Paccar experiences best quarter in company history

Paccar recently announced record earnings of $369.9 million for the second quarter and net income of $711.9 million for the first half of this year – the best quarter in the company’s 101-year history.

The record revenues were an increase of 53 percent. Second quarter net sales and financial services revenues reached a record of $4.17 billion, a 17 percent increase from the $3.56 billion made during the same period in 2005.

Paccar’s net income for the first six months of this year was a 38 percent increase compared to 2005.

According to Mark C. Pigott, chairman and chief executive officer of Paccar, the company’s financial success is due in part to worldwide economic growth, as well as benefits of accelerated new product introductions and aftermarket parts programs.

“Major capital investments in all facets of Paccar’s business are delivering 5 to 7 percent annual productivity growth, enhanced quality and industry-leading logistics capability,” said Pigott. “Paccar continues to diversify its business platform and is delivering increased revenues and profits from its worldwide finance, leasing, aftermarket parts and information technology businesses.”