Paccar announces financials

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BELLEVUE, Wash. — Paccar earned US$39.4 million (or 51 cents per diluted share) for the third quarter of 2001, reports Mark Pigott, chairman and chief executive officer.

That compares with $93.1 million (or $1.21 per diluted share) for the same period a year ago. Third quarter net sales and financial services revenues were $1.5 billion, compared to $1.8 billion reported for the comparable period in 2000.

“The truck market in North America remains challenging due to economic turbulence. Paccar is pleased that its Kenworth, Peterbilt, DAF and Foden trucks are enhancing their global quality-leadership position,” says Pigott. “The benefits to Paccar’s customers, worldwide, are vehicles noted for their excellent operating performance and generating the highest residual value.”

He adds the company’s financial results this year reflect the lower, recessionary demand for heavy-duty trucks in North America.

“Industry Class 8 retail unit sales for the first nine months of 2001 were 37 per cent lower than last year, and a recovery is not expected in the near-term,” he says.

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