In the second quarter, Paccar earned net income of $619.7 million ($1.78 per diluted share), 11 percent higher than the $559.6 million ($1.59 per diluted share) earned in the same period last year. Second quarter net sales and financial services revenues also were a record $6.63 billion, compared to $5.81 billion achieved in the second quarter of 2018.
When combined with the first quarter, Paccar reported a record first half net income of $1.25 billion ($3.59 per diluted share) in 2019, 17 percent higher than the $1.07 billion ($3.04 per diluted share) earned in the first six months of last year. Net sales and financial services revenues for the first six months of 2019 were a record $13.12 billion, 14 percent higher than the $11.46 billion achieved last year.
“Paccar achieved record quarterly revenues and excellent net income in the second quarter of 2019,” says Preston Feight, Paccar CEO. “Paccar’s financial results reflect robust global truck demand, record Paccar truck production, and record global aftermarket parts sales. I am very proud of our employees who have delivered outstanding trucks, powertrains and transportation solutions to our customers.”
The company reports Kenworth, Peterbilt and DAF delivered a record 52,300 trucks in the second quarter of 2019, 13 percent higher than the same period last year.
“Truck deliveries increased in the United States, Canada, Mexico and South America in the second quarter, reflecting strong customer demand for the industry-leading Kenworth, Peterbilt and DAF trucks,” says Darrin Siver, Paccar senior vice president.
Adds Feight, “Peterbilt and Kenworth 2019 production schedules are substantially full. Customers are ordering trucks for delivery in the first half of 2020.”
Additionally, Paccar Parts achieved record quarterly revenues of $1.03 billion in the second quarter of 2019, 6 percent higher than the $968.0 million achieved in the same period last year. Second quarter 2019 pre-tax profit was a record $210.6 million, 8 percent higher than the $194.5 million achieved in the second quarter of 2018. Paccar Parts first half 2019 revenues were $2.03 billion, compared to $1.91 billion for the same period last year. Paccar Parts achieved pre-tax profit of $418.2 million in the first six months of 2019, compared to $386.3 million earned in the first six months of 2018.
“Paccar continues to add global distribution capacity to deliver industry-leading aftermarket parts availability to our customers,” says David Danforth, Paccar vice president and Paccar Parts general manager. “The growth of Kenworth, Peterbilt and DAF trucks and higher Paccar MX engine sales have contributed to increased Paccar Parts sales. Paccar’s new 250,000 sq.-ft. distribution center in Las Vegas, Nevada is under construction. Paccar is also building a new 160,000 square-foot distribution center in Ponta Grossa, Brasil. Both facilities will open in 2020.”
