Paccar Inc. reported second quarter sales and financial services revenues of $1.8 billion, an 18% gain over the same period last year.

Net income was $73.7 million, up 87%. Revenues for the first six months of the year were $3.3 billion compared to $4.1 billion last year. Net income was $120.9 million versus $83.8 million for the first six months of 2001.
North American industry orders for heavy trucks surged nearly 75% in the first half, but most of the increase was due to pull-forward purchases by fleets trying to minimize the impact of new emissions standards that take effect Oct. 1, noted Pacccar Chairman and CEO Mark Pigott. He also said that fourth quarter 2002 industry sales could be unfavorably impacted by the accelerated buying coupled with slow growth of general freight.
During the second quarter, Paccar steadily increased production of its Kenworth and Peterbilt Class 8 trucks in the U.S. and Canada. Current production is now 75% higher than it was in first quarter.
European industry heavy duty truck sales are 15% lower in 2002 than the near record levels of 2001, said Paccar President David Hovind. DAF has offset part of the downturn with an increase in market share to a record 13%, making it the fourth largest heavy duty truck manufacturer in Europe, he added.
Paccar’s financial Services segment had second quarter revenues of $107 million compared to $116 million in second quarter 2001. Pretax income was $15 million, an 85% increase over the same period last year. Revenues for the first six months were $212 million versus $237 million last year. First half pretax income was $24.7 million compared to $19.8 million a year ago.