PACCAR Achieves Strong Annual Revenues and Net Income
PACCAR reported its financial results for 2024, achieving revenues of $33.66 billion and net income of $4.16 billion ($7.90 per diluted share), marking its 86th consecutive year of net income. Fourth quarter revenues were $7.91 billion with net income of $872.0 million ($1.66 per diluted share).
The company delivered 185,300 vehicles worldwide and achieved a 30.7% market share in U.S. and Canada Class 8 retail sales. PACCAR Parts achieved record annual revenues of $6.67 billion and pretax income of $1.71 billion. The company increased its regular quarterly dividend by 10% to 33 cents per share.
Key investments include the launch of Amplify Cell Technologies battery manufacturing joint venture and a new Parts Distribution Center in Massbach, Germany. PACCAR invested $796 million in capital projects and $453 million in research and development during 2024.
PACCAR ha riportato i suoi risultati finanziari per il 2024, raggiungendo ricavi di 33,66 miliardi di dollari e un utile netto di 4,16 miliardi di dollari (7,90 dollari per azione diluita), segnando il suo 86° anno consecutivo di utile netto. I ricavi del quarto trimestre sono stati di 7,91 miliardi di dollari con un utile netto di 872,0 milioni di dollari (1,66 dollari per azione diluita).
L'azienda ha consegnato 185.300 veicoli in tutto il mondo e ha raggiunto una quota di mercato del 30,7% nelle vendite al dettaglio della Classe 8 negli Stati Uniti e in Canada. PACCAR Parts ha ottenuto ricavi annuali record di 6,67 miliardi di dollari e un utile ante imposte di 1,71 miliardi di dollari. L'azienda ha aumentato il suo dividendo trimestrale regolare del 10%, portandolo a 33 centesimi per azione.
Investimenti chiave includono il lancio della joint venture per la fabbricazione di batterie Amplify Cell Technologies e un nuovo Centro di Distribuzione Parti a Massbach, Germania. PACCAR ha investito 796 milioni di dollari in progetti di capitale e 453 milioni di dollari in ricerca e sviluppo durante il 2024.
PACCAR reportó sus resultados financieros para 2024, alcanzando ingresos de 33,66 mil millones de dólares y un ingreso neto de 4,16 mil millones de dólares (7,90 dólares por acción diluida), marcando su 86º año consecutivo de ingreso neto. Los ingresos del cuarto trimestre fueron de 7,91 mil millones de dólares con un ingreso neto de 872,0 millones de dólares (1,66 dólares por acción diluida).
La compañía entregó 185,300 vehículos en todo el mundo y logró una participación de mercado del 30,7% en las ventas minoristas de Clase 8 en Estados Unidos y Canadá. PACCAR Parts obtuvo ingresos anuales récord de 6,67 mil millones de dólares y un ingreso antes de impuestos de 1,71 mil millones de dólares. La empresa aumentó su dividendo trimestral regular en un 10% a 33 centavos por acción.
Las inversiones clave incluyen el lanzamiento de la empresa conjunta de fabricación de baterías Amplify Cell Technologies y un nuevo Centro de Distribución de Piezas en Massbach, Alemania. PACCAR invirtió 796 millones de dólares en proyectos de capital y 453 millones de dólares en investigación y desarrollo durante 2024.
PACCAR는 2024년 재무 실적을 발표하며 336억 6천만 달러의 수익과 41억 6천만 달러의 순이익(희석 주당 7.90달러)을 기록하며 연속 86년째 순이익을 달성했습니다. 4분기 수익은 79억 1천만 달러였고 순이익은 8억 7천2백만 달러(희석 주당 1.66달러)였습니다.
회사는 전 세계에서 185,300대의 차량을 인도했으며, 미국과 캐나다의 8급 소매 판매에서 30.7%의 시장 점유율을 달성했습니다. PACCAR Parts는 66억 7천만 달러의 연간 기록 수익과 17억 1천만 달러의 세전 수익을 달성했습니다. 이 회사는 정기 분기 배당금을 10% 인상하여 주당 33센트로 설정했습니다.
