The truck and engine manufacturer Paccar Inc. on Friday reported record annual revenues of $18.99 billion and net income of $1.36 billion for 2014.
The figures compare to 2013 revenue of $17.12 and net income of $1.17 billion.
Earnings per diluted share were $3.82 in 2014, an increase from $3.30 the year before.
Fourth quarter 2014 net sales and financial service revenues were a quarterly record $5.12 billion, an 11% increase compared to $4.60 billion for the same period in 2013.
Paccar earned $394.3 million or $1.11 per diluted share for the fourth quarter of 2014, an 18% increase, compared to $334.2 million or 94 cents per diluted share in the fourth quarter of 2013.
“Class 8 truck industry retail sales in the U.S. and Canada were 250,000 units in 2014, compared to the 212,000 vehicles sold in 2013,” said Dan Sobic, Paccar executive vice president. “In 2014, Paccar achieved a Class 8 retail market share in the U.S. and Canada of 27.9%.”
DAF, the company’s truck in the European tractor market, saw industry sales above the 16-ton category in Europe of 227,000 units in 2014 while DAF’s market share was 13.8%.
Heavy-duty truck industry sales for South America in 2014 were 129,000 trucks. “Paccar delivered 3,600 vehicles in South America in 2014, a 37% increase compared to 2013. The production of DAF trucks in Brasil and the continued growth of the DAF Brasil dealer network will further enhance Paccar’s vehicle sales in South America,” said Sam Means, Paccar vice president.
Paccar’s aftermarket parts business achieved record annual revenues of $3.08 billion and pretax profit of $496.7 million in 2014
Paccar Financial Services, achieved fourth quarter 2014 pretax income of $96.3 million compared to $90.4 million earned in the fourth quarter of 2013. Fourth quarter 2014 revenues were $302 million compared to $299.5 million in the same quarter of 2013, according to Paccar.
For the full year, financial services pretax income was a record $370.4 million, an increase of 9% compared to $340.2 million in 2013. Full year revenues were $1.20 billion compared to $1.17 billion for the same period a year ago.
PFS has a portfolio of 166,000 trucks and trailers, that also includes PacLease, a full-service truck leasing company in North America and Europe with a fleet of over 38,000 vehicles and is included in the PFS segment.