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Peterbilt Model 210 And Model 587 - ATD Commercial Trucks Of The Year 2012 (Photo: Business Wire)

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in PACCAR’s filings with the Securities and Exchange Commission.

PACCAR Inc
SUMMARY INCOME STATEMENTS
(in millions except per share amounts)
 
Three Months Ended
  March 31
  2012   2011
 
Truck and Other:
Net sales and revenues $ 4,514.7 $ 3,042.6
Cost of sales and revenues 3,919.9 2,632.3
Research and development 72.3 68.4
Selling, general and administrative 125.8 109.9
Interest and other (income) expense, net   (2.1 )     4.0
Truck and Other Income Before Income Taxes 398.8 228.0
 
Financial Services:
Revenues 261.4 241.0
Interest and other 158.5 157.0
Selling, general and administrative 24.1 23.2
Provision for losses on receivables   7.5       10.5
Financial Services Income Before Income Taxes 71.3 50.3
Investment income   8.9       8.0
Total Income Before Income Taxes 479.0 286.3
Income taxes   151.7       93.0
Net Income $ 327.3     $ 193.3
 
Net Income Per Share:
Basic $ .92     $ .53
Diluted $ .91     $ .53
 
Weighted Average Shares Outstanding:
Basic   357.0       365.8
Diluted   357.8       367.2
Dividends declared per share $ .18     $ .12
PACCAR Inc
CONDENSED BALANCE SHEETS
(in millions)
       
March 31 December 31
          2012   2011
ASSETS
Truck and Other:
Cash and marketable debt securities $ 2,779.8 $ 2,900.7
Trade and other receivables, net 1,195.9 977.8
Inventories 818.8 710.4
Property, plant, and equipment, net 2,062.9 1,973.3
Equipment on operating lease and other 1,324.8 1,209.1
Financial Services Assets           9,975.6     9,401.4
          $ 18,157.8   $ 17,172.7
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Truck and Other:
Accounts payable, deferred revenues and other $ 4,103.9 $ 3,846.7
Long-term debt 150.0 150.0
Financial Services Liabilities 8,184.8 7,811.6
STOCKHOLDERS' EQUITY           5,719.1     5,364.4
          $ 18,157.8   $ 17,172.7
Common Shares Outstanding          

356.7
    356.8
GEOGRAPHIC REVENUE DATA
        Three Months Ended
          March 31
          2012   2011
United States and Canada $ 2,930.0   $ 1,588.7
Europe 1,110.6 1,179.0
Other           735.5     515.9
          $ 4,776.1   $ 3,283.6
PACCAR Inc
CONDENSED CASH FLOW STATEMENTS
(in millions)
 
Three Months Ended March 31 2012   2011
OPERATING ACTIVITIES:
Net income $ 327.3 $ 193.3
Depreciation and amortization:
Property, plant and equipment 48.6 47.1
Equipment on operating leases and other 122.0 115.3
Net increase in wholesale receivables on new trucks (257.7 ) (75.8 )
Net (increase) decrease in sales-type finance leases and dealer direct loans on
new trucks (16.4 ) 32.4
All other operating activities   (97.5 )     147.0  
Net Cash Provided by Operating Activities 126.3 459.3
 
INVESTING ACTIVITIES:
Acquisition of property, plant and equipment (70.7 ) (62.2 )
Acquisition of equipment for operating leases (229.3 ) (295.3 )
Net increase in financial services receivables (126.9 ) (43.2 )
Net increase in marketable securities (26.3 ) (525.8 )
All other investing activities   88.1       75.8  
Net Cash Used in Investing Activities (365.1 ) (850.7 )
 
FINANCING ACTIVITIES:
Cash dividends paid (314.4 ) (43.8 )
Purchase of treasury stock (15.6 )
Stock compensation transactions 4.9 1.6
Net increase in debt   347.5       31.8  
Net Cash Provided by (Used in) Financing Activities 22.4 (10.4 )
Effect of exchange rate changes on cash   32.8       50.7  
Net Decrease in Cash and Cash Equivalents (183.6 ) (351.1 )
Cash and cash equivalents at beginning of period   2,106.7       2,040.8  
Cash and cash equivalents at end of period $ 1,923.1     $ 1,689.7  

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50249392&lang=en

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