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October 24, 2006 11:00 AM, EDT

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eavy-duty truck maker Paccar on Tuesday said its third-quarter profit rose 32% to $403.6 million, or $1.61 a share, from $304.8 million or $1.18 last year.

Paccar, the parent of Kenworth Truck Co., Peterbilt Motors Co. and DAF Trucks, also said its net sales and financial services revenue rose to $4.21 billion from $3.54 billion in 2005.

During the quarter, the company completed its $59.4 million share repurchase program, under which it bought back 1.1 million of its common shares.

"PACCAR expects U.S. and Canadian Class 8 retail sales to be approximately 315,000 units for 2006 and could be 200,000-230,000 units during 2007 as the industry adjusts to the higher component costs necessary to meet the EPA 2007 emission thresholds." said Tom Plimpton, Paccar’s president. “It is expected that 2007 industry retail sales will be at a reasonable level of 200,000 to 250,000 units, as the industry acclimates to the higher powertrain costs required to meet EPA 2007 emission regulations,” he added.