Paccar announced its fourth quarter and year-end earnings for 2023 this week, posting its 85th consecutive year of net income.
“Paccar reported record annual revenues and net income in 2023,” says CEO Preston Feight “Paccar’s excellent results reflect record deliveries of premium quality DAF, Peterbilt and Kenworth trucks worldwide, record Truck, Parts and Other gross margins and strong financial services performance. I am very proud of our employees and dealers who delivered outstanding trucks and transportation solutions to our customers.”
The company states it achieved quarterly revenues of $9.08 billion in the fourth quarter of 2023, compared to the $8.13 billion reported in the same period in 2022. Paccar also achieved record revenues of $35.13 billion in 2023, compared to revenues of $28.82 billion in 2022.
“Paccar is manufacturing the most impressive new truck range in its history. These trucks deliver premium quality, excellent fuel efficiency and low operating costs to our customers. Paccar is investing in the next generation of Kenworth, Peterbilt and DAF trucks that feature clean diesel, battery-electric, hydrogen combustion or fuel cell powertrains. Paccar Parts and Paccar Financial Services contributed significantly to the success of Paccar and its customers in 2023,” adds Feight.
Paccar states it declared cash dividends of $4.24 per share during 2023. This included a $3.20 per share extra cash dividend paid on Jan. 4, 2024. “Paccar has generated excellent shareholder returns and annual net income due to its industry-leading premium quality vehicles, and strong growth of its aftermarket parts sales,” says Mark Pigott, executive chairman. Paccar delivered a total shareholder return of 55%, including regular quarterly and extra cash dividends paid, in 2023.
Paccar also announced it delivered a record 204,200 vehicles worldwide, and including the 750,000th truck produced at its Denton, Texas, plant.
For fourth quarter, Paccar Parts had revenue of $1.61 billion and pretax income of $432.4 million.
