PACCAR Financial Services recorded a smaller profit in Q3 2009,
in line with the parent company, which however managed to remain
profitable in the current challenging economic conditions.
The captive reported a $18.1 million (€12.27 million) pre-tax
income in the quarter, compared to the $45.5 million earned in the
third quarter last year.
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Third quarter revenues for the financial services division were
$241.7 million compared to $322.8 million in the same quarter of
2008.
PACCAR senior vice president Ron Armstrong said: “During the
third quarter and first nine months of 2009, profit was impacted by
lower finance margins and higher truck repossessions in
Europe.”
“There was an improvement in global new finance business in the
third quarter, complemented by slightly lower past-due accounts
compared to the previous two quarters.”
The provision for credit losses in the period was $26.6
million, down from $29.1 million in the second quarter of
2009.
For the nine-month period, pre-tax income was $49.0 million
compared with $171.5 million in 2008.
Antonio Fabrizio
