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Paccar’s Profit Is 1Q Record
Board Approves 5-Cent Per-Share Dividend Boost
Heavy-duty truck maker Paccar said Tuesday its net income rose to a first-quarter record $365.5 million or $1.46 a share, from $342 million or $1.35 a year ago.
Paccar, the parent of U.S. truck makers Kenworth Truck Co. and Peterbilt Motors Co. and Europe-based DAF Trucks, said its net sales and financial services revenue rose 3% to $3.98 billion.
The company also said its board approved increasing the quarterly dividend to 25 cents from 20 cents, effective June 5 for shareholders of record as of May 18.
Paccar expects industry Class 8 retail sales in North America to be between 190,000 and 220,000, down from its earlier estimate of 200,000 to 230,000 and down from last year’s industry-wide sales of 320,000.
Paccar said in January that it plans to build a new, $400 million truck plant in the Southeast but said last month that it would trim production at several plants in April due to lower truck demand.