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April 26, 2006 1:45 PM, EDT

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eavy-duty truck maker Paccar Inc. reported its first-quarter profit rose 25% to a record $342 million or $2.02 a share, from $274 million or $1.56 a year earlier.

Paccar, the parent of Kenworth Truck Co., Peterbilt Motors Co. and DAF Trucks, said its net sales and financial services revenue jumped to $3.85 billion from $3.33 billion, also a record.

The company’s board approved an increase in its regular quarterly dividend to 30 cents a share, from 25 cents, effective June 5.

“The global commercial vehicle industry is a growth business which continues to benefit from strong demand," said Jim Cardillo, a Paccar senior vice president. “U.S. and Canadian Class 8 industry truck retail sales are projected to be 290,000 to 310,000 units during 2006, an increase of about 5% over 2005 levels.

“Class 6-7 industry truck market in the U.S. and Canada for 2006 is expected to increase slightly to 100,000 to 110,000 units,” he said in a statement.

Paccar also said it would be making more trucks with hybrid power and better fuel efficiency in North America and Europe over the next seven years.

The company repurchased 2.5 million of its shares of stock in the first quarter, it said.