Paccar Earnings Jump 64%

Paccar Inc. reported its first quarter net income increased 64% over 1Q 2003 to $182.2 million, while revenues increased 30% to $2.5 billion. The company noted that all segments posted strong results, including truck sales.

“The North American heavy-duty truck industry’s retail sales in 2004 could be 20% to 30% higher than last year,” said Tom Plimpton, Paccar president.

Its financial services arm, which includes Paccar Leasing, posted a 40% jump in pretax income to $37.5 million over the same period last year. The division leverages 116,000 trucks and trailers and has expanded to $5.67 billion in total assets.

“Paccar Financial Services, Paccar Parts, and Paccar’s global brands— DAF, Peterbilt and Kenworth— contributed to the superior operating performance,” said Mark Pigott, Paccar chairman & CEO.