PACCAR announced its third-quarter 2024 financial results, reporting net income of $972.1 million, or $1.85 per diluted share. This represents a decrease compared to $1.23 billion, or $2.34 per diluted share, earned in the same period last year. Consolidated revenues for the quarter were $8.24 billion, down from $8.70 billion in the third quarter of 2023.
The Truck segment's pretax profit fell to $630.8 million in Q3 2024 from $960.9 million in the prior year, reflecting lower global truck deliveries, which totaled 44,900 units compared to 50,100 units in Q3 2023. The company's gross margin was 16.6%, falling short of its 17% forecast, primarily due to higher costs.
Despite the decline in the Truck segment, PACCAR Parts achieved strong revenues of $1.66 billion, a five percent increase year-over-year, with pretax profit of $406.7 million. PACCAR Financial Services also contributed with pretax income of $106.5 million on revenues of $536.1 million, although both were lower than the prior year. PACCAR estimates U.S. and Canada Class 8 truck industry retail sales for 2025 to be in the range of 250,000-280,000 vehicles.
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