Press release
PACCAR Achieves Excellent Quarterly Revenues and Earnings
Strong Truck Deliveries and Aftermarket Sales Drive Results BELLEVUE, Wash.--(BUSINESS WIRE)-- “PACCAR (Nasdaq: PCAR) reported excellent revenues and net
About this update from Paccar Inc.
[{"type":"text","content":"\nStrong Truck Deliveries and Aftermarket Sales Drive Results\n\n BELLEVUE, Wash.--(BUSINESS WIRE)--\n“PACCAR (Nasdaq: PCAR) reported excellent revenues and net income for the third quarter of 2019,” said Preston Feight, chief executive officer. “PACCAR’s third quarter results reflect strong global truck production and excellent global aftermarket parts results. I am very proud of our employees who have delivered industry-leading trucks, powertrains and transportation solutions to our customers.”\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191022005385/en/Kenworth T880 Truck (Photo: Business Wire)\n\nPACCAR achieved net income of $607.9 million ($1.75 per diluted share) in the third quarter of this year, 11% higher than the net income of $545.3 million ($1.55 per diluted share) earned in the same period last year. Third quarter net sales and financial services revenues were $6.37 billion, 11% higher than the $5.76 billion reported in the third quarter of 2018.\n\n\nNet sales and financial services revenues for the first nine months of 2019 were $19.48 billion compared to $17.22 billion last year. PACCAR earned $1.86 billion ($5.34 per diluted share) for the first nine months of 2019 compared to $1.62 billion ($4.59 per diluted share) in the same period last year. PACCAR achieved an excellent 9.5% after-tax return on revenues in the third quarter and the first nine months of 2019.\n\n\nFeight added, “PACCAR achieved a strong 14.9% Truck, Parts and Other gross margin in the third quarter and year-to-date, benefiting from good pricing, production efficiency and rigorous cost controls. We anticipate that 2020 will be another good year with a normal replacement truck market and strong demand for PACCAR’s premium products.”\n\n\nPACCAR Repurchases Common Shares\n\n\nPACCAR repurchased 832,800 common shares for $53.6 million in the third quarter. Stock repurchases of $430.5 million remain under the current $500 million program authorized by the PACCAR Board of Directors. “The stock repurchase program reflects PACCAR’s ongoing excellent business performance and the Board’s confidence in PACCAR’s future opportunities,” said Mark Pigott, PACCAR executive chairman.\n\n\nFinancial Highlights – Third Quarter 2019\n\n\nHighlights of PACCAR’s financial results for the third quar...