“PACCAR delivered record revenues and excellent net income in the first quarter of 2023.” This was stated by Preston Feight- CEO of the great American brand. Feight added: “PACCAR’s results reflect continued strong demand for DAF, Peterbilt and Kenworth trucks, the equally strong demand for aftermarket parts and the financial services we offer around the world. I am very proud of our employees and dealers who have provided exceptional trucks and haulage solutions to our customers.”
Looking at the numbers, PACCAR’s record quarterly revenue is approximately $8.47 billion, up from $6.47 billion for the same period in 2022. The company reported net income of $733.9 million. ($1.40 per diluted share) also in the first quarter of 2023, including a $446.4 million after-tax non-recurring charge related to civil litigation in Europe. The civil litigation followed a 2016 agreement with the European Commission regarding an investigation into all European truck manufacturers. Excluding non-recurring charges, also in the first three months of this year PACCAR also achieved adjusted (non-GAAP) net income of $1.18 billion ($2.25 per diluted share), plus other net income of $600.5 million ($1.15 per diluted share) even if the latter figure dates back to the last financial year, 2022.