“PACCAR reported good revenues and net income for the second quarter of 2013,” said Mark Pigott, chairman and chief executive officer. “PACCAR’s second quarter results reflect the benefits of gradually improving truck sales and strong aftermarket parts and financial services results worldwide. I am very proud of our 22,000 employees who have delivered excellent results to our shareholders and customers.” PACCAR earned $291.6 million ($.82 per diluted share) for the second quarter of 2013, compared to the $297.2 million ($.83 per diluted share) earned in the second quarter of 2012. Second quarter net sales and financial services revenues were $4.30 billion, compared to the $4.46 billion in the second quarter of 2012. Net sales and financial services revenues for the first six months of 2013 were $8.22 billion compared to $9.23 billion last year. For the first six months of 2013, PACCAR reported net income of $527.7 million ($1.49 per diluted share) compared to the $624.5 million ($1.75 per diluted share) in 2012. Construction of PACCAR’s DAF factory in Ponta Grossa, Brasil is progressing on schedule. “Brasil is a major truck market with projected industry sales above six tonnes of over 140,000 vehicles in 2013,” said Marco Davila, DAF Brasil president. “The DAF product range offers premium quality, low operating costs and the industry-leading PACCAR MX-13 engine. Our dealers in Brasil are building new facilities throughout the country to provide world-class aftermarket support to our customers. We look forward to the production of DAF trucks in Brasil in late 2013.” Financial Highlights – Second Quarter 2013 Highlights of PACCAR’s financial results for the second quarter of 2013 include: Consolidated sales and revenues of $4.30 billion. Net income of $291.6 million. Manufacturing cash and marketable securities of $2.52 billion. Cash generated from operations of $768.6 million. Record Financial Services pretax income of $81.5 million. Research and development expenses of $61.8 million. $2.0 billion of bank credit facilities renewed. Financial Highlights – First Half 2013 Highlights of PACCAR’s financial results for the first six months of 2013 include: Consolidated sales and revenues of $8.22 billion. Net income of $527.7 million. Cash generated from operations of $1.15 billion. Record Financial Services pretax income of $161.6 million. Medium-term note (MTN) issuances of $1.35 billion. Record shareholders’ equity of $6.11 billion. Global Truck Markets DAF achieved a market share of 15.8 percent in the above 16-tonne segment in Europe this year, and is the market share leader in the United Kingdom, the Netherlands, Belgium and Central Europe. Motor Transport magazine in the United Kingdom recently honored the DAF XF105 with the “2013 Fleet Truck of the Year” award. “Customers recognize DAF’s product quality leadership, low operating costs and excellent resale value,” said Harrie Schippers, DAF president. “DAF’s range of industry-leading vehicles has been enhanced by the launch of the new DAF XF, CF and LF Euro 6 vehicles. It is estimated that industry sales in the above 16-tonne truck market in Europe this year will be in the range of 210,000-230,000 units.” “Class 8 industry retail sales for the U.S. and Canada in 2013 are expected to be in the range of 210,000-230,000 vehicles,” said Dan Sobic, PACCAR executive vice president. “Our customers are benefiting from record levels of freight tonnage and good freight rates. Truck demand is being driven primarily by the ongoing replacement of the aging truck population and an improving housing sector. The truck market should benefit from projected economic expansion in the remainder of the year, particularly growth in auto production and construction activity.” Capital Investments and Product Development PACCAR’s excellent long-term profits, strong balance sheet, and intense focus on quality, technology and productivity have enabled the company to invest $5.5 billion in capital projects, innovative products and new technologies during the past decade. Capital investments of $425-$475 million and R&D expenses of $250-$275 million are targeted in 2013 for new products and increased manufacturing capacity. “Kenworth, Peterbilt and DAF have launched a new family of high-quality, fuel-efficient vehicles. PACCAR’s range of engines has also been expanded with the introduction of the 2013 PACCAR MX-13 and the PACCAR MX-11 engines,” said Ron Armstrong, PACCAR president. The Kenworth T880 and the Peterbilt Model 567 trucks are designed for the vocational market and are scheduled to go into production in the fourth quarter of 2013. PACCAR Engines PACCAR has manufactured and installed over 40,000 PACCAR MX-13 engines in Kenworth and Peterbilt trucks in North America since the start of engine production in mid-2010. “In the second quarter of 2013, the PACCAR MX-13 engine was installed in 30 percent of Kenworth and Peterbilt heavy-duty trucks,” said Craig Brewster, PACCAR vice president. PACCAR expanded its range of PACCAR engines with the introduction of the new PACCAR MX-11 engine, with an output of up to 440 hp and torque of 1,550 lb-ft. It is scheduled to be available in the new DAF CF and XF Euro 6 models in the fourth quarter of 2013 and in Kenworth and Peterbilt trucks in 2015. Kenworth Celebrates 90 Years of Industry Leadership The Kenworth Truck Company is celebrating its 90th anniversary this year. In 1923, Harry W. Kent and Edgar K. Worthington collaborated to design and manufacture a truck for the logging industry – the result was a Kenworth truck. Kenworth has developed an excellent heritage of quality, innovation and technology, producing more than 900,000 of The World’s Best® trucks. “Over the past 90 years, Kenworth has been a leader in the development of trucks that are more fuel efficient, productive and economical to operate,” said Gary Moore, Kenworth general manager and PACCAR vice president. “Kenworth takes great pride in its history of industry achievement and product excellence that benefits our customers worldwide.” Environmental Leadership Kenworth and Peterbilt have been manufacturing trucks powered by liquefied natural gas (LNG) and compressed natural gas (CNG) since 1996. PACCAR is the market-share leader in the U.S. heavy-duty truck natural gas market in 2013, providing the widest range of vehicle solutions for over-the-road, regional and vocational applications. Kenworth and Peterbilt models are currently available with [...]
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