Paccar Happy With Second Quarter Sales And Profit

DAF OWNER Paccar achieved good quarterly revenues and net income in the second quarter of 2020. CEO Preston Feight said despite Paccar’s factories being closed for five weeks (see page 30) they have gradually resumed production.
Paccar’s truck production and parts aftermarket sales increased steadily as the quarter progressed, earning a net profit of $147.7m (£116m) in the second quarter compared to $619.7m (£486.8m) last year. Second quarter net sales and financial services revenues were $3.06bn (£2.4bn) compared to $6.63bn (£5.21bn) achieved in 2019.
Executive chairman Mark Pigott said Paccar is in an excellent financial position, with manufacturing cash and marketable securities of $4.17bn (£3.27bn) at 30 June 2020.
Harry Wolters, DAF president, said ‘customer demand for DAF XF, CF and LF trucks bounced back in May and June as the European economies improved’, and estimated that European truck industry registrations at 16 tonnes and above will be more than 190,000 vehicles this year.

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