John Sommers II for TT
Paccar Inc., which makes Kenworth and Peterbilt trucks, reported second-quarter earnings rose 9% on higher truck sales.
Net income increased to $319.2 million, or 90 cents per share, from $291.6 million, or 82 cents, in the same period last year.
Net sales and financial services revenue rose 6% to $4.57 billion, the company said July 29.
“Class 8 industry retail sales for the U.S. and Canada in 2014 are improving and are expected to be in the range of 230,000 to 250,000 vehicles,” Paccar Executive Vice President Dan Sobic said. That’s up from its first-quarter projection of 220,000 to 240,000.
“Our customers are benefiting from record levels of freight tonnage [and] good freight rates and . . . demand is being driven primarily by the ongoing replacement of the aging truck population, economic growth and some expansion of fleet capacity,” Sobic said in a statement.