Paccar sales rise in second quarter

Updated Jul 28, 2017

paccar enginePaccar on Tuesday reported net income of $683.3 million ($1.94 per diluted share) for the first six months of 2017, a significant upshift after the company reported a net loss of $113.3 million ($.32 per diluted share) in the first six months of last year.

Paccar also reported adjusted net income (non-GAAP) of $719.7 million ($2.05 per diluted share) in the first six months of 2016, excluding an $833.0 million non-recurring charge for the EC settlement. Net sales and financial services revenues for the first six months of 2017 were $8.94 billion compared to $8.71 billion last year.

“Paccar achieved strong quarterly revenues and net income in the second quarter of 2017,” says Ron Armstrong, CEO. “Paccar’s financial results reflect increasing North American truck production and market share, strong European truck markets and higher global aftermarket parts sales. I am very proud of our 24,500 employees who have delivered outstanding products and services to our customers.”

The company’s second quarter net sales and financial services revenues were $4.70 billion, compared to $4.41 billion in the second quarter of 2016. Paccar says it earned net income of $373.0 million ($1.06 per diluted share) in the second quarter of this year compared to net income of $481.3 million ($1.37 per diluted share) in the same period last year. Paccar also earned adjusted net income (non-GAAP)1 of $371.7 million ($1.06 per diluted share) in the second quarter of 2016, excluding a favorable, non-recurring $109.6 million adjustment related to the European Commission (EC) settlement.

Harrie Schippers, Paccar executive vice president and chief financial officer, adds the company “has added 1,200 new jobs in the U.S. this year to meet increased customer demand, complemented by over $125 million of capital and research and development.”

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