Paccar profits soar as orders climb

Peterbilt truckPaccar posted first quarter 2017 net sales and financial services revenues of $4.24 billion Tuesday morning, down slightly from the $4.3 billion during the first quarter of 2016.

Net income jumped from a loss of $594.6 million last year to a surplus of $310.3 million in the quarter.

“Paccar benefited from increasing truck production in North America and Europe, as well as record quarterly Paccar Parts pretax profits,” says Ron Armstrong, the company’s chief executive.

U.S. and Canada Class 8 truck orders rose 40 percent in the first quarter of 2017 compared to the same period last year.

“The truck market reflects the good economy and steady freight demand,” says Darrin Siver, Paccar senior vice president. “Peterbilt and Kenworth achieved 32 percent share of U.S. and Canada Class 8 truck industry orders in the first quarter this year.”

Siver adds he expects Class 8 truck industry retail sales for the U.S. and Canada in 2017 in a range of 190,000-220,000 vehicles.