Paccar Announces Positive Second Quarter Financials

July 24, 2012

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Paccar reported increased revenues and net income for the second quarter of 2012, but warned that truck orders could be weaker in the second half.

The company earned $297.2 million (83 cents per diluted share) for the second quarter of 2012, a 24% increase compared to $239.7 million (65 cents per diluted share) 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, the company reported net income of $624.5 million ($1.75 per diluted share), an increase of 44% compared to the $433 million ($1.18 per diluted share) in 2011.

"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," says Mark Pigott, chairman and CEO. "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."

The company said it plans to lower third-quarter truck volume by 10% compared with its second-quarter volume.

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