Things are looking up in the truck industry and PACCAR is one manufacturer enjoying the good times.
The U.S.-based business has just released second quarter financials showing record quarterly sales and Financial Services revenues of $5.81 billion USD ($7.85 billion AUD).
The parent company of Kenworth, Peterbilt and DAF also reported strong net income of $560 million (USD) – a total up 50% on the same period last year.
“Paccar’s financial results reflect strong global truck demand, increasing Paccar truck production and market share, and robust global aftermarket parts sales,” – Ron Armstrong, CEO of Paccar
“The positive economic and freight growth in North America and Europe are good indicators that 2019 will be another strong truck market.”
Helping to drive the healthier bottom-line for PACCAR was the strong lift in Australian truck sales in the quarter.
Kenworth sales locally (at the end of June) were ahead 50.5%, while DAF sales in Australia progressed 11.5%.
“Truck deliveries increased in North America, Europe, Australia, and Brazil in the second quarter, reflecting strong customer demand for the industry-leading Kenworth, Peterbilt and DAF trucks.” – Darrin Siver, Paccar senior vice president
But it’s the booming North American markets that have really turbocharged PACCAR in 2018.
Class 8 (heavy-duty in our language) truck industry retail sales for the U.S. and Canada have increased by 32% year-to-date and are expected to be in a range of 265,000 to 285,000 vehicles in 2018.
“U.S. and Canada Class 8 truck industry orders surged by 111% in the first six months of 2018 compared to the same period last year.” – Gary Moore, Paccar executive vice president.
“The growing economy and record levels of freight tonnage have resulted in excellent demand for Kenworth and Peterbilt vehicles.”
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