Paccar Inc. said its profit grew 31.8% in the fourth quarter as European truck demand increased and business improved in its parts and financial services units.
Paccar earned $334.2 million in the quarter ended Dec. 31, or 94 cents a share, compared with $253.5 million, or 72 cents, a year earlier, Paccar said Jan. 31. Revenue was $4.6 billion, up from $3.9 billion in the 2012 quarter.
For the full year, net income was $1.17 billion, or $3.31 a share, the third-best annual profit in Paccar’s history. That compares with $1.11 billion, or $3.13, in 2012.
Annual revenue was $17.12 billion in 2013, a record for Paccar, compared with the previous year’s $17.05 billion.
“Paccar’s financial results reflect the company’s premium-quality products and services, improved European truck deliveries, excellent aftermarket parts revenues and record Paccar Financial Services business,” Chairman and CEO Mark Pigott said in a statement.
Executive Vice President Dan Sobic said the company sold 212,000 Class 8 trucks in the United States and Canada in 2013. “Truck demand is being driven primarily by the ongoing replacement of the aging truck population and improving housing and automotive sectors,” he said.
Paccar’s Kenworth and Peterbilt brands had a 28% market share in the United States and Canada in 2013. The company expects to sell 210,000-240,000 trucks in 2014.