PACCAR Announces Third Quarter Revenues and Earnings - aftermarketNews

PACCAR Announces Third Quarter Revenues and Earnings

Third quarter net sales and financial services revenues were $2 billion.

PACCAR Announces Third Quarter Revenues and Earnings

PACCAR earned $299 million (82 cents per diluted share) for the third quarter of 2008 compared to $302.3 million (81 cents per diluted share) earned in the third quarter last year.

BELLEVUE, Wash. — PACCAR earned $13 million, or 4 cents per diluted share, for the third quarter of 2009 compared to $299 million, or 82 cents per diluted share, earned in the third quarter last year. Third quarter results include a one-time net benefit of $9 million ($14.1 million pretax) related to the permanent closure of its Peterbilt facility in Madison, Tenn. This pretax benefit includes plant closure costs of $4.2 million offset by an $18.3 million curtailment gain on post-retirement health care plans.
 
Results for the first nine months of 2009 also include a one-time net benefit of $30 million ($47.7 pretax), for discontinuing certain subsidies for post-retirement health care plans, which was recorded in the second quarter. Third quarter net sales and financial services revenues were $2 billion. Net sales and financial services revenues for the first nine months of 2009 were $5.83 billion. PACCAR reported nine-month net income of $65.8 million, or 18 cents per diluted share, compared to $904.8 million, or $2.47 per diluted share, in 2008.

“PACCAR reported improved third quarter revenues compared to the second quarter of 2009,” said Mark Pigott, chairman and chief executive officer. “The company generated net income of $13 million for the third quarter. The financial results continue to reflect the impact of a recessionary economy on freight shipments and truck purchases. I am very proud of our 15,000 employees who have delivered good results to our shareholders in today’s very challenging business conditions. PACCAR is one of the very few global companies in the automotive sector to earn a profit this year. PACCAR is dedicated to delivering exceptional quality products and services, outstanding shareholder returns and environmental leadership.”

Pigott added, “PACCAR’s manufacturing facilities and distribution centers are achieving record quality and productivity, which positions the company for strong performance as the industry returns to a normal vehicle replacement cycle. PACCAR continues to proactively align operating expenses, capital expenditures and research and development with current market conditions.”

You May Also Like

BELLEVUE, Wash. — PACCAR  has reported "good" earnings and revenues for the third quarter and first nine months of 2008.

PACCAR earned $299 million (82 cents per diluted share) for the third quarter of 2008 compared to $302.3 million (81 cents per diluted share) earned in the third quarter last year. Third quarter net sales and financial services revenues were $4 billion. Net sales and financial services revenues for the first nine months of 2008 were $12.06 billion. PACCAR reported nine-month net income of $904.8 million ($2.47 per diluted share), compared to $966.2 million ($2.58 per diluted share) in 2007.

“PACCAR’s financial strength, global diversification, high-quality products and strong distribution network are critical elements that contribute to its profitable results, especially in an uneven economy,” said Mike Tembreull, PACCAR vice chairman.

 

 

You May Also Like

HDA Truck Pride Partners with Diagnostic Tool Provider

Diesel Laptops provides solutions in diagnostic tools, repair information and more.

HDA Truck Pride has announced a new partnership with diagnostic repair and tool provider, Diesel Laptops. As HDA Truck Pride continues to look for new, innovative ways to provide education, training and advanced technology solutions to support our members, the company is looking for strategic partners that embody and help facilitate growth in these key areas. Diesel Laptops not only provides solutions in diagnostic tools and repair information, but they also continue to address the ever-evolving challenges in parts look up and service training needs. 

Pilot Co., Volvo Group Partner to Build Charging Network

Partnership to bring public charging infrastructure to medium- and heavy-duty North American customers.

HDAD Announces ‘Real World Segment 2023’ Panelists

The panel discussion will take place at Heavy Duty Aftermarket Dialogue on Monday, Jan. 16, 2023.

FleetPride Expands Parts & Services in Utah 

The truck and trailer parts distributor has acquired family owned Best Deal Spring & Truck Parts.

Southeast Power Systems Joins VIPAR H-D Network

Based in Florida, the company specializes in fuel systems, pumps, injectors and turbocharger sales.

Other Posts

Fontaine Modification to Build Larger Corporate Headquarters

The new facility will be nearly three times the size of the current operation.

Bendix Salutes America’s Commercial Vehicle Technicians

The third-annual National Technician Appreciation Week takes place Oct. 2-8.

New BendPak Hot Shot Unit Offers Fast Nationwide Delivery

The new carrier offers a range of hot shot, courier, white glove, and logistics services.

FleetPride Acquires Sam & Sons Truck Equipment of Texas

Founded in 1968, Sam & Sons has provided unique and specialized heavy-duty services.