Jan. 30 Earnings Roundup: Paccar, Saia

Jan. 30 Earnings Roundup: Paccar, Saia
Paccar Inc. and Saia Inc. reported higher fourth-quarter earnings. Paccar Inc., the parent company of Kenworth Truck Co. and Peterbilt Motors Co., posted 18% higher profit as economic growth and a strong freight market continued to drive demand for new trucks. Saia reported net income rose 68% to $13.6 million, or 53 cents per share, as the less ...

Paccar Inc. and Saia Inc. reported higher fourth-quarter earnings.

Paccar Inc., the parent company of Kenworth Truck Co. and Peterbilt Motors Co., posted 18% higher profit as economic growth and a strong freight market continued to drive demand for new trucks.

Saia reported net income rose 68% to $13.6 million, or 53 cents per share, as the less-than-truckload carrier increased rates and tonnage.

The Washington-based truck maker’s net income climbed to $394.3 million, or $1.11 per share, from $334.2 million, or 94 cents, in the same period in 2013.

Net sales and financial services revenue rose 11% to a quarterly record of $5.12 billion, the company said Jan. 30.

CEO Ron Armstrong said Paccar’s North American customers “are benefiting from good economic growth, record freight tonnage [and] lower fuel prices.”

The LTL carrier’s revenue increased 11% to $306.9 million from the 2013 quarter, when net income was $8.1 million, or 32 cents.

Tonnage was 4.3% higher and rates per 100 pounds of freight increased 6%, the Georgia-based company’s statement said.

Saia’s  operating ratio improved to 93.4 from 94.7.

A tax credit boosted Saia’s fourth-quarter results by 4 cents per share.

Saia ranks No. 25 on the Transport Topics Top 100 list of the largest U.S. and Canadian for hire carriers.

Source: ttnews.com