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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’s Board of Directors has declared a quarterly cash dividend of $.25 per share, payable on June 7, 2023, to stockholders of record by the close of business on May 17, 2023. PACCAR, traded on NASDAQ under the symbol PCAR, is a leader in designing and manufacturing high-quality trucks and powertrains, and offers financial services and IT support. The company's focus on customer satisfaction and innovation positions it well in the competitive market, supporting its robust operational performance.
PACCAR reported record revenues of $8.47 billion and a net income of $733.9 million for Q1 2023, driven by strong demand for its trucks and parts. Excluding a $446.4 million non-recurring charge from civil litigation, adjusted net income was $1.18 billion, an increase from $600.5 million in Q1 2022. The company’s PACCAR Parts segment saw record revenue of $1.62 billion and pre-tax income of $438.6 million. PACCAR Financial Services also reported strong performance with pretax income of $148.8 million. The company continues to invest in next-gen technologies, including electric and hydrogen powertrains, while maintaining a robust balance sheet with $5.92 billion in cash and marketable securities.
PACCAR has announced a minority equity investment in its connected truck partner, Platform Science. This investment complements the recently launched partnership to integrate Platform Science’s Virtual Vehicle technology with PACCAR Connect. The collaboration aims to provide Kenworth and Peterbilt customers with a standardized telematics system, enhancing productivity and vehicle uptime by eliminating aftermarket installations. PACCAR's CTO, John Rich, stated that this system will be user-friendly and customizable, set to launch on trucks in 2024.
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