Paccar Inc. said Tuesday its fourth-quarter profit rose and the truck manufacturer said it sees a stronger truck market for 2011.
Net earnings rose to $169.8 million, or 46 cents a share, from $46.1 million, or 13 cents, a year earlier. Sales rose 37% to $3.06 billion.
For the full year, Paccar’s earnings jumped to $457.6 million, or $1.25 per share, from $111.9 million or 31 cents, in 2009. Revenue rose to $9.3 billion, from $7.1 billion.
Chairman and CEO Mark Pigott said that despite a projected stronger market this year, higher costs could trim profitability.
“Global truck markets are expected to improve in 2011, although the negative impact resulting from recent commodity price increases and the cost of installing engine emission equipment will moderate Paccar’s operating margins,” he said.
“Paccar will also incur increased expenses due to global business initiatives and the development of new models to enhance its product ranges,” Pigott said in a statement.
Paccar — the parent company of U.S. truck makers Kenworth Truck Co. and Peterbilt Motors Co., and Europe-based DAF Trucks — said it delivered 78,800 vehicles worldwide and introduced five new truck models last year, including the Kenworth T700 and Peterbilt Model 587.
