Paccar chalks up solid revenues in 2002

Paccar Inc reported strong revenues and net income for the fourth quarter and full year 2002 compared with the same periods a year ago.

The company earned $122.2 million for the fourth quarter 2002, compared with $50.4 million earned for the same period in 2001. Fourth-quarter net sales and financial services revenues were $1.9 billion versus $1.5 billion for the fourth quarter of 2001.

Consolidated net sales and financial services revenues for 2002 were $7.2 billion, an increase of 18% from $6.1 billion in 2001. Net income of $372 million for the year more than doubled 2001 earnings of $173.6 million.

Paccar produced more than 92,000 trucks in 2002. In fourth-quarter 2002, its North American production rates were 25% higher compared to a year ago, said David Hovind, vice-chairman “Kenworth and Peterbilt increased their United States Class 8 retail sales market share from 19.7% in 2001 to a record 23.7% in 2002.”