Paccar Announces Record Results
October 26, 1998
Oct. 27 – Paccar, which makes Peterbilt, Kenworth and DAF trucks, reported record sales and net income for the third quarter and first nine months.
Consolidated net sales in the third quarter were up 13% compared to a year ago, and the first nine months were up 17% compared to the previous year. Similarly, net income for the quarter topped last year by 17%, and the first nine months’ income is 42% ahead of 1997.
Peterbilt says it is achieving higher production levels, despite a work stoppage at its Nashville, TN, plant that started May 4 and has not been settled.
Paccar is working on increasing its capability to produce medium duty models. The final stage of preparing the Kenworth Seattle facility to build Class 6 and Class 7 trucks is under way, reports Mark Pigott, chairman and chief executive officer. “This will increase Paccar’s North American capacity for medium duty trucks and is another step toward the goal of building significantly more Kenworth T300s and Peterbilt 330s in the future. The shift of Class 6/7 production from Mexicali, Mexico, to Seattle will allow the Mexicali plant to increase Class 8 build rates.” In addition, a new Paccar factory in Ste. Theresa, Canada, continues on schedule for a 1999 opening, and will increase production capacity for Class 4-7 commercial vehicles.