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.