PACCAR Announces 50% Stock Dividend and Increases Quarterly Cash Dividend

Rhea-AI Summary

PACCAR Inc has declared a 50% stock dividend, issuing one additional share for every two shares held, effective February 7, 2023, for shareholders of record as of January 17, 2023. The company also announced a quarterly cash dividend increase to $0.25 per share, payable on March 8, 2023, to those on record by February 14, 2023. Over the last five years, PACCAR has raised its cash dividend by 50%. Mark Pigott, executive chairman, emphasized the company’s 83 years of net profit and continuous dividend payments since 1941, supported by significant investments totaling $7.3 billion in facilities and technologies.

Positive

• 50% stock dividend declared, enhancing shareholder value.
• Quarterly cash dividend increased to $0.25, showing commitment to returning profits to shareholders.
• $7.3 billion investment in new facilities and technologies over the past decade, positioning the company for growth.
• Consistent profit for 83 years and uninterrupted dividends since 1941, indicating financial stability.

Negative

• None.

BELLEVUE, Wash.--(BUSINESS WIRE)-- PACCAR Inc’s Board of Directors today declared a 50 percent stock dividend of the Company’s common stock (i.e., one additional share for each two shares held). The new shares will be issued on February 7, 2023, to stockholders of record at the close of business on January 17, 2023. “PACCAR has earned a net profit for 83 consecutive years and paid a dividend every year since 1941,” said Mark Pigott, PACCAR executive chairman. “PACCAR has generated excellent shareholder returns due to its focus on the profitable growth of its business segments including premium quality trucks, aftermarket parts and financial services.”

The Board of Directors also declared an increase to PACCAR’s regular quarterly cash dividend to twenty-five cents ($.25) on each newly-split share, payable on March 8, 2023 to stockholders of record at the close of business on February 14, 2023. PACCAR has increased its regular quarterly cash dividend 50% over the last five years. Preston Feight, chief executive officer, noted, “PACCAR has invested $7.3 billion in new and expanded facilities, innovative products and new technologies during the past decade. These investments have created an industry-leading truck range that delivers excellent fuel efficiency and low operating costs.”

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 shares are listed on the NASDAQ Stock Market, symbol PCAR. Its homepage is www.paccar.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221205005852/en/

Ken Hastings

(425) 468-7530

ken.hastings@paccar.com

Source: PACCAR Inc

FAQ

What is the date for PACCAR's stock dividend issuance?

The stock dividend will be issued on February 7, 2023.

What is the amount of PACCAR's quarterly cash dividend?

PACCAR's quarterly cash dividend is $0.25 per share.

When is PACCAR's quarterly cash dividend payable?

The quarterly cash dividend is payable on March 8, 2023.

What is the percentage increase in PACCAR's cash dividend over the last five years?

PACCAR has increased its cash dividend by 50% over the last five years.

When is the record date for receiving the stock dividend?

The record date for the stock dividend is January 17, 2023.