Aftermarket

Paccar Reports Revenues, Net Income for 2Q, First Half of '07

July 24, 2007

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Paccar Inc. earned $298.3 million during the second quarter of 2007 compared to $369.9 million earned in the second quarter last year. Second quarter net sales and financial services revenues were $3.72 billion.

For the first six months of 2007, Paccar reported net income of $663.9 million, compared to $711.9 million in 2006.
Net sales and financial services revenues for the first six months of 2007 were $7.70 billion compared to $8.02 billion last year.
"Paccar reported excellent revenues and net income for the second quarter and first half of 2007," said Mark C. Pigott, chairman and chief executive officer. "Paccar has benefited from balanced global diversification and continued growth in aftermarket parts and financial services revenues. Paccar's robust business in Europe and international markets has partially countered the emissions regulation-induced truck market decline in the U.S. and Canada."
Groundbreaking of Paccar's new $400 million engine production facility and technology center in Columbus, Miss. occurred on July 17. The facility, scheduled for completion in 2009, will manufacture 12.9-liter and 9.2-liter diesel engines for Kenworth, Peterbilt and DAF vehicles and complements Paccar's new world-class engine facility in the Netherlands.
In April 2007, Paccar Parts opened its new 260,000-square-foot parts distribution center on 33 acres in Oklahoma City. Construction also recently commenced on a new parts distribution center in Budapest, Hungary, which will support DAF's ongoing expansion into Central and Eastern Europe. "Upon completion of the new Budapest facility, Paccar will operate 13 PDCs, providing daily delivery of aftermarket parts to Paccar's growing base of dealers and customers," said Rick Gorman, Paccar vice president and parts general manager. "Paccar Parts has more than tripled its sales since 1996, reaching $2.0 billion in 2006. These strategic capital investments will enable the aftermarket parts business to continue its strong double-digit growth."
In June 2007, a 105,000-square-foot increase to the Kenworth plant in Chillicothe, Ohio, was completed. "The expansion of the Chillicothe plant will increase Kenworth capacity by 20 percent, positioning it for market expansion, as well as enhance the industry-leading quality of Kenworth vehicles," said Bob Christensen, Paccar vice president and Kenworth general manager.

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