Press release
PACCAR Achieves Record Annual Revenues and Net Income
BELLEVUE, Wash.--(BUSINESS WIRE)-- “PACCAR reported record annual revenues and net income in 2023,” said Preston Feight, chief executive officer. “PACCAR’s
About this update from Paccar Inc.
[{"type":"text","content":" BELLEVUE, Wash.--(BUSINESS WIRE)--\n“PACCAR reported record annual revenues and net income in 2023,” said Preston Feight, chief executive officer. “PACCAR’s excellent results reflect record deliveries of premium quality DAF, Peterbilt and Kenworth trucks worldwide, record Truck, Parts and Other gross margins and strong financial services performance. I am very proud of our employees and dealers who delivered outstanding trucks and transportation solutions to our customers.”\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240123849726/en/Kenworth T680 Truck (Photo: Business Wire)\nPACCAR achieved quarterly revenues of $9.08 billion in the fourth quarter of 2023, compared to the $8.13 billion reported 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.\n\n\n“PACCAR is manufacturing the most impressive new truck range in its history. These trucks deliver premium quality, excellent fuel efficiency and low operating costs to our customers. PACCAR is investing in the next generation of Kenworth, Peterbilt and DAF trucks that feature clean diesel, battery-electric, hydrogen combustion or fuel cell powertrains. PACCAR Parts and PACCAR Financial Services contributed significantly to the success of PACCAR and its customers in 2023,” added Feight.\n\n\nPACCAR Dividends\n\n\nPACCAR declared cash dividends of $4.24 per share during 2023. This included a $3.20 per share extra cash dividend paid on January 4, 2024. “PACCAR has generated excellent shareholder returns and annual net income due to its industry-leading premium quality vehicles, and strong growth of its aftermarket parts sales,” shared Mark Pigott, executive chairman. PACCAR delivered ...