Paccar sales and income climb

Paccar Inc. reported higher sales and net income for the second quarter and first half of 2003 compared with the same periods a year ago, chairman & CEO Mark C. Pigott announced today. Second-quarter net sales and financial services revenues were $2 billion, 12% higher than the $1.8 billion reported for the comparable period in 2002. Paccar's net income of $124.1 million was a 68% increase over the $73.7 million earned in the second quarter of last year. For the first six months of 2003, Paccar reported net income of $234.9 million compared to $120.9 million in 2002. Second quarter after-tax return on sales was 6.5%. Annualized after-tax return on beginning equity was 18%. Vice chairman David Hovind noted that second-quarter heavy-duty truck orders in North America increased almost 10% industry-wide over first-quarter order intake. "Truck operators are more comfortable with the new engine technology and are benefiting from a slight improvement in freight tonnage and rate increases," Hovind said.