PACCAR announces record quarterly revenues and excellent profits

"PACCAR reported strong revenues and net income for the fourth quarter of 2011 and achieved its 73rd consecutive year of net profit. PACCAR’s fourth quarter revenues of $4.85 billion were the highest quarterly revenues in company history," said Mark Pigott, chairman and chief executive officer. "PACCAR’s 2011 financial results reflect the company’s premium-quality products and services, the benefits of geographic diversification, growing financial services and aftermarket business and environmental leadership. I am very proud of our 23,400 employees who have delivered outstanding industry-leading products and services."

"PACCAR’s excellent balance sheet and operating cash flow of $1.59 billion in 2011 have enabled increased capital investments in new products, enhanced manufacturing efficiency and global expansion," said Pigott. "To support the investments in global business initiatives in 2011, the company displayed its vehicles at major truck shows in the BRIC countries (Brasil, Russia, India, China) during the year. We have begun construction of a DAF assembly facility in Brasil, opened a parts distribution center in Russia and added employees in our India and China operations," added Pigott. "We are pleased that our vehicles achieved record share in the above 15-tonne market in Europe and Class 8 market in North America. 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."

Net Income, Revenues and Dividends
PACCAR earned $327.7 million ($.91 per diluted share) for the fourth quarter of 2011, a 93 percent 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 percent 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.