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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 will host meetings with research analysts and institutional shareholders on June 1, 2022, starting at 9:00 a.m. Eastern time in New York, New York. The events will be accessible via a real-time Webcast at www.paccar.com and will be available for replay until June 30, 2022. PACCAR is recognized as a global leader in the design and manufacture of trucks and advanced powertrains under the Kenworth, Peterbilt, and DAF brands, alongside providing financial services and IT solutions.
PACCAR announced a quarterly cash dividend of $.34 per share, set to be paid on June 1, 2022, to shareholders who are on record by the close of business on May 11, 2022. As a leading manufacturer of trucks under the Kenworth, Peterbilt, and DAF brands, PACCAR also provides advanced powertrains, financial services, and truck parts support. The company is publicly traded on the NASDAQ under the symbol PCAR.
PACCAR reported strong financial results for Q1 2022, with revenues of $6.47 billion, up from $5.85 billion year-over-year. Net income rose by 28% to $600.5 million or $1.72 per diluted share. The company achieved record quarterly PACCAR Parts sales of $1.39 billion and profits of $340.2 million, driven by increased customer demand and efficient logistics operations. PACCAR Financial Services also saw record profits of $147.0 million. The company maintains a robust balance sheet with $12.14 billion in stockholders’ equity.
PACCAR has recognized its top suppliers through its Supplier Performance Management (SPM) program, which evaluates performance in product development, operations, and aftermarket support. The awards for 2021 were presented to suppliers achieving Master, Leader, and Achiever statuses, highlighting essential partnerships amid supply challenges. The program bolsters collaboration and innovation, contributing to PACCAR’s success in manufacturing high-quality trucks. Executives emphasize the importance of supplier commitment and investment, reinforcing PACCAR's leadership in the truck manufacturing industry.
Kenworth Truck Company has received a sizable order of 25 battery electric vehicles from AJR Trucking and MDB Transportation, marking the largest order to date for Kenworth's electric models. This includes 15 Kenworth T680E and 10 K270E vehicles aimed at reducing emissions in Los Angeles. The companies are committed to sustainability, having previously integrated natural gas trucks and aiming for net-zero emissions. They qualified for voucher incentives from the California Air Resources Board to help offset costs. This step reinforces their leadership in addressing climate change.
PACCAR reported impressive financial results for 2021, achieving revenues of $23.52 billion and net income of $1.85 billion, a significant increase from 2020. The fourth quarter alone saw revenues of $6.69 billion and net income of $511.4 million, marking a 26% rise from the previous year. The company experienced strong demand for its new Kenworth, Peterbilt, and DAF trucks, delivering 47,600 vehicles in Q4. PACCAR Parts and Financial Services also set records in revenue and profit, contributing to a strong balance sheet with $11.44 billion in stockholders’ equity.
PACCAR is showcasing its leadership in electric, connected, and autonomous vehicles at CES with three innovative models: the battery-electric Kenworth T680E, the award-winning DAF XG+, and a Peterbilt Model 579 featuring Aurora's self-driving technology. The T680E offers a range of 150 miles, optimized for urban distribution, while the DAF XG+ boasts a 10% fuel efficiency gain and advanced connectivity through PACCAR Connect. The Peterbilt 579 enhances safety and efficiency with autonomous technology, underscoring PACCAR's commitment to next-generation transport solutions.
PACCAR's Board of Directors has declared a quarterly cash dividend of $0.34 per share, payable on March 1, 2022. An additional cash dividend of $1.50 per share will also be paid on January 5, 2022. The company reported strong shareholder returns and net income, driven by premium-quality products and growth in aftermarket services. CEO Preston Feight highlighted continued investments in vehicle development and innovative technologies, positioning PACCAR for robust demand for its trucks in 2022.
PACCAR is launching the SuperTruck 3 program, focusing on developing battery electric and fuel cell vehicles under its Kenworth and Peterbilt brands. This initiative aims to enhance zero-emissions medium- and heavy-duty trucks, with a matching grant of $33 million from the DOE. Previous SuperTruck programs have successfully integrated innovative technologies into production vehicles, resulting in environmental benefits. The program seeks to lower carbon emissions and improve freight efficiency, showcasing PACCAR's leadership in the zero-emissions vehicle sector.
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