PACCAR earned net income of $1.12 billion ($2.13 per diluted share) in the second quarter compared to $1.22 billion ($2.33 per diluted share) earned in the same period last year. Second quarter net sales and financial services revenues were $8.77 billion, compared to $8.88 billion achieved in the second quarter of 2023.
PACCAR reported net income of $2.32 billion ($4.40 per diluted share) in the first half of 2024, compared to net income of $1.96 billion ($3.73 per diluted share) earned in same period last year, which included a $446.4 million after-tax, non-recurring charge related to civil litigation in Europe. Excluding the non-recurring charge, the company earned adjusted net income (non-GAAP) of $2.40 billion ($4.58 per diluted share) in the first half of 2023. Net sales and financial services revenues for the first six months of 2024 were $17.52 billion, compared to $17.35 billion achieved last year.
U.S. and Canada Class 8 truck industry retail sales are estimated to be in a range of 240,000-280,000 trucks in 2024. Peterbilt and Kenworth achieved a combined class 8 market share of 31.5% in the first half of 2024, compared to 27.7% in the same period last year.
European truck industry registrations in the above 16-tonne segment are estimated to be in a range of 260,000-300,000 vehicles this year.
DAF Brasil’s market share was 10.3% in the above 16-tonne truck segment in the first six months of this year compared to 9.2% in the same period last year. The South American above 16-tonne truck market is estimated to be in the range of 105,000-115,000 units this year.
PACCAR Parts earned excellent quarterly pretax income of $413.8 million in the second quarter of 2024, compared to $419.3 million earned in the same period last year. PACCAR Parts achieved quarterly revenues of $1.66 billion in the second quarter, compared to $1.60 billion reported in the same period last year. PACCAR Parts first half 2024 revenues were $3.34 billion, compared to $3.22 billion in the same period last year. PACCAR Parts achieved pretax profit of $869.6 million in the first six months of 2024, compared to $857.9 million earned in the first six months of 2023.
PACCAR Financial Services (PFS) earned pretax income of $111.2 million in the second quarter this year compared to $144.7 million in the second quarter of 2023. PFS achieved second quarter 2024 revenues of $509.8 million compared to $439.8 million in the same period last year.
PFS has a portfolio of 229,000 trucks and trailers, with total assets of $21.33 billion. PacLease, a major full-service truck leasing company in North America, Europe and Australia with a fleet of 41,000 vehicles, is included in this segment.
In the second quarter, PACCAR, Cummins, Daimler Truck and EVE Energy completed the formation of their U.S. battery manufacturing joint venture, Amplify Cell Technologies, and began construction of its 21-gigawatt hour (GWh) battery factory in Marshall County, Mississippi. The factory is expected to start production in 2027.
