Paccar Inc., Bellevue, Wash., Tuesday, reported record revenues and net income for 2004, its 99th year in business.

The company will celebrate its centennial this year.
Paccar chairman and CEO Mark Pigott said 2004 was the best year in the company’s history, exceeding the previous annual net income record set in 1999. The company earned $584 million then compared to $906.8 million in 2004.
Consolidated net sales and financial services revenues for 2004 were a record $11.40 billion, an increase of 39 percent from $8.19 billion in 2003. Yearly net income in 2004 of $906.8 million ($5.16 per diluted share) increased 72 percent over 2003 earnings of $526.5 million ($2.99 per diluted share). Dividends of $2.75 per share were declared during 2004, including a special dividend of $2.00.
Paccar earned $241.4 million ($1.38 per diluted share) for the fourth quarter 2004, which was an increase of 52 percent compared to the $159.1 million ($0.90 per diluted share) earned in the fourth quarter of 2003. Fourth quarter net sales and financial services revenues were $3.19 billion, 44 percent higher than the $2.21 billion reported for the comparable period in 2003.
"This result reflects the innovative contribution and dedication of Paccar's 20,500 employees worldwide,” said Pigott. “As Paccar enters its 100th year, the company is building on its impressive record of 66 consecutive years of net profitability and reinforcing its outstanding reputation as one of the leading global technology companies. All of Paccar's truck brands -- Kenworth, Peterbilt and DAF -- achieved record market shares, which, combined with the positive impact of earnings diversification and a robust commercial vehicle market, contributed to the company's superior operating performance."