Paccar chalks up solid revenues in 2002

March 1, 2003
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

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.”

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