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PACCAR 2nd-Quarter Net Rises 24%; Predicts Weaker 2012 Truck Orders

July 25, 2012, 07:20 AM
Filed Under: Corporate Earnings

PACCAR reported increased revenues and net income for the second quarter of 2012,” said Mark Pigott, chairman and chief executive officer. “PACCAR’s second quarter results reflect the benefits of higher truck sales in North and South America and good financial services results worldwide as compared to the second quarter of 2011. The weak economic growth in the United States, coupled with the ongoing uncertainty in the Eurozone, could dampen truck orders for the remainder of 2012. I am very proud of our 23,000 employees who have delivered excellent results to our shareholders and customers.”

“Class 8 industry retail sales in the U.S. and Canada are expected to be in the range of 210,000-230,000 vehicles in 2012. Industry retail sales in 2011 were 197,000 units. Our customers are benefiting from higher freight tonnage, improved fleet utilization rates and lower fuel prices,” said Dan Sobic, PACCAR executive vice president. “For the first half of 2012, PACCAR increased its Class 8 retail market share in the U.S. and Canada to 29.9%.”

PACCAR earned $297.2 million for the second quarter of 2012, a 24% increase compared to $239.7 million earned in the second quarter last year. Second quarter net sales and financial services revenues were $4.46 billion, compared to $3.96 billion reported in 2011. Net sales and financial services revenues for the first six months of 2012 were $9.23 billion, up 27% compared to $7.24 billion last year. For the first six months of 2012, PACCAR reported net income of $624.5 million an increase of 44% compared to the $433.0 million in 2011.

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