"Paccar achieved very good revenues and net income for the third quarter and first nine months of 2007," said Mark C. Pigott, chairman and chief executive officer. "Paccar's balanced global diversification, with over 60 percent
of revenues originating outside of the U.S. and a double-digit revenue increase in the company's finance and aftermarket parts businesses contributed to solid operating performance.
"Strong demand for Paccar products in Europe, Australia, Mexico and export markets continues to generate excellent earnings and provide opportunities for growth, tempered by truck industry declines in the U.S. and Canada," Pigott said.
Paccar's total return to shareholders over the last four quarters was 56 percent compared to 16.5 percent by the S&P 500 during the same period.
Paccar earned $302.3 million ($.81 per diluted share) for the third quarter of 2007 compared to $403.6 million ($1.07 per diluted share) earned in the third quarter last year. Third quarter net sales and financial services revenues were $3.76 billion. Net sales and financial services revenues for the first nine months of 2007 were $11.46 billion. Paccar reported nine-month net income of $966.2 million ($2.58 per diluted share), compared to $1.12 billion ($2.95 per diluted share) in 2006. "This is the second highest nine months' results in Paccar's 102-year history," said Mike Tembreull, vice chairman. "This excellent performance demonstrates the benefit of global diversification and applied-technology investments throughout the company, which are delivering industry-leading quality, efficient manufacturing facilities and superior sales support programs."