Net income rose to $309.4 million, or 87 cents per share, in the third quarter ended Sept. 30 from $233.6 million, or 66 cents per share, a year earlier.

Total revenue rose 13 percent to $4.30 billion.

“Our customers in North America are benefiting from higher fleet utilization and record freight tonnage, which are driving industry fleet replacement,” Chief Executive Mark Pigott said in a statement on Tuesday.

Paccar makes commercial trucks under the Peterbilt, Kenworth and DAF brands. (Reuters)