BELLEVUE, Wash. -- PACCAR has reported strong revenues and net income for the second quarter of 2008.

PACCAR earned $313.5 million, or 86 cents per diluted share, for the second quarter of 2008, an increase of 5 percent compared to $298.3 million, or 79 cents per diluted share, earned in the second quarter last year.

Second quarter net sales and financial services revenues increased to $4.11 billion from $3.72 billion in 2007. Net sales and financial services revenues for the first six months of 2008 were $8.05 billion compared to $7.7 billion last year. For the first six months of 2008, PACCAR reported net income of $605.8 million, or $1.65 per diluted share, compared to $663.9 million, or $1.77 per diluted share, in 2007.

“PACCAR benefited from balanced global diversification, with over 65 percent of revenues originating outside the U.S. and continued solid performance from the company’s aftermarket parts and financial services businesses," said Mark Pigott, chairman and chief executive officer. "Robust demand for PACCAR products in Europe and international markets continues to generate excellent earnings and provide opportunities for growth, tempered by the continued softness in the U.S. and Canadian truck markets.”

“PACCAR’s strong balance sheet and outstanding cash flow have allowed the company to increase its capital investments in high-quality new products and services, enhance facility efficiency and increase aftermarket distribution capacity during all phases of the business cycle,” noted Pigott.

Capital expenditures and research and development expenses increased to a total of $205 million during the second quarter.

PACCAR is nearing completion of its previously announced $300 million share repurchase program. During the second quarter of 2008, PACCAR repurchased 1.89 million of its common shares for $89.8 million. PACCAR has repurchased a total of 5.62 million shares for $262.5 million under this $300 million repurchase authorization. Earlier this month, the PACCAR board of directors approved the repurchase of an additional $300 million of its outstanding common stock.

For more information about PACCAR, go to: www.paccar.com.