BELLEVUE, Wash. -- PACCAR has reported improved revenues and net income for the first quarter of 2011, according to Mark Pigott, chairman and CEO.

PACCAR earned $193.3 million (53 cents per diluted share) for the first quarter of 2011 compared to $68.3 million (19 cents per diluted share) in the first quarter last year. First quarter 2011 net sales and financial services revenues increased 47 percent to $3.28 billion from $2.23 billion reported for the first quarter of 2010.

“PACCAR’s results reflect the benefits of stronger truck sales in Europe and North America and an improvement in financial services profit and parts revenues worldwide," Pigott said. "The higher utilization of PACCAR’s truck facilities contributed to increased gross margins. North American and European economies are recovering, with the exception of the residential and commercial construction markets in the United States. Our on-highway customers are benefiting from increased freight tonnage and freight rates, which are driving improved fleet productivity. I am very proud of our 19,000 employees who have delivered excellent results to our shareholders and customers.

“PACCAR’s strong balance sheet and positive cash flow have enabled the company to increase capital investments to enhance manufacturing operating efficiency and product development programs. These investments will contribute to the company’s long-term growth,” added Pigott.

PACCAR says its excellent long-term profits, strong balance sheet, and intense focus on quality, technology and productivity have enabled the company to invest $3.9 billion since 2001 in capital projects, new products and processes. Productivity improvements of 5 percent to 7 percent annually and capacity improvements of more than 40 percent in the past five years have enhanced the capability of the company’s manufacturing and parts facilities. PACCAR is increasing capital investments in 2011 to accelerate comprehensive product development programs.

“Capital expenditures are projected to be $400 million to $500 million and research and development expenses are estimated at $275 million to $300 million this year as Kenworth, Peterbilt and DAF invest in industry-leading products and services to enable our customers to continue to deliver profitable results in their businesses,” said Tom Plimpton, PACCAR vice chairman.