주요 투자로는 Amplify Cell Technologies 배터리 제조 합작 투자 시작과 독일 마스바흐에 새로운 부품 유통 센터 설립이 포함됩니다. PACCAR는 2024년에 자본 프로젝트에 7억 9,600만 달러, 연구 및 개발에 4억 5천3백만 달러를 투자했습니다.
PACCAR a annoncé ses résultats financiers pour 2024, atteignant des revenus de 33,66 milliards de dollars et un bénéfice net de 4,16 milliards de dollars (7,90 dollars par action diluée), marquant sa 86e année consécutive de bénéfice net. Les revenus du quatrième trimestre se sont élevés à 7,91 milliards de dollars avec un bénéfice net de 872,0 millions de dollars (1,66 dollar par action diluée).
L'entreprise a livré 185 300 véhicules dans le monde et a atteint une part de marché de 30,7 % dans les ventes au détail de la classe 8 aux États-Unis et au Canada. PACCAR Parts a enregistré des revenus annuels record de 6,67 milliards de dollars et un bénéfice avant impôts de 1,71 milliard de dollars. L'entreprise a augmenté son dividende trimestriel régulier de 10 % à 33 cents par action.
Les investissements clés incluent le lancement de l'entreprise conjointe de fabrication de batteries Amplify Cell Technologies et un nouveau Centre de Distribution de Pièces à Massbach, en Allemagne. PACCAR a investi 796 millions de dollars dans des projets d'immobilisation et 453 millions de dollars en recherche et développement en 2024.
PACCAR hat seine finanziellen Ergebnisse für 2024 veröffentlicht und einen Umsatz von 33,66 Milliarden Dollar sowie einen Nettogewinn von 4,16 Milliarden Dollar (7,90 Dollar je verwässerte Aktie) erzielt, was das 86. Jahr in Folge mit Nettogewinn markiert. Die Umsätze im vierten Quartal beliefen sich auf 7,91 Milliarden Dollar bei einem Nettogewinn von 872,0 Millionen Dollar (1,66 Dollar je verwässerte Aktie).
Das Unternehmen lieferte weltweit 185.300 Fahrzeuge aus und erreichte einen Marktanteil von 30,7% im Einzelhandel der Klasse 8 in den USA und Kanada. PACCAR Parts erzielte mit 6,67 Milliarden Dollar Rekordumsätze und ein Ergebnis vor Steuern von 1,71 Milliarden Dollar. Das Unternehmen erhöhte seine reguläre vierteljährliche Dividende um 10% auf 33 Cent pro Aktie.
Wichtige Investitionen umfassen den Start des Joint Ventures zur Batteriefertigung Amplify Cell Technologies und ein neues Teileverteilungszentrum in Massbach, Deutschland. PACCAR investierte 796 Millionen Dollar in Investitionsprojekte und 453 Millionen Dollar in Forschung und Entwicklung im Jahr 2024.
- Record PACCAR Parts revenue of $6.67 billion and pretax income of $1.71 billion
- 30.7% market share achieved in U.S. and Canada Class 8 retail sales
- 10% increase in regular quarterly dividend to $0.33 per share
- Strong cash flow with $4.64 billion provided by operations
- 86th consecutive year of net income
- Annual revenues decreased from $35.13B in 2023 to $33.66B in 2024
- Net income declined from $4.60B in 2023 to $4.16B in 2024
- Q4 revenues dropped from $9.08B in 2023 to $7.91B in 2024
- Q4 earnings per share decreased from $2.70 to $1.66 year-over-year
Insights
PACCAR's 2024 performance demonstrates resilient operational execution despite market headwinds. While revenues and earnings showed a year-over-year decline, this was the company's second-best performance in history, highlighting robust operational efficiency. The Parts division achieved record revenues of
The company's shareholder-friendly policies are evident in the
PACCAR's financial services segment maintained strong performance with
Peterbilt 589 Truck (Photo: Business Wire)
PACCAR achieved quarterly revenues of
PACCAR Increases Regular Quarterly Dividend
PACCAR declared cash dividends of
Business Highlights – 2024
- PACCAR earned its 86th consecutive year of net income.
