Trucking News Online

PACCAR Reports Q2 Earnings, Revenues

July 24, 2013 By: Trucking News Staff Tags: News
Shown are PACCAR's new Kenworth T880 and Peterbilt Model 567. Shown are PACCAR's new Kenworth T880 and Peterbilt Model 567.

PACCAR announced earnings of  $291.6 million ($.82 per diluted share) for the second quarter of 2013, compared to the $297.2 million ($.83 per diluted share) earned in the second quarter of 2012.

Second quarter net sales and financial services revenues were $4.30 billion, compared to the $4.46 billion in the second quarter of 2012. Net sales and financial services revenues for the first six months of 2013 were $8.22 billion compared to $9.23 billion last year. For the first six months of 2013, PACCAR reported net income of $527.7 million ($1.49 per diluted share) compared to the $624.5 million ($1.75 per diluted share) in 2012.

Mark Pigott, chairman and chief executive officer, said “PACCAR’s second-quarter results reflect the benefits of gradually improving truck sales and strong aftermarket parts and financial services results worldwide. I am very proud of our 22,000 employees who have delivered excellent results to our shareholders and customers.”

He said Kenworth, Peterbilt and DAF have launched a new family of high-quality, fuel-efficient vehicles, adding PACCAR’s range of engines has also been expanded with the introduction of the 2013 PACCAR MX-13 and the PACCAR MX-11 engines.

Financial highlights for the second quarter include:

  • Net income of $291.6 million.
  • Manufacturing cash and marketable securities of $2.52 billion.
  • Cash generated from operations of $768.6 million.
  • Record Financial Services pretax income of $81.5 million.
  • Research and development expenses of $61.8 million.
  • $2.0 billion of bank credit facilities renewed.

Highlights of PACCAR’s financial results for the first six months of 2013 include:

  • Consolidated sales and revenues of $8.22 billion.
  • Net income of $527.7 million.
  • Cash generated from operations of $1.15 billion.
  • Record Financial Services pretax income of $161.6 million.
  • Medium-term note (MTN) issuances of $1.35 billion.
  • Record shareholders’ equity of $6.11 billion.