PACCAR Announces Strong Sales and Record First Quarter Earnings
Environmental Initiatives Set Industry Standard
PACCAR Increases Quarterly Dividend 25 Percent
PACCAR Inc reported excellent revenues and record first quarter net income for the first quarter of 2007,” said Mark C. Pigott, chairman and chief executive officer. “PACCAR’s balanced global diversification has benefited from a strengthened Eurozone economy and steady GDP growth in North America, in combination with the growth of aftermarket parts and financial services,” added Pigott. “PACCAR’s business outside the U.S., which is over 50 percent of the company’s total revenues, is making a major contribution to the excellent performance, and is providing a counter-cyclical balance to slower business in North America.
PACCAR has reduced production levels in its U.S. and Canadian facilities to reflect lower industry demand, which has been impacted by higher-cost 2007 emission engines. “The lower demand and proactive build rate adjustments will have a dampening effect on company financial results until the industry absorbs new vehicles purchased in 2006,” said Pigott.
PACCAR earned $365.6 million ($1.46 per diluted share) for the first quarter of 2007 compared to $342.0 million ($1.35 per diluted share) earned in the first quarter last year. First quarter net sales and financial services revenues were $3.98 billion, 3 percent higher than the $3.85 billion reported for the comparable period in 2006.
Quarterly Dividend Increased 25 Percent
The PACCAR Board of Directors approved an increase to the regular quarterly dividend from $.20 (twenty cents) per share to $.25 (twenty-five cents) per share, effective with the dividend payment on June 5, 2007, for shareholders of record on May 18, 2007. PACCAR has increased its quarterly dividend by an average of 18 percent per year during the last decade. “PACCAR’s regular quarterly dividend, combined with its special dividend, has delivered outstanding yields to its shareholders for over 50 years,” said Mark Pigott. “PACCAR is committed to increasing its regular quarterly dividend as a percent of the total dividend paid to shareholders.” PACCAR has paid a dividend every year since 1941.
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