Paccar Inc. reported strong revenues and net income for the fourth quarter and full year 2002 compared with the same periods a year ago.

According to Mark C. Pigott, chairman and chief executive officer, Paccar earned $122.2 million ($1.05 per diluted share) for the fourth quarter 2002. That compares with $50.4 million ($.44 per diluted share) earned for the same period a year ago. Fourth quarter net sales and financial services revenues were $1.9 billion versus $1.5 billion for the fourth quarter of 2001.
Consolidated net sales and financial services revenues for 2002 were $7.2 billion, an increase of 18% from $6.1 billion in 2001. Net income of $372 million ($3.20 per diluted share) for the year more than doubled 2001 earnings of $173.6 million ($1.50 per diluted share). Dividends of $1.50 per share were declared during 2002, including a special dividend of $.70.
"Paccar had its fourth best year in its 98-year history and recorded its 63rd consecutive year of net profitability," Pigott said. "Paccar's total shareholder return was 9% last year and has exceeded the Standard & Poor's 500 index for the previous one-, five- and 10-year time periods."
"Paccar produced over 92,000 trucks last year. In the fourth quarter 2002, Paccar's North American production rates were 25% higher compared to a year ago," said David Hovind, vice chairman.
"Kenworth and Peterbilt increased their U.S. Class 8 retail sales market share from 19.7% in 2001 to a record 23.7% in 2002. Kenworth continues to be the market share leader in Mexico and Australia."
He said pre-owned Kenworth and Peterbilt trucks achieve 10-15% higher prices than the competition. DAF increased its record market share to 12.2% in the above 15T market, as well as increasing its market share in the 6-15T market to over 8%. "It is anticipated that industry Class 8 orders for North America and Europe in 2003 could be in the same range as 2002, depending on economic recovery," Hovind said.
Tom Plimpton, president, added, "Paccar achieved a record 6.7% registration share in the Class 6-7 truck and tractor market in the U.S. and Canada. Kenworth and Peterbilt are the fastest growing medium-duty products in the marketplace and this growth has contributed to our dealers' profitability. Paccar has established a solid framework for growing its medium-duty market share with the goal of eventually being comparable to its Class 8 market share."