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January 31, 2013 12:00 PM, EST
Paccar’s 4Q Profit Slips; Full-Year Revenue Rises to Record
Kenworth Truck Co.

Paccar Inc. said Thursday its fourth-quarter profit declined from a year ago, but its annual revenue rose to a company record.

Net income fell to $253.5 million, or 72 cents a share, from $327.7 million, or 91 cents, a year ago.

Sales and financial services revenue fell to $4 billion from $4.9 billion in the previous fourth quarter, Bellevue, Wash.-based Paccar said in a statement.

Full-year net income rose to $1.1 billion, or $3.12 per share, from $1 billion, or $2.86, the previous year. Revenue rose to a company record $17.05 billion, from $16.4 billion.

The parent company of Kenworth Truck Co., Peterbilt Motors Co. and Europe-based DAF trucks said it delivered more than 140,000 trucks worldwide last year.

“Class 8 industry retail trucks sales in the U.S. and Canada improved to 225,000 units in 2012 compared to 197,000 in 2011,” said Dan Sobic, Paccar’s executive vice president.

Sobic said that estimated sales 2013 sales for the U.S. and Canada market were in the range of 210,000 to 240,000 units, “driven by ongoing replacement of the aging fleet and the overall growth in the economy.”