PACCAR Reports Record Annual Revenues, Strong Financial Results

PACCAR (Nasdaq:PCAR) reported record annual revenues of $17.12 billion and net income of $1.17 billion for 2013, achieving the “third best annual net profit in the company’s history and the 75th consecutive year of net income,” said Mark Pigott, chairman and chief executive officer.

“PACCAR’s financial results reflect the company’s premium-quality products and services, improved European truck deliveries, excellent aftermarket parts revenues and record PACCAR Financial Services business. I am very proud of our 22,000 employees who have delivered outstanding performance to our shareholders and customers.”

“PACCAR’s excellent balance sheet and operating cash flow of $2.38 billion in 2013 enabled the company to expand into Brasil and invest in all facets of the business,” said Ron Armstrong, president. “In 2013, PACCAR launched a new range of vocational trucks; the Kenworth T880, the Peterbilt Model 567 and the DAF CF and LF Euro 6 models.

“PACCAR expanded its family of engines with the introduction of higher horsepower ratings for the PACCAR MX-13 engine and the new PACCAR MX-11 engine,” added Armstrong. “PACCAR Parts extended its global network of parts distribution centers, which resulted in record annual parts revenues, and PACCAR Financial earned record annual pretax profits.”

PACCAR achieved record revenues of $17.12 billion in 2013 compared to revenues of $17.05 billion in 2012. PACCAR reported net income of $1.17 billion in 2013 compared to $1.11 billion earned last year. PACCAR’s 2013 earnings per diluted share (EPS) of $3.30 increased by six percent versus 2012 EPS of $3.12. Fourth quarter 2013 net sales and financial service revenues were $4.60 billion, a 15 percent increase compared to $3.99 billion for the comparable period in 2012.

PACCAR earned $334.2 million ($.94 per diluted share) for the fourth quarter of 2013, a 32 percent increase versus the $253.5 million ($.72 per diluted share) in the fourth quarter of 2012. Shareholders’ equity was a record $6.63 billion at December 31, 2013.

Highlights of PACCAR’s financial results during 2013 include:

• Record consolidated net sales and revenues of $17.12 billion.
• Net income of $1.17 billion.
• Record year-end shareholders’ equity of $6.63 billion.
• Cash provided by operations of $2.38 billion.
• Record PACCAR Parts revenues of $2.82 billion.
• Record Financial Services pretax income of $340.2 million on assets of $11.63 billion.
• Capital investments of $409.5 million.
• Research and development expenses of $251.4 million.

 

Tags: PACCAR

Category: General Update