“PACCAR (Nasdaq:PCAR) reported record revenues for 2012 and its 74th consecutive year of net profit. PACCAR’s annual revenues of $17.05 billion were the highest in company history and the $1.11 billion of net income was the fourth best in our history,” said Mark Pigott, chairman and chief executive officer. “PACCAR’s financial results reflect the company’s premium-quality products and services, the benefits of increased geographic diversification, excellent aftermarket parts business and record PACCAR Financial Services performance. I am very proud of our 21,800 employees who have delivered outstanding industry-leading products and services.”
New Peterbilt Model 579 and New Kenworth T680 (Photo: Business Wire)
“PACCAR’s strong balance sheet and operating cash flow of $1.52 billion in 2012 enabled the company to deliver many new products, enhance manufacturing efficiency and expand globally,” said Ron Armstrong, president. “PACCAR launched more new trucks in 2012 than in any other year. The Kenworth T680, the Peterbilt Model 579 and the DAF XF Euro 6 are the result of a $1 billion, multi-year program to design and develop the highest quality, most efficient trucks in the industry,” added Armstrong. “We are pleased that DAF achieved record share in the European above 16-tonne market and Kenworth and Peterbilt achieved record share in the Class 8 market in North America.”
Revenues, Net Income and Dividends
PACCAR achieved record revenues of $17.05 billion in 2012 compared to revenues of $16.36 billion in 2011. PACCAR reported net income of $1.11 billion in 2012 compared to $1.04 billion earned last year. PACCAR’s 2012 earnings per diluted share (EPS) of $3.12 increased by nine percent versus 2011 EPS of $2.86. Fourth quarter net sales and financial service revenues were $3.99 billion compared to $4.85 billion for the comparable period in 2011. PACCAR earned $253.5 million ($.72 per diluted share) for the fourth quarter of 2012 compared to $327.7 million ($.91 per diluted share) in the fourth quarter of 2011.