Detroit Diesel Posts Record Earnings in Third Quarter
November 4, 1999
Detroit Diesel Corp. posted record third quarter net income of $11.9 million, up 18% from third quarter 1998.
Revenues were $588.2 million, up 8% from 1998. According to Chairman Roger Penske, this is the company's ninth consecutive quarter of increased year-over-year operating earnings. "We continue to anticipate that our full-year 1999 results will set another record for Detroit Diesel," he said.
Third quarter revenues from on-highway engines were $398 million, up 19% from the same period last year. Shipments of the Series 60 engine were up 23%.
For the nine months ending Sept. 30,total revenues were $1.8 billion, up 5% from the first nine months of 1998. Year-to-date net income was $37.2 million, up 23% and another record for the company.