PACCAR Financial Services has reported an
upsurge in profits during the final quarter of last year due to a
strengthening in margins and provisions for impairments.
During Q4, on the back of revenues totalling
$254.9 million (€184.2 million), PACCAR Financial Services, the
captive finance house for Kenworth, Peterbilt and DAF trucks, had a
net income of $46.1 million, an equivalent of 41 percent of net
income for the whole year.
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This improvement was due to an increase in
finance margins and improvements in provisions for credit losses,
the company said in its latest financial statement.
Tim Henebry, president of PACCAR Financial,
commented: “Finance margins benefited from stronger credit markets
and used truck values are beginning to improve in North America and
Europe.”
The liquidity of the capital markets in
North America and Europe improved significantly during 2009. PACCAR
and PACCAR Financial issued $1.3 billion in two, three and
five-year term notes in the public debt markets during the
year.
Ron Armstrong, PACCAR senior vice president,
said: “PACCAR achieved excellent access to the debt markets because
of PACCAR’s consistent profitability, good cash flow and strong
balance sheet.”
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