BELLEVUE, WA — PACCAR’s board of directors has declared a 50 percent stock dividend of the company’s common stock (one additional share for each two shares held). The new shares will be issued on Oct. 9. to stockholders of record at the close of business on Sept. 25. The company said its stock has outperformed the Standard & Poor’s 500 Index for the previous one-, three-, five- and 10-year time periods.
"PACCAR has generated excellent shareholder returns due to its focus on premium-quality products and processes, innovative use of technology, strong global diversification and continued expansion of its financial services and aftermarket parts businesses," said Mark Pigott, chairman and chief executive officer.
The board of directors also declared a quarterly cash dividend in the amount of 18 cents on each newly-split share, payable on Dec. 5 to stockholders of record at the close of business on Nov. 19. PACCAR has increased its regular quarterly dividend 35 percent this year and has averaged a regular dividend increase of 20 percent per year during the last 10 years.
During the third quarter, PACCAR invested $249.7 million to repurchase 3.05 million of its common shares, which completed the $300 million share repurchase authorization from its board of directors.
"The repurchase program reflects the board’s confidence in PACCAR’s successful global business strategy and excellent long-term profitable growth," said Mike Tembreull, vice chairman.
PACCAR also announced that the Environmental Protection Agency (EPA) recently awarded Kenworth’s T660 and T2000 and Peterbilt’s 386 and 387 models with the SmartWay designation, in recognition of their 10-20 percent fuel savings and lower greenhouse gas emissions.
"PACCAR is a global environmental leader and is committed to producing advanced aerodynamic and fuel-efficient vehicles," said Dan Sobic, senior vice president.
For more information about PACCAR, go to: www.paccar.com.
