Peterbilt and Kenworth parent, Paccar, reported increased revenues and net income for the second quarter of 2014.
Paccar earned $319.2 million, or 90 cents per diluted share, for the period, an increase of 9% compared to $291.6 million, or 82 cents per diluted share, earned in the second quarter of 2013.
Second quarter net sales and financial services revenues were $4.57 billion, a 6% increase compared to the second quarter of 2013.
For the first six months of 2014, Paccar reported net income of $593.1 million, or $1.67 per diluted share, compared to $527.7 million, or $1.49 per diluted share, in 2013, an increase of 12%.
Net sales and financial services revenues for the first six months of 2014 were $8.95 billion, 9% higher than last year.
“Class 8 industry retail sales for the U.S. and Canada in 2014 are improving and are expected to be in the range of 230,000 to 250,000 vehicles,” said Dan Sobic, Paccar executive vice president. “Truck demand is being driven primarily by the ongoing replacement of the aging truck population, economic growth and some expansion of fleet capacity."
Paccar Parts generated record quarterly revenues of $778 million in the second quarter of 2014, a 10% increase compared to $709.5 million of revenues achieved in the second quarter of 2013. Second quarter 2014 pretax income was $126.7 million, an increase of 16% compared to the $109.4 million earned in the second quarter of 2013.
Paccar Parts is planning to begin construction of a new 176,000 square-foot distribution center in Renton, Wash. in the fourth quarter 2014.
“This new facility will more than double the distribution capacity for our dealers and customers in northwestern United States and western Canada,” said Tony McQuary, Paccar Parts assistant general manager.
Paccar Financial Services second quarter pretax income in 2014 improved to a record $91.7 million compared to $81.5 million earned in the second quarter of 2013. Second quarter 2014 revenues were $302.6 million compared to $288.8 million in the same quarter of 2013.
There is more information about Paccar’s financial performance on the company website.