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Paccar Inc (symbol: PCAR) is a global technology leader in the design, manufacture, and customer support of premium light-, medium-, and heavy-duty trucks. Operating under renowned brands such as Kenworth, Peterbilt, and DAF, Paccar is dedicated to providing top-tier commercial vehicles across various markets. The company excels in producing advanced diesel engines and also offers financial services, information technology solutions, and distributes truck parts related to its core business.
Kenworth Truck Company specializes in building commercial vehicles for the U.S., Canada, Mexico, Australia, and for export worldwide. Similarly, Peterbilt Motors focuses on designing, manufacturing, and distributing premium vehicles across the U.S. and Canada. DAF Trucks manufactures trucks in the Netherlands, Belgium, Brazil, and the United Kingdom, catering to both Western and Eastern Europe, with exports reaching Asia, Africa, and the Americas.
Paccar parts operates an extensive network of parts distribution centers, offering aftermarket support to Kenworth, Peterbilt, and DAF dealers and customers globally. This aftermarket support ensures the longevity and reliability of Paccar vehicles, maintaining customer satisfaction and loyalty.
With a significant presence in the Class 8 market in North America, commanding about 30% market share, and a 17% share of the heavy-duty market in Europe, Paccar is a dominant player in the trucking industry. Beyond manufacturing, Paccar Financial Services provides retail and wholesale financing solutions for customers and dealers, enhancing the overall customer experience.
Recent developments include strategic partnerships and innovations in advanced diesel engines and a continuous commitment to sustainability and technological advancement. Paccar maintains a robust financial condition, ensuring continued investment in research and development to stay at the forefront of the industry. With a global network of over 2,300 independent dealers, Paccar's reach and influence in the trucking market are substantial and continually expanding.
PACCAR Inc. has increased its regular quarterly cash dividend by 11% from $.27 to $.30 per share. The dividend will be payable on June 5, 2024, to stockholders of record on May 15, 2024. The company has a history of providing strong shareholder returns and profitability due to its leadership in premium quality vehicles and aftermarket services.
Luiz Pretti has been elected to the PACCAR Inc Board of Directors, succeeding Franklin L. Feder. Pretti's international business and management experience will benefit PACCAR's global growth. PACCAR thanks Feder for his service. Pretti's background includes leadership roles in agribusiness, finance, and automotive industries, with significant contributions to the Brazilian business community. PACCAR is a leading global technology company in truck design, manufacturing, and customer support, with shares listed on NASDAQ under the symbol PCAR.
PACCAR reported excellent financial performance in the first quarter of 2024, with record revenues and net income. The company achieved quarterly revenues of $8.74 billion, compared to $8.47 billion in the same period last year. Net income was $1.20 billion in the first quarter of 2024. PACCAR's strong operating margins are attributed to investments in new truck models, advanced manufacturing, and technology-enabled aftermarket solutions.
Highlights of PACCAR's financial results include consolidated revenues of $8.74 billion, record PACCAR Parts revenue of $1.68 billion, and PACCAR Financial Services pretax income of $113.9 million. The company also announced capital investments in new products and technologies, including a battery cell manufacturing joint venture.
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