BELLEVUE, WA — PACCAR has reported record revenues and net income for 2004.
The company earned $241.4 million ($1.38 per diluted share) for the fourth quarter 2004, an increase of 52 percent compared to the $159.1 million (90 cents per diluted share) earned in the fourth quarter of 2003. Fourth quarter net sales and financial services revenues were $3.19 billion, 44 percent higher than the $2.21 billion reported for the comparable period in 2003. Included in fourth quarter net income was a $23.3 million after-tax charge (13 cents per diluted share) reflecting the successful termination of the Leyland parts distribution contract with the RAC plc in the U.K. Beginning in the fourth quarter of 2005, PACCAR will distribute DAF and Leyland parts in the U.K., which is expected to generate additional parts sales and margins. The company’s 2004 fourth quarter after-tax return on sales (ROS) was 8 percent.
Consolidated net sales and financial services revenues for 2004 were a record $11.4 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.
For more information, visit: www.paccar.com.
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