Paccar, maker of Kenworth and Peterbilt trucks, announced that 2004 was its best year ever.
“Paccar had the best year in its history, exceeding its previous annual net income record,” said Mark Pigott, chairman and chief executive officer.
Net income in 2004 was $906.8 million, 72 percent more than the $526.5 million earned in 2003.
Pigott said 2004 marks 66 consecutive profitable years for the Seattle-based company, originally Pacific Car and Foundry.
“This result reflects the innovative contribution and dedication of Paccar’s 20,500 employees worldwide,” Pigott said.
Revenues in 2004 were a record $11.4 billion, an increase of 39 percent from $8.19 billion in 2003.
“Paccar produced a record 124,000 trucks in 2004,” said Tom Plimpton, Paccar president. “In the U.S. and Canada, Kenworth and Peterbilt increased their Class 8 retail sales market share to a record 24.6 percent in 2004.”
All Paccar’s truck brands had a good year.
According to J.D. Power, Peterbilt ranked highest in customer satisfaction among medium-duty conventional trucks, while Kenworth ranked highest in customer satisfaction for the vocational Class 8 segment and highest in customer satisfaction for medium-duty truck service.
The company expects continued profit in 2005. “U.S. and Canada Class 8 industry truck retail sales could increase by approximately 15 percent to 270,000-280,000 units in 2005 due to a good economy and additional fleet growth,” Plimpton said.
Besides Kenworth and Peterbilt, Paccar owns European truck makers DAF, Leyland and Foden, which dates its history from 1856 and calls itself the world’s oldest truck maker.