Paccar Inc. reported record revenues and net income for the second quarter and first half of 2004, according to Mark C. Pigott, chairman and chief executive officer.

"This is a great achievement that reflects the innovative contribution of Paccar's 20,000 employees worldwide."
Paccar earned $236.5 million ($1.34 per diluted share) for the second quarter 2004, which was an increase of 91% compared to the $124.1 million ($.71 per diluted share) earned in the second quarter last year. Second quarter net sales and financial services revenues were $2.79 billion – 39% higher than the $2.01 billion reported for the comparable period in 2003. The company's 2004 second quarter after-tax return on sales (ROS) was a record 8.9%.
Net sales and financial services revenues for the first six months of 2004 were $5.29 billion compared to $3.93 billion last year. For the first six months of 2004, Paccar reported net income of $418.7 million ($2.37 per diluted share) compared to $234.9 million ($1.34 per diluted share) in 2003. For the first half of 2004, annualized after-tax return on beginning equity was 25.8%.
"A key to Paccar's success is its extensive benchmarking program with industry-leading companies such as Microsoft, Dell, Toyota, Wal-Mart and Citigroup," Pigott said. "Paccar is committed to being a leader in design, logistics, technology applications, financial services, manufacturing and aftermarket parts distribution."