- PACCAR delivered 185,300 vehicles worldwide.
-
PACCAR launched Amplify Cell Technologies, its
U.S. battery manufacturing joint venture. -
DAF Trucks was honored as Fleet Manufacturer of the Year in the
U.K. -
Kenworth celebrated the 50-year anniversary of its
Chillicothe, Ohio truck factory. - Peterbilt earned the 2024 Environment + Energy Leader Award for sustainability.
- PACCAR Parts celebrated the 30-year anniversary of its TRP aftermarket parts brand.
-
PACCAR Parts opened a new Parts Distribution Center in Massbach,
Germany . - PACCAR was honored as a 2024 Top Company for Women to Work for in Transportation.
____________________
1 See attached supplementary information on non-GAAP financial measures.
Financial Highlights – Fourth Quarter 2024
Highlights of PACCAR’s financial results during the fourth quarter of 2024 include:
-
Consolidated revenues of
$7.91 billion -
Net income of
$872.0 million -
PACCAR Parts revenue of
$1.67 billion -
PACCAR Parts pretax income of
$428.2 million -
PACCAR Financial Services pretax income of
$104.0 million -
Cash provided by operations of
$1.45 billion
Financial Highlights – Full Year 2024
Highlights of PACCAR’s financial results during 2024 include:
-
Consolidated revenues of
$33.66 billion -
Net income of
$4.16 billion -
After-tax return on revenues of
12.4% . -
Record PACCAR Parts revenue of
$6.67 billion -
Record PACCAR Parts pretax income of
$1.71 billion -
Financial Services assets of
$22.41 billion -
Financial Services pretax income of
$435.6 million -
Cash provided by operations of
$4.64 billion -
Dividends declared of
$2.19 billion -
Medium-term note issuances of
$3.65 billion -
PACCAR invested
$1.25 billion
Global Truck Markets
Kenworth and Peterbilt achieved excellent
Kevin Baney, PACCAR executive vice president, added, “Kenworth, Peterbilt and DAF trucks deliver premium quality, industry-leading fuel efficiency and low operating costs to our customers. PACCAR is investing in the next generation of diesel and alternative powertrains, and aftermarket transportation solutions, that enable customers to achieve their operational and environmental goals.”
Harald Seidel, DAF president, said, “Customers appreciate the industry-leading fuel efficiency and driver comfort of DAF trucks. DAF trucks have a competitive advantage in the European truck market due to an innovative, aerodynamic design with a spacious, luxurious cab interior.” European above 16-tonne truck industry registrations were 316,000 trucks in 2024 and are estimated to be in the range of 270,000-300,000 trucks in 2025.
The South American above 16-tonne truck market was 119,000 vehicles in 2024 and is estimated to be in the range of 115,000-125,000 trucks in 2025. “Kenworth and DAF premium heavy-duty trucks deliver the durability and reliability required for the challenging operating environments of South America,” said Mike Dozier, PACCAR executive vice president.
PACCAR Parts Achieves Record Annual Revenues and Record Profits
PACCAR Parts achieved quarterly pretax income of
PACCAR’s PDCs support over 2,000 DAF, Kenworth and Peterbilt dealer sales, parts and service locations, and more than 350 TRP stores. These independent, well-capitalized dealers provide excellent service to customers, complementing the premium quality of DAF, Kenworth and Peterbilt vehicles.
PACCAR opened its new, 240,000 square-foot PDC in Massbach,
PACCAR Financial Services Achieves Good Annual Results
PACCAR Financial Services (PFS) achieved pretax income of
PFS has a portfolio of 237,000 trucks and trailers, with total assets of
Capital and R&D Investments in Products, Technologies and Facilities
PACCAR’s excellent long-term profits, strong balance sheet and consistent focus on quality have enabled the company to invest
“PACCAR is investing in its truck factories, including expansions at Kenworth
PACCAR is a global technology leader in the design, manufacture and customer support of high-quality light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates. PACCAR also designs and manufactures advanced powertrains, provides financial services and information technology, and distributes truck parts related to its principal business.
