PACCAR 2016 Revenues and Net Income Down
PACCAR results for 2016 were down, with fourth quarter 2016 net sales and financial service revenues of $4.07 billion compared to $4.36 billion for the same period in 2015.
PACCAR earned $288.8 million ($.82 per diluted share) for the fourth quarter of 2016 compared to $347.2 million ($.98 per diluted share) in the fourth quarter of 2015, which reflects lower truck deliveries in North America.
In related news, PACCAR achieved revenues of $17.03 billion in 2016 compared to revenues of $19.12 billion in 2015.
PACCAR reported net income of $521.7 million ($1.48 per diluted share) in 2016, including an $833.0 million non-tax-deductible, non-recurring charge for a European Commission (EC) settlement. Excluding the non-recurring charge, PACCAR reported adjusted net income (non-GAAP)1 of $1.35 billion ($3.85 per diluted share) in 2016. The company earned $1.60 billion ($4.51 per diluted share) in 2015.
The company noted the following business highlights for 2016:
- PACCAR delivered 140,900 vehicles worldwide.
- PACCAR invested $649.9 million in capital projects and research and development.
- Kenworth and Peterbilt achieved Class 8 retail market share of 28.5 percent in the U.S. and Canada (27.4 percent in 2015).
- DAF achieved above 16-tonne market share of 15.5 percent in Europe (14.6 percent in 2015).
- PACCAR introduced the PACCAR MX-11 engine in North America.
- PACCAR launched a proprietary PACCAR tandem axle in North America.
- DAF launched the DAF Connecttelematics system.
- PACCAR Australia introduced Kenworth’s new T610 truck.
- PACCAR Parts opened a new 160,000 square-foot Parts Distribution Center (PDC) in Renton, Washington.
- PACCAR has implemented over 36,000 Six Sigma projects since 1997.
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