Good news - PACCAR Achieves Strong Quarterly Revenues and Earnings
Posted: 28-Oct-2020 |
“PACCAR reported strong revenues and net income for the third quarter of 2020,” said Preston Feight, chief executive officer. “PACCAR’s third quarter results reflect rebounding global truck production and aftermarket parts revenue. I am very proud of our outstanding employees who delivered these results while employing the highest commitment to health and safety at all PACCAR facilities.”
PACCAR achieved net income of $385.5 million ($1.11 per diluted share) in the third quarter of this year, compared to $607.9 million ($1.75 per diluted share) earned in the same period last year. Third quarter revenues were $4.94 billion, compared to $6.37 billion reported in the third quarter of 2019.
PACCAR earned $892.6 million ($2.57 per diluted share) for the first nine months of 2020
compared to $1.86 billion ($5.34 per diluted share) in the same period last year. Net revenues for the first nine months of 2020 were $13.16 billion compared to $19.48 billion last year.
PACCAR’s truck deliveries doubled in the third quarter compared to the second quarter of this year. PACCAR Parts’ excellent aftermarket sales and profits surpassed the strong results in the third quarter of 2019. PACCAR Financial Services achieved robust new financing business and sold a record number of used trucks. Peterbilt, Kenworth and DAF announced production availability of their battery electric trucks.
“Customer demand for fuel-efficient DAF XF, CF and LF trucks continued to strengthen in the third quarter as the European economies improved,” said Harry Wolters, DAF president. “We are raising our estimates for European truck industry registrations in the above 16-tonne segment to be in the range of 210,000-230,000 units this year. The 2021 truck market is expected to be in the range of 230,000-270,000 trucks.” The DAF XF truck was recently honored at the Motor Transport Awards in the United Kingdom as the “Fleet Truck of the Year 2020.” The judges noted the DAF XF truck’s low operating costs, superior driver comfort and excellent after sales support.