PACCAR will hold a conference call with securities analysts to discuss fourth quarter earnings on January 28, 2025, at 9:00 a.m. Pacific time. Interested parties may listen to the call by selecting “Q4 Earnings Webcast” at PACCAR’s homepage. The webcast will be available on a recorded basis through February 4, 2025. PACCAR shares are traded on the Nasdaq Stock Market, symbol PCAR. Its homepage is www.paccar.com.
This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in PACCAR’s filings with the Securities and Exchange Commission.
| PACCAR Inc | |||||||||||||
| SUMMARY STATEMENTS OF OPERATIONS | |||||||||||||
| (in millions except per share amounts) | |||||||||||||
Three Months Ended |
|
|
Year Ended |
||||||||||
December 31 |
|
|
December 31 |
||||||||||
2024 |
|
2023 |
|
|
2024 |
|
2023 |
||||||
| Truck, Parts and Other: | |||||||||||||
| Net sales and revenues | $ | 7,363.2 |
|
$ | 8,591.8 |
|
$ | 31,564.3 |
|
$ | 33,315.5 |
||
| Cost of sales and revenues | 6,195.8 |
|
6,922.7 |
|
26,069.6 |
|
26,894.2 |
||||||
| Research and development | 115.3 |
|
108.9 |
|
452.9 |
|
410.9 |
||||||
| Selling, general and administrative | 150.4 |
|
156.0 |
|
585.0 |
|
604.3 |
||||||
| Interest and other (income) expense, net | (38.9 |
) |
(24.4 |
) |
(113.8 |
) |
520.4 |
(1) |
|||||
| Truck, Parts and Other Income Before Income Taxes | 940.6 |
|
1,428.6 |
|
4,570.6 |
|
4,885.7 |
||||||
| Financial Services: | |||||||||||||
| Revenues | 544.3 |
|
484.8 |
|
2,099.5 |
|
1,811.9 |
||||||
| Interest and other | 377.9 |
|
316.5 |
|
1,429.3 |
|
1,091.3 |
||||||
| Selling, general and administrative | 37.0 |
|
38.1 |
|
159.0 |
|
149.0 |
||||||
| Provision for losses on receivables | 25.4 |
|
17.2 |
|
75.6 |
|
31.3 |
||||||
| Financial Services Income Before Income Taxes | 104.0 |
|
113.0 |
|
435.6 |
|
540.3 |
||||||
| Investment income | 104.7 |
|
99.7 |
|
394.7 |
|
292.2 |
||||||
| Total Income Before Income Taxes | 1,149.3 |
|
1,641.3 |
|
5,400.9 |
|
5,718.2 |
||||||
| Income taxes | 277.3 |
|
224.0 |
|
1,238.9 |
|
1,117.4 |
||||||
| Net Income | $ | 872.0 |
|
$ | 1,417.3 |
|
$ | 4,162.0 |
|
$ | 4,600.8 |
||
| Net Income Per Share: | |||||||||||||
| Basic | $ | 1.66 |
|
$ | 2.70 |
|
$ | 7.92 |
|
$ | 8.78 |
||
| Diluted | $ | 1.66 |
|
$ | 2.70 |
|
$ | 7.90 |
|
$ | 8.76 |
||
| Weighted Average Shares Outstanding: | |||||||||||||
| Basic | 525.5 |
|
524.3 |
|
525.3 |
|
523.9 |
||||||
| Diluted | 526.7 |
|
525.6 |
|
526.6 |
|
525.0 |
||||||
| Dividends declared per share | $ | 3.30 |
|
$ | 3.47 |
|
$ | 4.17 |
|
$ | 4.24 |
||
| (1) Includes a |
|||||||||||||
| PACCAR Inc | ||||||
| CONDENSED BALANCE SHEETS | ||||||
| (in millions) | ||||||
December 31 |
|
|
December 31 |
|||
2024 |
|
|
2023 |
|||
| ASSETS | ||||||
| Truck, Parts and Other: | ||||||
| Cash and marketable securities | $ | 9,649.9 |
$ | 8,659.3 |
||
| Trade and other receivables, net | 1,933.8 |
