Paccar Financial Services earned record quarterly profits due to excellent portfolio quality and strong used truck demand.
Paccar Financial Services
Paccar Parts achieved record quarterly sales and profits due to strong industry truck utilization, an increased number of Kenworth, Peterbilt and DAF trucks with the Paccar Powertrain, and the growth of Paccar Parts’ e-commerce platform. “Paccar Financial Services earned record quarterly profits due to its excellent portfolio of quality and strong used truck demand. “I am very proud of our employees for delivering the highest quality products and services to our customers,” said Preston Feight, Chief Executive Officer.
DAF launched new, industry-leading heavy truck models in June. The new DAF XF, XG and XG⁺ trucks represent a $1 billion investment. DAF is the first manufacturer to incorporate new European regulations that define vehicle dimensions. The DAF vehicles’ streamlined design delivers up to 10% greater fuel efficiency, and offers enhanced safety features and optimized driver comfort. The DAF cabs will be manufactured using advanced robotic technology in the new state-of-the-art cab factory in Westerlo, Belgium.
The new DAF XF, XG and XG⁺ featured new aerodynamic cabs, enhanced fuel efficiency, a full suite of passive and active safety technologies, and a spacious and luxurious interior. DAF’s XG and XG⁺ have tried to create a new premium market segment and provide unmatched comfort for the driver.
DAF’s innovative cab designs deliver up to 10% greater fuel efficiency and an equivalent reduction in CO2 emissions. DAF has leapfrogged the competition with the new DAF XF Paccar Parts and earned a record quarterly pretax income of $265.6 million in the second quarter of 2021, compared to $151.9 million earned in the same period last year. Paccar Parts achieved a record second quarter revenue of $1.21 billion, compared to the $823.7 million reported in the same period last year. Paccar Parts 2021 H1 revenues were $2.37 billion, compared to $1.82 billion in the same period last year. Paccar Parts achieved a pretax profit of $516.9 million in the first six months of 2021, compared to $366.6 million earned in the first six months of 2020.
Paccar Financial Services (PFS) earned record pretax income of $106.5 million in the second quarter this year compared to $55.5 million in the second quarter of 2020. PFS achieved a second quarter revenues of $456.3 million in 2021 compared to $360.3 million in the same period last year. For the first six months of 2021, PFS earned a pretax income of $182.9 million compared to $103.8 million last year. During H1 of 2021 its revenues were $888.3 million compared with $744.0 million for the same period a year ago.