John Sommers II for Transport Topics
Paccar Inc. said its profit grew 31.8% in the fourth quarter as European truck demand increased and business improved in its parts and financial services units.
Paccar earned $334.2 million in the quarter ended Dec. 31, or 94 cents a share, compared with $253.5 million, or 72 cents, a year earlier, Paccar said Jan. 31. Revenue was $4.6 billion, up from $3.9 billion in the 2012 quarter.
For the full year, net income was $1.17 billion, or $3.31 a share, the third-best annual profit in Paccar’s history. That compares with $1.11 billion, or $3.13, in 2012.
Annual revenue was $17.12 billion in 2013, a record for Paccar, compared with the previous year’s $17.05 billion.
“Paccar’s financial results reflect the company’s premium-quality products and services, improved European truck deliveries, excellent aftermarket parts revenues and record Paccar Financial Services business,” Chairman and CEO Mark Pigott said in a statement.