Earnings report roundup: Daimler, Paccar, Mack, Volvo


Continuing the flow of second quarter earnings reports released in July, a look at what major truck manufacturers reported for the quarter:

Daimler: Daimler’s truck division (maker of Freightliner and Western Star) reported $566 million in profit in the company’s second quarter, the truck maker announced in July. Revenues in the division were up $500 million to $10.4 billion. Its retail sales in the U.S. rose 24 percent to more than 30,000 units, with orders rising 41 percent to 27,000 units.

Paccar: Paccar’s (maker of Peterbilt and Kenworth) earnings fell slightly year over year, as did the company’s revenue. It reported $291.6 million in earnings and $4.3 billion in revenue, compared to $297.2 million and $4.46 billion in 2012’s second quarter, respectively. Its net sales and financial services revenue also fell in the first six months of the year compared to the same time period in 2012, down to $8.22 billion from $9.23 billion. Paccar’s executive vice president Dan Sobic, however, said the truck market “should benefit from projected economic expansion in the remainder of the year.”

Volvo, Mack: Volvo reported that its profitability recovered in the second quarter of the year after a slow start, and its truck orders climbed 16 percent year-over-year and 11 percent over the first quarter. However, revenue for Volvo fell 12 percent year over year. Its sales in the second quarter fell to $11.2 billion from $12.8 billion. Mack, which is owned by Volvo, saw an 80 percent jump in the quarter over the same period in 2012 to 4,260. Volvo’s orders rose 23 percent to 6,809, but North American sales dropped 7 percent to 11,568 units.