BELLEVUE, Wash. — As PACCAR enters its 100th year, the company is building on its impressive record of 66 consecutive years of net profitability.
All of PACCAR’s truck brands — Kenworth, Peterbilt and DAF — achieved record market shares, which, combined with the positive impact of earnings diversification and a robust commercial vehicle market, contributed to the company’s superior operating performance.
"PACCAR Inc reported record revenues and net income for 2004,” said Mark C. Pigott, chairman and chief executive officer. “This result reflects the innovative contribution and dedication of PACCAR’s 20,500 employees worldwide.
PACCAR earned $241.4 million for the fourth quarter 2004, which was an increase of 52 per cent compared to the $159.1 million earned in the fourth quarter of 2003. Fourth quarter net sales and financial services revenues were $3.19 billion, 44 per cent higher than the $2.21 billion reported for the comparable period in 2003.
Consolidated net sales and financial services revenues for 2004 were a record $11.40 billion, an increase of 39 percent from $8.19 billion in 2003. Yearly net income in 2004 of $906.8 million ($5.16 per diluted share) increased 72 percent over 2003 earnings of $526.5 million ($2.99 per diluted share). Dividends of $2.75 per share were declared during 2004, including a special dividend of $2.00.
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