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April 26, 2005 11:30 AM, EDT

Truck maker Paccar Inc. said Tuesday its first-quarter profit rose 50% to a record $274 million or $1.56 a share, compared with $182.2 million or $1.03 a year ago.

The company’s net sales and financial services revenues were $3.33 billion, also a record, up from $2.5 billion in the previous first quarter, the company said in a statement.

The company also said its financial services pretax profits rose to a record $47.3 million.

Paccar is the parent company of Kenworth Truck Co., Peterbilt Motors Co. and DAF Trucks.

“Freight levels are at historically high levels and trucking company profits are up 40% year-over-year,” said Tom Plimpton, Paccar’s president.

“U .S. and Canadian Class 8 industry truck retail sales are projected to be 270,000 to 280,000 units this year, an increase of 15% over 2004 levels,” he said.