PACCAR announces improved earnings over last year

Kenworth T609 in Australia

BELLEVUE, WA.-- PACCAR reported improved revenues and net income for the first quarter of 2011 totaling 193.3 million comopared to $68.3 million in the first quarter last year. Net sales soared 47 percent to $3.28 billion over the $2.23 billion reported for the first quarter last year.

“PACCAR’s results reflect the benefits of stronger truck sales in Europe and North America and an improvement in financial services profit and parts revenues worldwide," aid Mark Pigott, chairman and chief executive officer. Pigott credits global economic recovery and increased freight tonnage for the increase in gross margins.

“Class 8 industry retail sales in the U.S. and Canada in 2011 are improving steadily,” said Dan Sobic, PACCAR executive vice president. The industry retail sales forecast has been increased to a range of 200,000-220,000 vehicles – the best year since 2006. “There are industry concerns about suppliers being able to increase their production capacity to meet global demand,” added Sobic.

PACCAR is a global technology leader in the design, manufacture and customer support of high-quality light- medium- and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates.

Business Wire