2,198.1 |
||||
| Inventories, net | 2,367.1 |
2,576.7 |
||||
| Property, plant and equipment, net | 3,985.6 |
3,780.1 |
||||
| Equipment on operating leases and other, net | 3,071.0 |
2,645.3 |
||||
| Financial Services Assets | 22,411.5 |
20,963.9 |
||||
| $ | 43,418.9 |
$ | 40,823.4 |
|||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Truck, Parts and Other: | ||||||
| Accounts payable, deferred revenues and other | $ | 8,333.2 |
$ | 9,015.8 |
||
| Financial Services Liabilities | 17,578.8 |
15,928.8 |
||||
| STOCKHOLDERS' EQUITY | 17,506.9 |
15,878.8 |
||||
| $ | 43,418.9 |
$ | 40,823.4 |
|||
| Common Shares Outstanding | 524.4 |
523.3 |
||||
| PACCAR Inc | |||||||
| CONDENSED CASH FLOW STATEMENTS | |||||||
| (in millions) | |||||||
2024 |
|
2023 |
|||||
| OPERATING ACTIVITIES: | |||||||
| Net income | $ | 4,162.0 |
|
$ | 4,600.8 |
|
|
| Depreciation and amortization: | |||||||
| Property, plant and equipment | 398.4 |
|
415.0 |
|
|||
| Equipment on operating leases and other | 518.5 |
|
508.9 |
|
|||
| Net change in trade receivables, inventory and payables | 478.8 |
|
(405.6 |
) |
|||
| Net increase in wholesale receivables on new trucks | (478.7 |
) |
(1,266.4 |
) |
|||
| All other operating activities, net | (438.1 |
) |
337.3 |
|
|||
| Net Cash Provided by Operating Activities | 4,640.9 |
|
4,190.0 |
|
|||
| INVESTING ACTIVITIES: | |||||||
| Payments for property, plant and equipment | (838.7 |
) |
(695.0 |
) |
|||
| Acquisitions of equipment for operating leases | (906.9 |
) |
(567.5 |
) |
|||
| Net increase in financial services receivables | (2,338.7 |
) |
(2,076.9 |
) |
|||
| Net increase in marketable debt securities | (965.5 |
) |
(163.6 |
) |
|||
| Proceeds from asset disposals and other | 562.5 |
|
632.0 |
|
|||
| Net Cash Used in Investing Activities | (4,487.3 |
) |
(2,871.0 |
) |
|||
| FINANCING ACTIVITIES: | |||||||
| Payments of cash dividends | (2,288.5 |
) |
(1,518.6 |
) |
|||
| Purchases of treasury stock | (4.5 |
) |
(3.5 |
) |
|||
| Proceeds from stock compensation transactions | 51.9 |
|
51.5 |
|
|||
| Net increase in debt and other | 2,118.0 |
|
2,572.8 |
|
|||
| Net Cash (Used in) Provided by Financing Activities | (123.1 |
) |
1,102.2 |
|
|||
| Effect of exchange rate changes on cash | (151.4 |
) |
69.6 |
|
|||
| Net (Decrease) Increase in Cash and Cash Equivalents | (120.9 |
) |
2,490.8 |
|
|||
| Cash and cash equivalents at beginning of period | 7,181.7 |
|
4,690.9 |
|
|||
| Cash and cash equivalents at end of period | $ | 7,060.8 |
|
$ | 7,181.7 |
|
|
| PACCAR Inc | ||||||||||||||
| SEGMENT AND OTHER INFORMATION | ||||||||||||||
| (in millions) | ||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||
| December 31 | December 31 | |||||||||||||
2024 |
2023 |
2024 |
2023 |
|
||||||||||
| Sales and Revenues: | ||||||||||||||
| Truck | $ | 5,692.6 |
$ | 6,968.7 |
$ | 24,838.4 |
$ | 26,846.4 |
|
