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PACCAR's Parts Distribution Center In Eindhoven Is Due To Open In April 2013 (Photo: Business Wire)

Stocks in this article: PCAR

PACCAR is a global technology leader in the design, manufacture and customer support of high-quality light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates. PACCAR also designs and manufactures advanced diesel engines and provides financial services and information technology and distributes truck parts related to its principal business. PACCAR shares are traded on the Nasdaq Global Select Market, symbol PCAR. Its homepage is www.paccar.com.

PACCAR will hold a conference call with securities analysts to discuss fourth quarter earnings on January 31, 2013, at 9:00 a.m. Pacific time. Interested parties may listen to the call by selecting “Live Webcast” at PACCAR’s homepage. The Webcast will be available on a recorded basis through February 10, 2013.

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.

* J.D. Power and Associates 2012 Heavy-Duty Truck Customer Satisfaction Study sm. For more information please go to www.jdpower.com.

 
PACCAR Inc
SUMMARY INCOME STATEMENTS
(in millions except per share amounts)
                 
Three Months Ended Twelve Months Ended
        December 31     December 31
        2012     2011     2012     2011
 
Truck, Parts and Other:
Net sales and revenues $ 3,699.2 $ 4,587.6 $ 15,951.7 $ 15,325.9
Cost of sales and revenues (a) 3,247.4 3,994.4 13,908.3 13,341.8
Research and development 66.4 72.3 279.3 288.2
Selling, general and administrative 114.2 121.3 476.4 452.9
Interest and other (income) expense, net         (.1 )       3.6       (.3 )       10.7
Truck, Parts and Other Income Before Income Taxes 271.3 396.0 1,288.0 1,232.3
 
Financial Services:
Revenues 297.8 266.2 1,098.8 1,029.3
Interest and other 189.9 167.4 675.8 657.5
Selling, general and administrative 24.4 22.2 95.2 94.0
Provision for losses on receivables         4.8         9.2       20.0         41.4
Financial Services Income Before Income Taxes 78.7 67.4 307.8 236.4
Investment income         8.2         9.3       33.1         38.2
Total Income Before Income Taxes 358.2 472.7 1,628.9 1,506.9
Income taxes         104.7         145.0       517.3         464.6
Net Income       $ 253.5       $ 327.7     $ 1,111.6       $ 1,042.3
 
Net Income Per Share:
Basic       $ .72       $ .91     $ 3.13       $ 2.87
Diluted       $ .72       $ .91     $ 3.12       $ 2.86
 
Weighted Average Shares Outstanding:
Basic         353.6         358.3       355.1         363.3
Diluted         354.3         359.1       355.8         364.4
Dividends declared per share       $ 1.00       $ .88     $ 1.58       $ 1.30
 
 

(a) The fourth quarter 2012 includes the benefit of a $12.7 million reduction in cost of sales related to the capitalization of new product tooling that had been expensed in the first nine months of 2012. The positive effect on net income for the fourth quarter was $9.0 million ($0.03 per share).

 
 
PACCAR Inc
CONDENSED BALANCE SHEETS
(in millions)
                 
December 31 December 31
                    2012     2011
ASSETS
Truck and Other:
Cash and marketable debt securities $ 2,395.9 $ 2,900.7
Trade and other receivables, net 902.1 977.8
Inventories 782.4 710.4
Property, plant and equipment, net 2,312.9 1,973.3
Equipment on operating lease and other 1,439.0 1,209.1
Financial Services Assets                     10,795.5       9,401.4
                    $ 18,627.8     $ 17,172.7
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Truck and Other:
Accounts payable, deferred revenues and other $ 3,651.3 $ 3,846.7
Long-term debt 150.0 150.0
Financial Services Liabilities 8,979.6 7,811.6
STOCKHOLDERS' EQUITY                     5,846.9       5,364.4
                    $ 18,627.8     $ 17,172.7
Common Shares Outstanding                     353.4       356.8
 
GEOGRAPHIC REVENUE DATA
 
Three Months Ended Twelve Months Ended
        December 31     December 31
        2012     2011     2012     2011
United States and Canada $ 2,179.2 $ 2,773.6 $ 9,739.7 $ 8,792.9
Europe 1,121.1 1,347.5 4,282.3 5,104.0
Other         696.7       732.7       3,028.5       2,458.3
        $ 3,997.0     $ 4,853.8     $ 17,050.5     $ 16,355.2
 
 
PACCAR Inc
CONDENSED CASH FLOW STATEMENTS
(in millions)
         
Twelve Months Ended December 31       2012     2011
OPERATING ACTIVITIES:
Net income $ 1,111.6 $ 1,042.3
Depreciation and amortization:
Property, plant and equipment 188.8 196.5
Equipment on operating leases and other 512.1 477.3
Net increase in wholesale receivables on new trucks (6.5 ) (551.1 )

Net increase in sales-type finance leases and dealer direct loans on new trucks

(186.6 ) (141.3 )
All other operating activities         (100.4 )       568.9  
Net Cash Provided by Operating Activities 1,519.0 1,592.6
 
INVESTING ACTIVITIES:
Acquisition of property, plant and equipment (515.4 ) (340.7 )
Acquisition of equipment for operating leases (1,288.0 ) (1,306.6 )
Net increase in financial services receivables (836.9 ) (629.0 )
Net increase in marketable securities (280.6 ) (471.8 )
All other investing activities         332.9         329.1  
Net Cash Used in Investing Activities (2,588.0 ) (2,419.0 )
 
FINANCING ACTIVITIES:
Cash dividends paid (809.5 ) (217.4 )
Purchase of treasury stock (162.1 ) (337.6 )
Stock compensation transactions 13.9 10.9
Net increase in debt         1,167.2         1,490.2  
Net Cash Provided by Financing Activities 209.5 946.1
Effect of exchange rate changes on cash         25.2         (53.8 )
Net (Decrease) Increase in Cash and Cash Equivalents (834.3 ) 65.9
Cash and cash equivalents at beginning of period         2,106.7         2,040.8  
Cash and cash equivalents at end of period       $ 1,272.4       $ 2,106.7  




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