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PACCAR Announces Increased Second Quarter Revenues and Earnings

July 24, 2012, Bellevue, Washington.

"PACCAR reported increased revenues and net income for the second quarter of 2012," said Mark Pigott, chairman and chief executive officer. "PACCAR’s second quarter results reflect the benefits of higher truck sales in North and South America and good financial services results worldwide as compared to the second quarter of 2011. The weak economic growth in the United States, coupled with the ongoing uncertainty in the Eurozone, could dampen truck orders for the remainder of 2012. I am very proud of our 23,000 employees who have delivered excellent results to our shareholders and customers."

"PACCAR’s strong balance sheet and consistent profitability have enabled ongoing investments which enhance PACCAR’s global operations, deliver excellent operating efficiency and support the development of innovative new products. During the second quarter, Kenworth and Peterbilt began production of their new T680 and Model 579 trucks, and DAF showcased its new PACCAR MX 13-liter Euro 6 engine. These investments will contribute to the company’s long-term growth," said Pigott.

PACCAR earned $297.2 million ($0.83 per diluted share) for the second quarter of 2012, a 24 percent increase compared to $239.7 million ($0.65 per diluted share) earned in the second quarter last year. Second quarter net sales and financial services revenues were $4.46 billion, compared to $3.96 billion reported in 2011. Net sales and financial services revenues for the first six months of 2012 were $9.23 billion, up 27 percent compared to $7.24 billion last year. For the first six months of 2012, PACCAR reported net income of $624.5 million ($1.75 per diluted share), an increase of 44 percent compared to the $433.0 million ($1.18 per diluted share) in 2011.

Stock Repurchase Update

During the second quarter of 2012, PACCAR repurchased 3.2 million of its common shares for $123.9 million. "Over the past twelve months, PACCAR has purchased 12.8 million PACCAR shares for a total investment of $477.1 million," noted Ron Armstrong, PACCAR president. "PACCAR’s excellent net profits and strong cash flow make the company’s shares an attractive long-term investment." PACCAR’s shareholder return averaged 14.9 percent annually in the last ten years, compared to the S&P 500 Index average annual return of 5.3 percent for the same period.





Global Truck Markets

DAF continued to strengthen its position in the European truck market, achieving a market share of 16.0 percent in the above 16-tonne segment in the first five months of 2012. "DAF is one of the market leaders in the European tractor segment as fleets recognize DAF’s product quality leadership, low operating costs and excellent resale value," said Harrie Schippers, DAF president. "We estimate that 2012 industry registrations in the above 16-tonne truck market in Europe will be 210,000-230,000 units, compared to 241,000 units in 2011."





The DAF CF Earned the U.K. Fleet Truck of the Year Award for 2012




"Class 8 industry retail sales in the U.S. and Canada are expected to be in the range of 210,000-230,000 vehicles in 2012. Industry retail sales in 2011 were 197,000 units. Our customers are benefiting from higher freight tonnage, improved fleet utilization rates and lower fuel prices," said Dan Sobic, PACCAR executive vice president. "For the first half of 2012, PACCAR increased its Class 8 retail market share in the U.S. and Canada to 29.9 percent."




Financial Highlights - Second Quarter 2012


Highlights of PACCAR’s financial results for the second quarter of 2012 include:
- Consolidated sales and revenues of $4.46 billion.
- Net income of $297.2 million.
- Manufacturing cash and marketable securities of $2.59 billion.
- Cash generated from operations of $317.7 million.
- Record Financial Services pretax income of $77.4 million.
- Research and development expenses of $73.8 million.
- $2.0 billion of bank credit facilities renewed.
- 3.2 million shares repurchased for $123.9 million





Financial Highlights - First Half 2012

Financial highlights for the first six months of 2012 include:
- Consolidated sales and revenues of $9.23 billion.
- Net income of $624.5 million.
- Cash generated from operations of $444.0 million.
- Financial Services pretax income of $148.7 million.
- Research and development expenses of $146.1 million.
- Medium-term note (MTN) issuances of $1.54 billion.
- Capital investments of $237.8 million.




South American Expansion

Construction of PACCAR’s new DAF factory in Ponta Grossa, Brasil is progressing. "Brasil is a major truck market with projected industry sales above six-tonne of 135,000 units in 2012. The DAF product range offers premium quality, low operating costs and the industry-leading PACCAR MX engine," said Bob Christensen, PACCAR executive vice president. "The production of DAF trucks in Brasil in 2013 is an exciting development which will add to PACCAR’s sales in South America."


For over 40 years, PACCAR’s Kenworth vehicles have earned a significant market share in many South American countries in the Andean region. "The successful introduction of DAF vehicles into Chile, Ecuador and Peru in 2011 helped PACCAR achieve a record level of vehicle sales in the region," said Sam Means, PACCAR vice president. "Total PACCAR truck deliveries of 4,500 units in the Andean region of South America in the first six months of 2012 increased by 75 percent compared to the first half last year."




Environmental Leadership

PACCAR continues to be a leader in the market for natural-gas powered vehicles. Kenworth and Peterbilt have been manufacturing trucks powered by liquefied natural gas (LNG) and compressed natural gas (CNG) since 1996. PACCAR has earned a 40 percent share of the U.S. heavy-duty truck natural gas market, providing the widest range of vehicle solutions for over-the-road, regional and vocational applications. Kenworth and Peterbilt models are currently available with either 9-liter or 15-liter engines. In 2013, Kenworth and Peterbilt plan to offer 12-liter natural gas engines. "PACCAR’s natural gas engine platforms offer an efficient and clean technology that benefits customers in a wide range of applications," commented Craig Brewster, PACCAR vice president.




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PACCAR Announces Increased Second Quarter Revenues and Earnings

"PACCAR reported increased revenues and net income for the second quarter of 2012," said Mark Pigott, chairman and chief executive officer. "PACCAR’s second quarter results reflect the benefits of higher truck sales in North and South America and good financial services results worldwide as compared to the second quarter of 2011. The weak economic growth in the United States, coupled with the ongoing uncertainty in the Eurozone, could dampen truck orders for the remainder of 2012. I am very proud of our 23,000 employees who have delivered excellent results to our shareholders and customers."