Paccar Reports Record Quarterly Revenues
February 1, 2012
Paccar reported its 73rd year in a row of net profit, with its 4.85 billion in quarterly revenues marking the highest in company history.
"We are pleased that our vehicles achieved record share in the above 15-tonne market in Europe and Class 8 market in North America," said Mark Pigott, chairman and chief executive officer. "It is expected that the truck market in the U.S. and Canada will further improve in 2012. Ongoing economic uncertainties in Europe have resulted in lower Eurozone industry truck orders in recent months."
The company delivered 138,000 vehicles worldwide last year.
Paccar earned $327.7 million ($.91 per diluted share) for the fourth quarter of 2011, a 93% increase compared to $169.8 million ($.46 per diluted share) in the fourth quarter of 2010. Fourth quarter net sales and financial service revenues were a record $4.85 billion, up 58% compared to $3.06 billion reported for the comparable period in 2010. Net sales and financial service revenues for the full year 2011 were the second highest in company history at $16.36 billion versus $10.29 billion in 2010. Paccar reported net income in 2011 of $1.04 billion ($2.86 per diluted share) more than double the $457.6 million ($1.25 per diluted share) earned in 2010.
Cash dividends of $1.30 per share, including a fourth quarter special dividend of $.70 per share, were declared during 2011. Total dividends declared in 2011 increased by 88 percent compared to 2010. Paccar has paid a dividend every year since 1941.
In 2011, Paccar continued to expand its geographic footprint, beginning construction of a new DAF assembly plant in Brazil, opening a new Technical Center in India and increasing component purchases from Asian suppliers.
The company invested $823.2 million in capital additions and research and development.