Paccar Reports Stronger Earnings for Quarter
BELLEVUE, Wash. (AP) _ Truck-maker Paccar Inc. said Wednesday that its earnings jumped 15 percent in the second quarter, mostly due to strong performances at all of its U.S. divisions.
Paccar earned $65 million, or $1.67 a share, for the quarter, up from $50 million, or $1.30 a share, a year ago. Sales for the quarter were $1.2 billion, up from $1.07 billion last year.
The company said nearly all its U.S. divisions _ including Kenilworth, Peterbilt and Paccar Financial Corp. _ had improved results, which offset losses by its Mexican affiliate, Vilpac S.A.
Truck backlogs in the United States and Canada remained high and pending expiration of a tax incentive boosted sales in Australia, the company said.
For the first six months, net income was $119.4 million, a 27 percent increase from 1994′s $94.2 million, on sales of $2.33 billion, up 13 percent from $2.05 billion. Per-share earnings were $3.07, up from $2.42.
Paccar designs, manufacturers and markets commercial and industrial equipment.
On the Nasdaq Stock Market, Paccar shares were up 50 cents to $52.75 at midday.