PACCAR Inc., a multinational company engaged in the design and manufacturing of large commercial trucks through its subsidiaries DAF, Kenworth and Peterbilt, has reported a record quarterly profit and revenue in Q2 of 2023.
During the quarter, PACCAR earned a record profit of $1.22 billion or $2.33 per share thus registering a heft 70% increase compared to $720.4 million or $1.37 per share in the corresponding period last year.
In the first quarter of the current years, PACCAR reported a net profit of $1.96 billion or $3.73 per share, which includes a $446.4 million after-tax, non-recurring charge related to civil litigation in Europe.
In terms of total revenue, the company had reported a sales and revenues of $8.88 billion in the quarter under consideration. The company’s overall quarterly revenue were 24% higher than the $7.16 billion sales it reported in the second quarter of 2022.
PACCAR INC, which is engaged in the design and manufacturing of quality light, medium and heavy-duty commercial vehicles, also produces heavy-duty commercial vehicles through its wholly owned subsidiary DAF Trucks.
Commenting on the record quarterly earning, PACCAR Chief Executive Officer of Preston Feight, said, “PACCAR Parts achieved robust quarterly sales and profits due to industry-leading logistics performance that enhanced customer uptime.”
According to him, PACCAR Financial Services has delivered excellent profitability due to its high quality portfolio and good used truck results.
“PACCAR is pioneering new technologies such as predictive data analytics in its aftermarket and power-train businesses. I am very proud of our employees for delivering premium trucks and transportation solutions to our customers,” he concluded.