Paccar earns second best year in its history

BELLEVUE, Wash. (Feb. 3, 2004) — Paccar Inc. — parent company of Kenworth and Peterbilt truck brands — announced its second best revenue generating year ever.

The company earned $159.1 million US for the fourth quarter 2003, which is 30 per cent higher compared to the $122.2 million earned in 2002. Yearly net income in 2003 of $526.5 million increased 42 per cent over 2002 earnings of $372.0 million. Consolidated net sales and financial services revenues for 2003 were $8.2 billion, an increase of 14 percent from $7.2 billion in 2002.

“Paccar had a great year in 2003; in fact, it was the second best year in the company’s 98-year history, as well as being the 65th consecutive year of net profitability,” said Mark C. Pigott, chairman and chief executive officer.

Pigott sees more bright spots in 2004, as it’s expected the North American Class 8 truck market will improve 10-15 per cent, he said.

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