Paccar - PCAR STOCK NEWS

PACCAR will hold meetings with research analysts and institutional shareholders on June 5, 2024, in New York City starting at 9:00 a.m. Eastern time. These events will be available in real time via a Webcast on PACCAR's website and replays will be accessible until June 30, 2024. PACCAR is known for designing, manufacturing, and supporting high-quality light, medium, and heavy-duty trucks under the Kenworth, Peterbilt, and DAF brands. The company also specializes in advanced powertrains, financial services, information technology, and the distribution of truck parts.

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.

PACCAR recognizes top suppliers in its Supplier Performance Management Program (SPM) for 2023, driving collaboration and innovation. Rago and Son, Inc. named SPM Master, with Cummins, Inc., GRA-MAG Truck Interiors, LLC, and others as Leaders. PACCAR emphasizes supplier commitment for mutual success.

PACCAR reported record annual revenues and net income in 2023, achieving quarterly revenues of $9.08 billion in the fourth quarter of 2023, compared to $8.13 billion in the same period in 2022. The company earned $1.42 billion ($2.70 per diluted share) in the fourth quarter of 2023, 54% higher than the $921.3 million ($1.76 per diluted share) earned in the fourth quarter of 2022. PACCAR achieved record revenues of $35.13 billion in 2023, compared to revenues of $28.82 billion in 2022. The company earned $4.60 billion ($8.76 per diluted share) in 2023, including a $446.4 million after-tax, non-recurring charge related to civil litigation in Europe, compared to $3.01 billion ($5.75 per diluted share) earned in 2022. Excluding the non-recurring charge, the company earned adjusted net income (non-GAAP)1 of $5.05 billion ($9.61 per diluted share) in 2023.

Accelera by Cummins, Daimler Trucks & Buses US Holding LLC, and PACCAR have selected Marshall County, Mississippi, as the future site of advanced battery cell manufacturing for their planned joint venture. The 21-gigawatt hour (GWh) factory is expected to begin producing battery cells in 2027, creating more than 2,000 U.S. manufacturing jobs. The venture will focus on lithium-iron-phosphate (LFP) battery technology for commercial battery-electric trucks, with EVE Energy as the technology partner. The partners aim to deliver cost-effective and differentiated battery cell technology to support the adoption of electric vehicles for medium- and heavy-duty commercial transportation. The transaction is subject to customary closing conditions and receipt of applicable merger control and regulatory approvals.

Cummins Inc., Daimler Trucks & Buses US Holding LLC, and PACCAR have chosen Marshall County, Mississippi, as the future site for advanced battery cell manufacturing for their joint venture. The 21-gigawatt hour (GWh) factory is expected to create over 2,000 U.S. manufacturing jobs and will focus on lithium-iron-phosphate (LFP) battery technology for commercial battery-electric trucks, with production set to begin in 2027. EVE Energy will serve as the technology partner in the joint venture with 10% ownership. The joint venture aims to deliver cost-effective battery cell technology to support the adoption of electric vehicles for medium- and heavy-duty commercial transportation.

PACCAR (PCAR) to Showcase Next-Generation Commercial Vehicles at CES 2024