PACCAR is reporting record revenues and profit for its second quarter results.
The Washington-based truck manufacturer, with brands including Kenworth, DAF and Peterbilt, earned net income of NZ$823.3 million in the 2018 second quarter.
This is up 50% from the NZ$548.7 million in the same period last year.
Second quarter net sales and financial services revenues were a record NZ$8.55 billion, up 23% from the NZ$6.9 billion achieved in the second quarter of 2017.
The company also repurchased 1.78 million of its common shares for NZ$113.5 million during the second quarter, completing its $441.3 million share repurchase programme.
PACCAR chief executive Ron Armstrong says the results “reflect strong global truck demand, increasing PACCAR truck production and market share, and robust global aftermarket parts sales”.
“I am very proud of our 27,000 employees who have delivered outstanding products and services to our customers.
“The positive economic and freight growth in North America and Europe are good indicators that 2019 will be another strong truck market,” Armstrong says.
PACCAR president and chief financial officer Harrie Schippers says the results “strongly positions the company as it invests in new vehicle platforms, technology initiatives such as connected truck, autonomous and alternative fuel systems and developing customer service programs”.
Kenworth, Peterbilt and DAF delivered a record 46,400 trucks in the second quarter of 2018, 18% higher than the same period last year.
Truck deliveries increased in North America, Europe, Australia and Brazil for the period.
The company is also actively testing and developing electric, hydrogen fuel cell and hybrid vehicles such as the DAF CF Electric truck for up to 40-tonne distribution.
The Kenworth T680 Zero Emission Cargo Transport (ZECT) and the Kenworth Hybrid Electric Cargo Transport (HECT) trucks will be in field trials this year at the Ports of Los Angeles and Long Beach.
The ZECT uses a hydrogen fuel cell that combines hydrogen gas and air to produce electricity. The HECT incorporates a parallel hybrid propulsion system that uses a compressed natural gas engine and lithium-ion batteries.
