In its news release on fourth quarter and full year 2012 performance, PACCAR said its PACCAR Financial Services fourth quarter pretax income was $78.7 million compared to the $67.4 million earned in the fourth quarter of 2011.

Fourth quarter revenues were $297.8 million compared to $266.2 million in the same quarter of 2011. For the full year, revenues were $1.10 billion compared to $1.03 billion in 2011 and pretax income was $307.8 million in 2012 compared to $236.4 million a year ago.

“During the fourth quarter and full-year 2012, profit increased due to growth in portfolio balances,” said Bob Bengston, PACCAR vice president.

“PACCAR’s excellent balance sheet, complemented by its A+/A1 credit ratings, enables PFS to offer competitive retail financing to Kenworth, Peterbilt and DAF dealers and customers in 23 countries on four continents,” said Todd Hubbard, PACCAR Financial president. “A growing asset base and excellent portfolio performance are generating improved earnings.”

PACCAR Financial Services had excellent access to the debt markets in 2012, issuing $2.16 billion in two-, three- and five-year term notes during the year. “Strong investor demand for PACCAR’s debt securities is a result of PACCAR’s consistent profitability, excellent cash flow and strong balance sheet,” said Robin Easton, PACCAR treasurer. “PFS borrows at competitive rates which gives our customers an advantage in the marketplace.”

PACCAR Financial Services (PFS) finances a portfolio of 154,000 trucks and trailers, with total assets of $10.80 billion. PacLease, a major full-service truck leasing company in North America and Europe with a fleet of 34,000 vehicles, is included in this segment.