017.

“PFS’ portfolio performed well during the first quarter of 2018.” said Bob Bengston, PACCAR senior vice president. “First quarter industry demand for used trucks was strong, with higher prices. Kenworth and Peterbilt truck resale values continue to command a 10-20% premium over competitors’ trucks.”

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