Paccar posts record 2018 earnings, shares bright 2019 outlook
Photo courtesy of Kenworth

Paccar posts record 2018 earnings, shares bright 2019 outlook

$2.2 billion in net income on $22 billion in sales breaks two records for the commercial truck manufacturer.

Subscribe

Bellvue, Washington – Commercial truck giant Paccar earned a record $2.2 billion last year as soaring demand for new Class 8 trucks in North America pushed sales to $22 billion.

CEO Ron Armstrong said, “North American and European economies are projected to continue growing in 2019. Our customers are very profitable and benefiting from strong freight demand. Freight activity grew 6.6% percent in the U.S. in 2018, the highest growth in 20 years. Kenworth and Peterbilt’s 2019 build schedules are substantially full due to the robust orders. We expect 2019 to be another excellent year.”

Preston Feight, Paccar executive vice president, said, “Strong GDP, industrial production, and consumer spending growth in 2018 resulted in record freight tonnage, high fleet capacity utilization, and record Kenworth and Peterbilt truck orders, deliveries, and backlog.”

Class 8 truck industry retail sales in the U.S. and Canada were 285,000 units in 2018, 30% higher than the 218,000 vehicles sold in 2017. U.S. and Canada Class 8 truck industry retail sales are expected to increase to a range of 285,000 to 315,000 trucks in 2019.

Kyle Quinn, Paccar chief technology officer, noted, “PACCAR is investing in next generation technology across its portfolio of industry-leading products and services. The Paccar Innovation Center in Silicon Valley, California, enhances the company’s access to emerging technologies and talent from around the world.”