PACCAR Reports Strong Q2 Revenues; Class 8 Truck Orders Up 44% YTD

PACCAR reported Q2/17 net sales and financial services revenues were $4.70 billion, compared to $4.41 billion in Q2/16.

Net income of $373.0 million in Q2/17 compared to net income of $481.3 million in Q2/16. PACCAR earned adjusted net income (non-GAAP) of $371.7 million in Q2/16, excluding a favorable, non-recurring $109.6 million adjustment related to the European Commission settlement.

Commenting on the global truck markets, Preston Feight, PACCAR vice president and DAF president said, “We’ve raised our European above 16-tonne truck market estimate to a range of 290,000-310,000 vehicles this year due to continued economic and freight growth. The new 2017 DAF XF and CF trucks are enhancing our customers’ operating performance with up to seven percent fuel efficiency increases. DAF’s above 16-tonne truck orders are 10% higher in the first six months of 2017 compared to the same period last year.”

U.S. and Canada Class 8 truck industry orders increased 44% in the first six months of 2017 compared to the same period last year. Kenworth and Peterbilt achieved 31.7% share of U.S. and Canada Class 8 truck orders and 29.6% share of U.S. and Canada Class 8 truck retail sales in the first half of this year. “Kenworth and Peterbilt’s medium- and heavy-duty truck deliveries increased in the second quarter of 2017 by 25% compared to the first quarter of this year,” said Gary Moore, PACCAR executive vice president. “Class 8 truck industry retail sales for the U.S. and Canada are expected to be in a range of 200,000-220,000 vehicles in 2017. The truck market reflects the good economy and high levels of freight tonnage.”

“PACCAR achieved strong quarterly revenues and net income in the second quarter of 2017,” said CEO Ron Armstrong. “PACCAR’s financial results reflect increasing North American truck production and market share, strong European truck markets and higher global aftermarket parts sales. I am very proud of our 24,500 employees who have delivered outstanding products and services to our customers.”

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