Paccar Inc records strong first quarter

Paccar Inc reported first-quarter net sales and financial services revenues of $1.9 billion, an increase of 28% from first-quarter 2002. Net income of $110.8 million increased 135 percent compared with $47.2 million earned in first-quarter 2002.

“North American industry heavy-duty truck orders were 32% lower in the first quarter compared with first-quarter 2002,” said David Hovind, vice-chairman. “However, it is anticipated that 2003 industry truck sales will be comparable to last year.”

Paccar's Financial Services segment represents a portfolio of more than 115,000 trucks and trailers, with total assets exceeding $5.2 billion. Included in this segment is Paccar Leasing, with a portfolio of more than 15,500 vehicles.

The segment's first-quarter revenues were $114 million compared with $105 million in the same quarter of 2002. Pretax income of $26.7 million rose 175% versus $9.7 million earned in first-quarter 2002.

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