Paccar Inc. earned $159.1 million for the fourth quarter 2003, which is 30% higher compared to the $122.2 million earned in 2002.
Fourth quarter net sales and financial services revenues were $2.2 billion versus $1.9 billion for the fourth quarter of 2002.
Consolidated net sales and financial services revenues for 2003 were $8.2 billion, an increase of 14% from $7.2 billion in 2002. Yearly net income in 2003 of $526.5 million increased 42% over 2002 earnings of $372.0 million. Dividends of $2.06 per share were declared during 2003, including a special dividend of $1.20. Paccar also announced a 50% stock dividend, effective February 5, 2004, and an increased quarterly dividend, effective in March 2004.
"Paccar had a great year in 2003; in fact, it was the second best year in the company's 98-year history, as well as being the 65th consecutive year of net profitability," said Mark C. Pigott, chairman and chief executive officer.
"It is anticipated that the North American Class 8 truck market will improve 10-15% in 2004 as customers replace aging trucks and benefit from a gradual economic recovery."
Fourth quarter net sales and financial services revenues were $2.2 billion versus $1.9 billion for the fourth quarter of 2002.
Consolidated net sales and financial services revenues for 2003 were $8.2 billion, an increase of 14% from $7.2 billion in 2002. Yearly net income in 2003 of $526.5 million increased 42% over 2002 earnings of $372.0 million. Dividends of $2.06 per share were declared during 2003, including a special dividend of $1.20. Paccar also announced a 50% stock dividend, effective February 5, 2004, and an increased quarterly dividend, effective in March 2004.
"Paccar had a great year in 2003; in fact, it was the second best year in the company's 98-year history, as well as being the 65th consecutive year of net profitability," said Mark C. Pigott, chairman and chief executive officer.
"It is anticipated that the North American Class 8 truck market will improve 10-15% in 2004 as customers replace aging trucks and benefit from a gradual economic recovery."
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