PACCAR announced it achieved record quarterly revenues and profits that was fueled by increased truck deliveries and strong parts performance.

PACCAR achieved record revenues and net income in the second quarter of 2023 due to increased truck deliveries, excellent gross margins and strong PACCAR Parts results,” said Preston Feight, chief executive officer. “PACCAR Parts achieved robust quarterly sales and profits due to industry-leading logistics performance that enhanced customer uptime. PACCAR Financial Services delivered excellent profitability due to its high quality portfolio and good used truck results. PACCAR is pioneering new technologies such as predictive data analytics in its aftermarket and powertrain businesses. I am very proud of our employees for delivering premium trucks and transportation solutions to our customers.”

PACCAR says it earned record net income of $1.22 billion ($2.33 per diluted share) in the second quarter, an increase of 70% compared to $720.4 million ($1.37 per diluted share) earned in the same period last year. Second quarter net sales and financial services revenues were $8.88 billion, 24% higher than the $7.16 billion achieved in the second quarter of 2022. PACCAR achieved Truck, Parts and Other gross margins of 18.8% compared to 14.4% in the same period last year, the company says.

PACCAR reported first half net income of $1.96 billion ($3.73 per diluted share), including a $446.4 million after-tax, non-recurring charge related to civil litigation in Europe, compared to $1.32 billion ($2.52 per diluted share), earned in same period last year. Excluding the non-recurring charge, the company earned adjusted net income (non-GAAP)¹ of $2.40 billion ($4.58 per diluted share) in the first half of 2023. Net sales and financial services revenues for the first six months of 2023 were $17.35 billion, compared to $13.63 billion achieved last year, according to PACCAR.

Highlights of PACCAR’s financial results for the second quarter of 2023 include:

• Record net sales and revenues of $8.88 billion.
• Record net income of $1.22 billion.
• Global truck deliveries of 51,900 units.
• PACCAR Parts revenues of $1.60 billion.
• PACCAR Parts pretax income of $419.3 million.
• PACCAR Financial Services pretax income of $144.7 million.
• Capital investments of $179.1 million and R&D expenses of $101.3 million.
• Manufacturing cash and marketable securities of $6.62 billion.
• Cash generated from operations of $975.5 million.
• Stockholders’ equity of $15.08 billion.

Global Truck Markets

“Customers are updating their fleets to take advantage of Peterbilt and Kenworth’s industry-leading fuel efficiency and reliability. Our factory production schedules are full for the year,” said Darrin Siver, PACCAR executive vice president. Class 8 industry retail sales in the U.S. and Canada are estimated to be in a range of 290,000-320,000 trucks this year.

For additional financial report information, visit www.paccar.com.