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PACCAR achieves record annual revenues and net income

PACCAR reported record annual revenues and profitability in 2018 and has achieved an impressive 80 consecutive years of net income

PACCAR reported record annual revenues and profitability in 2018 and has achieved an impressive 80 consecutive years of net income,” said Ron Armstrong, chief executive officer. “PACCAR’s financial results reflect the company’s premium-quality products and services, record heavy-duty truck market share in Europe, strong global truck markets, and record aftermarket parts results. I am very proud of our 28,000 employees who have delivered outstanding products and services to our customers.”

“The North American and European economies are projected to continue growing in 2019. Our customers are very profitable and benefiting from strong freight demand. Freight activity grew 6.6% percent in the U.S. in 2018, the highest growth in 20 years. Kenworth and Peterbilt’s 2019 build schedules are substantially full due to the robust orders. We expect 2019 to be another excellent year for PACCAR,” added Armstrong.

PACCAR achieved record quarterly revenues of $6.28 billion in the fourth quarter 2018, a 15% increase compared to the $5.45 billion reported in the same period in 2017. The company earned $578.1 million ($1.65 per diluted share) in the fourth quarter of 2018. PACCAR earned $589.2 million ($1.67 per diluted share) in the fourth quarter of 2017, including $173.4 million of net tax benefits resulting from changes to U.S. tax law. Excluding the one-time tax benefits, PACCAR reported adjusted net income (non-GAAP)1 of $415.8 million ($1.18 per diluted share) in the fourth quarter of 2017.

PACCAR achieved record revenues of $23.50 billion in 2018, a 21% increase compared to revenues of $19.46 billion in 2017. The company earned a record $2.20 billion ($6.24 per diluted share) in 2018, 31% higher than the $1.68 billion ($4.75 per diluted share) earned in 2017. PACCAR’s 2018 net income of $2.20 billion increased 47% compared to 2017 adjusted net income (non-GAAP) of $1.50 billion ($4.26 per diluted share).

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SOURCE: PACCAR

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