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Paccar surges to record profits

BELLEVUE, Wash. -- Paccar Inc. reported record revenues and net income for the second quarter and first half of 200...


BELLEVUE, Wash. — Paccar Inc. reported record revenues and net income for the second quarter and first half of 2004, said Mark C. Pigott, chairman and CEO.

“This is a great achievement that reflects the innovative contribution of Paccar’s 20,000 employees worldwide. Paccar has earned an outstanding reputation during its 99-year history as one of the leading global companies by integrating leading-edge information technology, superior product and service quality and conservative fiscal management.”

Paccar earned $236.5 million ($1.34 per diluted share) for the second quarter 2004, which was an increase of 91 percent compared tothe $124.1 million ($.71 per diluted share) earned in the second quarter last year. Second quarter net sales and financial servicesrevenues were $2.79 billion, 39 percent higher than the $2.01 billion
reported for the comparable period in 2003. The company’s 2004 secondquarter after-tax return on sales (ROS) was a record 8.9 percent.

Net sales and financial services revenues for the first six months of 2004 were $5.29 billion compared to $3.93 billion last year. For the first six months of 2004, Paccar reported net income of $418.7 million ($2.37 per diluted share) compared to $234.9 million ($1.34 per diluted share) in 2003. For the first half of 2004, annualized after-tax return on beginning equity was 25.8 percent.

“Paccar has reinforced its position as a leading growth company in the financial services and capital goods sectors with an impressive record of 65 consecutive years of earnings, extraordinary product quality leadership and innovative customer care initiatives,” said
Pigott.


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