Paccar’s First-Quarter Income Nearly Triples

Bellevue-based  announced strong first-quarter results Tuesday as the North American and European truck markets improved.

The maker of light-, medium- and heavy-duty trucks and diesel engines said it earned $193.3 million, or 53 cents a share, in the three months that ended March 31. That’s close to triple the $68.3 million, or 19 cents a share, it earned in the first quarter of 2010.

Sales and financial services revenues rose 47 percent to $3.28 billion for the quarter, up from $2.23 billion in the year-ago period.

“North American and European economies are recovering, with the exception of the residential and commercial construction markets in the United States,” said Mark Pigott, chairman and chief executive officer, in a statement announcing the results. “Our on-highway customers are benefiting from increased freight tonnage and freight rates which are driving improved fleet productivity.”

Paccar, one of the founding members of the Nasdaq stock exchange, is celebrating its 40th year as a Nasdaq company this year. And its financial arm is marking its 50th anniversary.

Paccar’s trucks carry the Kenworth, Peterbilt and DAF nameplates. (Kenworth Truck Co., which makes medium- and heavy-duty trucks, has its headquarters in Kirkland and a manufacturing plant in Renton.) Paccar also offers financial services and information technology and distributes truck parts.

Shares rose nearly 4 percent, or $1.88, to close at $52.19 on the Nasdaq stock market Tuesday.