Bellevue-based Paccar’s third-quarter earnings, which were released Tuesday, clocked in at $371.4 million, 20 percent higher than in 2013.
“Paccar’s third quarter results reflect the benefits of strong truck sales in the U.S. and Canada, and excellent aftermarket parts revenues and financial serviecs results worldwide,” CEO Ron Armstrong said in a statement.
Net revenue reached a new company quarterly record of $4.93 billion. Revenue for the first nine months of fiscal year 2014 were $13.88 billion.
The company aso reported a net income of $964.5 million so far in Fiscal Year 2014.
Armstong said good economic growth, record freight tonnage, improving freight rates, and lower fuel rates have had a positive impact on the company’s growth.
“The U.S. and Canada truck industry Class 8 retail sales are 17 percent higher year-to-date than last year,” he said in the statement. U.S. and Canada 2014 Class 8 sales are estimated to be 245,000-255,000 vehicles. The range is expected to increase to 240,000-270,000 units in 2015.
Along with its record sales, Paccar repurchased 581,355 shares for $34.1 million.
“Paccar’s excellent net profits and strong cash flow make the company’s shares an attractive long-term investment. The stock repurchase program reflects the Board’s confidence in Paccar’s successful global business growth,” said president and CFO Bob Christensen.
On Tuesday’s earnings call, Armstrong said a new parts distribution center in Renton will be completed in 2015. The new center will be 176,000 square feet, nearly double the size of the existing distribution center.