Paccar posts higher profit on strong North American truck sales

Tue Jul 29, 2014 9:40am EDT
 
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July 29 (Reuters) - Paccar Inc reported higher quarterly profit on Tuesday, driven by improved sales of its commercial vehicles in North America and strong worldwide sales of its aftermarket parts.

The company, which makes trucks sold under the Kenworth, Peterbilt and DAF brand names, posted second-quarter net profit of $319.2 million, or 90 cents a share, up from $291.6 million, or 82 cents a share, during the comparable quarter last year.

Sales rose 6 percent to $4.57 billion.

Analysts, on average, expected the Bellevue, Washington-based company to report profit of 89 cents a share on sales of $4.43 billion, according to Reuters Estimates.

Paccar said truck demand in the United States and Canada was being driven by the ongoing replacement of aging trucks, economic growth and some expansion of fleet capacity. (Reporting by James B. Kelleher in Chicago)