|||||
| Parts | 1,668.6 |
1,610.3 |
6,666.4 |
6,414.4 |
|
|||||||||
| Financial Services | 544.3 |
484.8 |
2,099.5 |
1,811.9 |
|
|||||||||
| Other | 2.0 |
12.8 |
59.5 |
54.7 |
|
|||||||||
| $ | 7,907.5 |
$ | 9,076.6 |
$ | 33,663.8 |
$ | 35,127.4 |
|
||||||
| Pretax Profit: | ||||||||||||||
| Truck | $ | 502.9 |
$ | 996.4 |
$ | 2,852.6 |
$ | 3,799.9 |
|
|||||
| Parts | 428.2 |
432.4 |
1,704.5 |
1,702.6 |
|
|||||||||
| Financial Services | 104.0 |
113.0 |
435.6 |
540.3 |
|
|||||||||
| Investment Income and Other | 114.2 |
99.5 |
408.2 |
(324.6 |
) |
(1) |
||||||||
| $ | 1,149.3 |
$ | 1,641.3 |
$ | 5,400.9 |
$ | 5,718.2 |
|
||||||
| GEOGRAPHIC REVENUE | ||||||||||||||
| (in millions) | ||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||
| December 31 | December 31 | |||||||||||||
2024 |
2023 |
2024 |
2023 |
|
||||||||||
| $ | 4,639.3 |
$ | 5,508.5 |
$ | 20,954.4 |
$ | 21,222.1 |
|
||||||
1,806.9 |
2,202.2 |
6,962.6 |
8,741.4 |
|
||||||||||
| Other | 1,461.3 |
1,365.9 |
5,746.8 |
5,163.9 |
|
|||||||||
| $ | 7,907.5 |
$ | 9,076.6 |
$ | 33,663.8 |
$ | 35,127.4 |
|
||||||
| NEW TRUCK DELIVERIES | ||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||
| December 31 | December 31 | |||||||||||||
2024 |
2023 |
2024 |
2023 |
|
||||||||||
22,300 |
28,100 |
106,400 |
109,100 |
|
||||||||||
12,300 |
14,900 |
45,400 |
63,200 |
|
||||||||||
| Other | 9,300 |
8,100 |
33,500 |
31,900 |
|
|||||||||
43,900 |
51,100 |
185,300 |
204,200 |
|
||||||||||
| (1) Includes a |
||||||||||||||
| PACCAR Inc | |||
| SUPPLEMENTARY INFORMATION | |||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||
| This earnings release includes “adjusted net income (non-GAAP)” and “adjusted net income per diluted share (non-GAAP)”, which are financial measures that are not in accordance with |
|||
| Adjustment for the EC-related claims relates to a pre-tax charge of |
|||
| Management utilizes these non-GAAP measures to evaluate the Company’s performance and believes these measures allow investors and management to evaluate operating trends by excluding a significant non-recurring charge that is not representative of underlying operating trends. | |||
| Reconciliations from the most directly comparable GAAP measures to adjusted net income (non-GAAP) and adjusted net income per diluted share (non-GAAP) are as follows: | |||
Year Ended |
|||
| ($ in millions, except per share amounts) | December 31, 2023 |
||
| Net income | $ | 4,600.8 |
|
| EC-related claims, net of taxes | 446.4 |
||
| Adjusted net income (non-GAAP) | $ | 5,047.2 |
|
| Per diluted share: | |||
| Net income | $ | 8.76 |
|
| EC-related claims, net of taxes | .85 |
||
| Adjusted net income (non-GAAP) | $ | 9.61 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250128168864/en/
Ken Hastings
(425) 468-7530
ken.hastings@paccar.com
Source: PACCAR Inc
FAQ
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