BELLEVUE, Wash. – PACCAR’s board of directors has approved the repurchase of an additional $300 million of its outstanding common stock.
PACCAR is nearing completion of its previously authorized $300 million share repurchase program and has repurchased 8.4 million shares and paid $217.6 million in regular dividends to its shareholders in 2011.
“PACCAR’s excellent net profits and strong cash flow make the company’s shares an attractive long-term investment,” said Mark Pigott, chairman and CEO. “The stock repurchase program reflects the board’s confidence in PACCAR’s successful global business growth.”
The company’s stock has outperformed the Standard & Poor’s 500 Index for the previous three-, five- and 10-year time periods. In the past 10 years, PACCAR says shareholder return has averaged 16.2 percent, compared to the S&P 500 Index return of 2.9 percent.
“PACCAR has earned a net profit for 72 consecutive years and has paid a dividend every year since 1941,” added Ron Armstrong, president.
