The first quarter 2022 revenues of Paccar increased to $6.47 billion, compared to $5.85 billion earned in the first quarter of 2021. The net income was $600.5 million ($1.72 per diluted share) in the first quarter of this year, a 28% increase compared to $470.8 million ($1.35 per diluted share) earned in the same period last year.
Preston Feight, CEO, Paccar, said: “Paccaar’s investments in vehicle, powertrain and technology initiatives are delivering increased profitability. Customer demand for Kenworth, Peterbilt and DAF’s new heavy- and medium-truck models is very strong as customers benefit from the trucks’ industry-leading fuel efficiency, reliability and driver comfort. The Paccar team is doing an excellent job of managing supply base variability and we are increasing build rates at our truck factories.
“Paccar Parts achieved record quarterly sales and profits as its outstanding operational performance enhanced uptime for customers. Paccar Financial Services delivered record profitability due to excellent portfolio quality, strong new business volume and high used truck prices.”
DAF increased its European above 16-tonne market share to 17% in the first quarter of 2022. It is estimated that 2022 European truck industry registrations in the above 16-tonne market will be in a range of 270,000-300,000 trucks.
The new aerodynamic DAF XF, XG and XG+ trucks have leapfrogged the competition by delivering 10% greater fuel efficiency, premium fit and finish and enhanced driver visibility. DAF’s XF, XG and XG+ trucks create a new premium market segment and provide unmatched comfort for the driver.
Harry Wolters, president, DAF, said: “The new DAF XF, XG and XG+ trucks deliver exceptional value to customers through their premium quality, innovative aerodynamic design and industry-leading fuel efficiency.”
Ron Borsboom, DAF executive director of product development, added: “DAF truck cabs are manufactured in a new 450,000 square-foot, state-of-the-art robotic factory in Westerlo, Belgium, that increases product quality and production efficiency. These product enhancements and manufacturing efficiencies contribute to the profitability of DAF customers.”
Paccar estimates that 2022 U.S. and Canada Class 8 truck industry retail sales will be in a range of 260,000-290,000 trucks.
Harrie Schippers, president and chief financial officer, said: “U.S. economic and industrial production growth are projected to be good this year. The new Kenworth T680 and Peterbilt 579 trucks are delivering the highest fuel efficiency in the industry, which is appealing to our customers faced with increased energy costs.”
Paccar’s excellent long-term profits, strong balance sheet, and consistent focus on quality, technology and productivity have enabled the company to invest $7.3 billion in new and expanded facilities, innovative products and new technologies during the past decade. Capital expenditures are projected to be $425-$475 million and research and development expenses are estimated to be $350-$400 million this year.
Paccar is increasing its investment in clean diesel and electric powertrain technologies, autonomous systems, connected vehicle services, next-generation manufacturing and distribution capabilities.
John Rich, chief technology officer, said: “Paccar offers seven battery electric truck models and has a strong backlog of battery electric vehicle orders. We are pleased to have recently delivered several DAF CF Electric trucks to Amazon in the U.K. market.”