BELLEVUE, Wash. -- PACCAR has reported improved revenues and net income for the first quarter of 2010.

“PACCAR’s results reflect the benefits of stronger truck sales in North America and an improvement in financial services profits and parts revenues worldwide," said Mark Pigott, chairman and chief executive officer. "I am very proud of our 15,000 employees who have delivered superior results to our shareholders and customers in a very challenging recession. PACCAR’s excellent performance in profitability, shareholder return and new product development, against a backdrop of a very difficult global automotive industry, is remarkable. “

PACCAR earned $68.3 million (19 cents per diluted share) for the first quarter of 2010 compared to $26.3 million (7 cents per diluted share) in the first quarter last year. First quarter net sales and financial services revenues were $2.23 billion compared to $1.99 billion reported for the first quarter of 2009.

The company reported net income of $68.3 million. Aftermarket parts revenues were $505.2 million.

PACCAR said its excellent long-term profits, strong balance sheet, and intense focus on quality, technology and productivity have enabled the company to invest $3.8 billion in capital projects, new products and processes during the last decade. PACCAR expects to increase capital and research and development (R&D) investments in 2010 as the economy improves. Capital expenditures of $175 million to $200 million and R&D expenses of $225 million to $250 million are targeted for new products and enhancing operating efficiency.