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Paccar Reports Record Revenue for Last Year

January 31, 2014

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Paccar has installed more than 51,000 of its MX-13 engines in Kenworth and Peterbilt trucks in North America since the start of production in 2010.
Paccar has installed more than 51,000 of its MX-13 engines in Kenworth and Peterbilt trucks in North America since the start of production in 2010.

Paccar, the parent to truck makers Peterbilt and Kenworth, reported record revenue of $17.12 billion in 2013 compared to revenue of $17.05 billion the year before.

Paccar’s net income was $1.17 billion in 2013 compared to $1.11 billion earned last year, with earnings per share of $3.30 versus $3.12 during the same time frame.

Fourth quarter 2013 net sales and financial service revenues were $4.60 billion, a 15% increase compared to $3.99 billion for the comparable period in 2012. Paccar earned $334.2 million or 94 cents per share during the period, a 32% increase over the $253.5 million level or 72 cents per share.

It declared cash dividends of $1.70 per share during 2013, including a special dividend of 90 cents per share. Total dividends per share declared in 2013 increased by 8% compared to 2012.

“Class 8 industry retail truck sales in the U.S. and Canada were 212,000 units in 2013,” said Dan Sobic, Paccar executive vice president. “Truck demand is being driven primarily by the ongoing replacement of the aging truck population and improving housing and automotive sectors."

In 2013, Paccar had a Class 8 retail market share in the U.S. and Canada of 28%, he said.

“Estimates for U.S. and Canada Class 8 truck industry retail sales in 2014 are in the range of 210,000-240,000 units, driven by vehicle replacement and some expansion of industry fleet capacity, reflecting anticipated economic growth," Sobic said.

Paccar has installed more than 51,000 of its MX-13 engines in Kenworth and Peterbilt trucks in North America since the start of production in 2010. In the fourth quarter of 2013, the Paccar MX-13 engine was installed in 37% of Kenworth and Peterbilt heavy-duty trucks.

Paccar Financial Services fourth-quarter pretax income was a record $90.4 million, compared to the $78.7 million earned in the fourth quarter of 2012. Fourth quarter revenues were $299.5 million compared to $297.8 million.

For the full year, PFS revenue was $1.17 billion compared to $1.1 billion in 2012, and pretax income was a record $340.2 million in 2013, an increase of 11% compared to $307.8 million a year ago.

More details are on the Paccar website

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