The parent to truck makers Peterbilt and Kenworth, Paccar, has increased first quarter revenue along with net income and is predicting higher sales for the industry overall this year.

Net sales and financial services revenues were $4.38 billion compared to $3.92 billion reported for the first quarter of 2013 while it earned $273.9 million, or 77 cents per diluted share, for the first quarter of 2014, compared to $236.1 million, or 67 cents per diluted share a year earlier. This translates into a 16% increase in profits.

“Paccar’s truck segment results improved compared to last year reflecting the benefits of stronger industry truck sales in North America,” said Ron Armstrong, chief executive officer.

The company is forecasting Class 8 industry retail sales for the U.S. and Canada in 2014 are expected to be in a range of 220,000 to 240,000 vehicles, compared to the 212,000 vehicles sold in 2013. 

“The increased market is due primarily to the ongoing replacement of the aging truck population and improving construction and automotive sectors," said Dan Sobic, PACCAR executive vice president.  "The truck market in 2014 may also benefit from some expansion of industry fleet capacity, reflecting continued strong freight demand.”

PACCAR Parts generated strong quarterly revenues of $726.6 million in the first quarter of 2014, a nine percent increase compared to $667.4 million of revenues achieved in the first quarter of 2013. 

More detailed information is on the Paccar website.