September 14, 2010, Bellevue, Washington PACCARs Board of Directors today declared a 33 percent increase to the quarterly cash dividend from nine cents ($.09) to twelve cents ($.12) per share, payable December 6, 2010, to stockholders of record at the close of business on November 19, 2010.
This increase in the quarterly dividend reflects improvement in PACCARs net income, said Mark Pigott, chairman and chief executive officer. While conditions in the commercial vehicle markets remain challenging, net income has more than tripled through the first two quarters of 2010 to $167.9 million ($.46 per diluted share) compared to $52.8 million ($.14 per diluted share) for the same period in 2009. PACCAR has earned a net profit for 71 consecutive years and has paid a dividend every year since 1941. The Companys stock has outperformed the Standard & Poors 500 Index for the previous one-, three-, five and ten-year time periods.
PACCAR has invested in its world-class facilities throughout the recession. PACCAR held a ribbon-cutting ceremony for its new state-of-the-art engine manufacturing facility at Columbus, Mississippi, yesterday. The ceremony was attended by Mississippi Governor Haley Barbour, state and local officials, and business and education leaders. The facility is the most technologically advanced commercial vehicle diesel engine facility in North America.
The PACCAR MX engine was recently introduced as a premium heavy-duty engine in Kenworth and Peterbilt trucks. PACCARs MX environmentally friendly engine is designed to deliver outstanding performance in a wide range of applications. We are very pleased with the positive feedback we are receiving from customers regarding performance and fuel economy, noted Craig Brewster, PACCAR vice president.
PACCAR is a global technology leader in the design, manufacture and customer support of high-quality light-, medium-, and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates. PACCAR also designs and manufactures advanced diesel engines, provides financial services and information technology, and distributes truck parts related to its principal business.
PACCAR shares are traded on the NASDAQ Global Select Market, symbol PCAR. Its homepage is www.paccar.com.