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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, recognized for its Supplier Performance Management (SPM) program, honors top suppliers who excelled in product development, operations, and aftermarket support. Awards for 2022 were given to suppliers achieving Master, Leader, and Achiever statuses, strengthening collaboration and innovation. Vice President Brennan Gourdie emphasizes the value of supplier commitments. The SPM Masters include Rago and Son, Inc.; Leaders include ConMet and Cummins; while Achievers feature ConMet (Plastics) and Michelin North America Inc. PACCAR continues as a global leader in manufacturing and supporting trucks under the Kenworth, Peterbilt, and DAF brands.
PACCAR achieved record revenues and net income in 2022, with annual revenues of $28.82 billion and net income of $3.01 billion, reflecting strong demand for its truck models. The company reported $8.13 billion in quarterly revenues for Q4 2022, a 22% increase year-over-year. PACCAR declared cash dividends totaling $4.19 per share, including a $2.80 extra cash dividend. With a total shareholder return of 17.1% in 2022, PACCAR also maintained an elite A rating from CDP for its environmental practices. The company plans to continue investing in next-generation technologies, including electric and autonomous vehicles.
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.
PACCAR's Board of Directors has declared an extra cash dividend of $2.80 per share, payable on January 5, 2023, to stockholders of record on December 16, 2022. This decision reflects PACCAR's strong financial performance, highlighted by excellent shareholder returns and robust net income. The CEO noted that strong cash flow supports investments in new manufacturing, emerging technologies, and high-demand truck models, contributing to industry-leading fuel efficiency.
PACCAR reported a record net income of $769.4 million ($2.21 per diluted share) for Q3 2022, a 102% increase from $380.5 million ($1.09 per diluted share) in Q3 2021. Revenues reached $7.06 billion, compared to $5.15 billion in the same quarter last year. For the first nine months of 2022, net income was $2.09 billion ($5.99 per diluted share), with revenues of $20.69 billion. PACCAR increased its quarterly dividend by 9%, now $0.37 per share. Strong demand for DAF, Peterbilt, and Kenworth trucks and record PACCAR Parts sales drove these results.
PACCAR Inc has announced a 9% increase in its quarterly cash dividend, raising it from
PACCAR collaborates with Cummins Inc. to introduce the Cummins X15N natural gas engine for Kenworth and Peterbilt trucks, marking a significant advancement in heavy-duty truck technology with up to 500 horsepower. This engine aims to significantly reduce greenhouse gas emissions, especially when fueled by renewable natural gas (RNG), achieving up to 90% reductions. The X15N engine boasts lower NOx emissions, meeting or exceeding 2024 EPA and CARB standards, while delivering 1,850 ft-lbs of peak torque. This initiative aligns with PACCAR's commitment to sustainable transport solutions.
PACCAR reported record revenues and net income of $720.4 million ($2.07 per diluted share) in Q2 2022, a 45% increase from $495.5 million ($1.42 per diluted share) in Q2 2021. Total net sales reached $7.16 billion, up from $5.84 billion. The company delivered 46,900 trucks and recorded $1.43 billion in PACCAR Parts revenues with a pretax income of $353.3 million. For the first half of 2022, net income hit $1.32 billion with cash generated from operations of $1.10 billion. PACCAR declared a quarterly dividend of $0.34 per share, payable on September 7, 2022.
PACCAR's Board of Directors has declared a $0.34 quarterly cash dividend, payable on September 7, 2022, to shareholders on record by August 17, 2022. PACCAR, traded under the symbol PCAR on the NASDAQ, is a leader in designing and manufacturing a range of trucks under the Kenworth, Peterbilt, and DAF brands, along with advanced powertrains and financial services.
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