Paccar Inc. reported a record profit in the second quarter as truck sales continued to rise in North America and Europe.
The truck and engine maker said its net income climbed to $447.2 million, or $1.26 per share, up from $319.2 million, or 90 cents, a year ago.
Revenue at Paccar’s truck segment increased 15% to $3.98 billion, while total revenue including its parts and financial services operations rose 11% to $5.08 billion, the Bellevue, Washington-based manufacturer said in its July 28 report.
Paccar’s operating companies build Kenworth and Peterbilt trucks in North America and DAF trucks in Europe.
The company delivered 26,800 new trucks in the United States and Canada during the second quarter, up from 20,500 in the same period last year. Paccar’s worldwide truck deliveries increased to 41,600 units from 33,700.
Paccar also raised the lower end of its projection for full-year Class 8 industry retail sales. The company said it now expects U.S. and Canadian heavy-duty truck sales to be between 270,000 and 290,000 units, up from 250,000 in 2014. Last quarter, Paccar had estimated that sales would be in the range of 260,000 to 290,000.
“Our customers are benefiting from strong freight tonnage, good freight rates and the excellent operating efficiency of Kenworth and Peterbilt trucks,” Paccar Executive Vice President Dan Sobic said. “Industry truck demand is being driven by economic growth and expansion of fleet capacity.”
In the first half of 2015, Paccar’s net income rose to $825.6 million, or $2.32 per share, from $593.1 million, or $1.67 per share, in the same timeframe last year. Total revenue rose 11% to $9.91 billion.