Paccar Inc., manufacturer of Kenworth and Peterbilt trucks, reported record revenues and net income for the third quarter and first nine months of 2004,
according to Mark C. Pigott, chairman and CEO.
Paccar earned $246.7 million ($1.41 per diluted share) for the third quarter 2004, which was an increase of 86% compared to the $132.5 million ($.75 per diluted share) earned in the third quarter last year.
Third quarter net sales and financial services revenues were $2.92 billion, 42% higher than the $2.06 billion reported for the comparable period in 2003. The company's 2004 third quarter after-tax return on sales (ROS) was 8.9%.
Net sales and financial services revenues for the first nine months of 2004 were $8.21 billion compared to $5.99 billion last year. For the first nine months of 2004, Paccar reported net income of $665.4 million ($3.78 per diluted share) compared to $367.4 million ($2.09 per diluted share) in 2003. For the first nine months of 2004, annualized after-tax return on beginning equity was 27%.