Parent Of Kenworth & Peterbilt Reports Record Numbers
July 22, 1999
Paccar Inc. posted record sales and profits for second quarter 1999. Sales were $2.2 billion versus $1.8 billion in second quarter 1998. Profits were $139.5 million versus $104.9 million for the same period last year.
The company said this is the tenth quarter in a row in which operating profits exceeded the comparable quarter a year earlier. First half sales were $4.2billion versus $3.6 billion for the first half of 1998. Net income was $259 million versus $205.3 million a year ago.
Chairman and CEO Mark Pigott credited strong industry demand for its products plus ongoing efficiency gains for the record performance. "A ten-month industry backlog and good incoming order rate provide a platform for future growth," he said.
In addition to Kenworth and Peterbilt, Paccar owns European truck nameplates DAF and Foden.