PACCAR Inc. delivered a solid financial performance in 2024, highlighted by strong revenues and net income. The company’s success was driven by the profitability of its advanced DAF, Peterbilt, and Kenworth trucks, record-breaking PACCAR Parts revenue, and a resilient financial services division.
Among its standout divisions, PACCAR Financial Services (PFS) posted strong annual results, reinforcing its role as a crucial component of PACCAR’s global operations.
PACCAR achieved consolidated revenues of US$33.66 billion in 2024, compared to US$35.13 billion in 2023, with net income reaching US$4.16 billion. Despite slightly lower revenues year-over-year, the company’s financial services segment demonstrated resilience and adaptability in a shifting economic landscape.
PACCAR Financial Services (PFS) reported a pretax income of US$104.0 million in the fourth quarter of 2024, compared to US$113.0 million in the same period in 2023. Quarterly revenues for PFS rose to US$544.3 million, up from US$484.8 million in the fourth quarter of the previous year. For the full year, PFS achieved a pretax profit of US$435.6 million, down from US$540.3 million in 2023, while revenues climbed to US$2.10 billion from US$1.81 billion in 2023.
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Todd Hubbard, PACCAR vice president, commented: “PFS achieved good annual results due to its strong portfolio quality.
“PFS is a leader in the market with its superior Kenworth, Peterbilt, and DAF vehicles, innovative technologies that provide seamless credit application and loan servicing processes, and its support of customers in all phases of the business cycle.”
With a robust portfolio of 237,000 trucks and trailers and total assets of US$22.41 billion, PFS continues to be a dominant force in commercial vehicle financing. PacLease, a major full-service truck leasing company in North America and Europe, operates within the PFS segment and maintains a fleet of approximately 41,000 vehicles, further enhancing PACCAR’s integrated transportation solutions.
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Craig Gryniewicz, president of PACCAR Financial Corp., emphasised the strength of the company’s financial position.
“PACCAR’s strong balance sheet, complemented by its A+/A1 credit ratings, enables PFS to offer competitive retail financing to Kenworth, Peterbilt, and DAF dealers and customers in 26 countries on four continents,” said Gryniewicz. “PACCAR Financial Services has excellent access to the debt markets, issuing US$3.65 billion in medium-term notes during 2024.”