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.”

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.