Press release
PACCAR Achieves Record Quarterly Revenues and Profits
Increased Truck Deliveries and Strong Parts Performance Drive Results BELLEVUE, Wash.--(BUSINESS WIRE)-- “PACCAR achieved record revenues and net income in
About this update from Paccar Inc.
[{"type":"text","content":"\nIncreased Truck Deliveries and Strong Parts Performance Drive Results\n\n\n BELLEVUE, Wash.--(BUSINESS WIRE)--\n“PACCAR achieved record revenues and net income in the second quarter of 2023 due to increased truck deliveries, excellent gross margins and strong PACCAR Parts results,” said Preston Feight, chief executive officer. “PACCAR Parts achieved robust quarterly sales and profits due to industry-leading logistics performance that enhanced customer uptime. PACCAR Financial Services delivered excellent profitability due to its high quality portfolio and good used truck results. PACCAR is pioneering new technologies such as predictive data analytics in its aftermarket and powertrain businesses. I am very proud of our employees for delivering premium trucks and transportation solutions to our customers.”\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230725773572/en/Peterbilt, DAF and Kenworth Heavy- and Medium Duty Truck Range (Photo: Business Wire)\nPACCAR earned record net income of $1.22 billion ($2.33 per diluted share) in the second quarter, an increase of 70% compared to $720.4 million ($1.37 per diluted share) earned in the same period last year. Second quarter net sales and financial services revenues were $8.88 billion, 24% higher than the $7.16 billion achieved in the second quarter of 2022. PACCAR achieved Truck, Parts and Other gross margins of 18.8% compared to 14.4% in the same period last year.\n\n\nPACCAR reported first half net income of $1.96 billion ($3.73 per diluted share), including a $446.4 million after-tax, non-recurring charge related to civil litigation in Europe, compared to $1.32 billion ($2.52 per diluted share), earned in same period last year. Excluding the non-recurring charge, the company earned adjusted net income (non-GAAP)1 of $2.40 billion ($4.58 per diluted share) in the first half of 2023. Net sales and financial services revenues for the first six months of 2023 were $17.35 billion, compared to $13.63 billion achieved last year.\n\n\nPACCAR Increases Quarterly Dividend\n\n\nPACCAR’s Board of Directors this month approved an increase of 8% in the regular quarterly cash dividend from twenty-five cents ($.25) per share to twenty-seven cents ($.27) per share. The dividend will be payable on September 7, 2023, to stockholders ...