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PACCAR Inc. has increased its regular quarterly cash dividend by 11% from $.27 to $.30 per share. The dividend will be payable on June 5, 2024, to stockholders of record on May 15, 2024. The company has a history of providing strong shareholder returns and profitability due to its leadership in premium quality vehicles and aftermarket services.
Luiz Pretti has been elected to the PACCAR Inc Board of Directors, succeeding Franklin L. Feder. Pretti's international business and management experience will benefit PACCAR's global growth. PACCAR thanks Feder for his service. Pretti's background includes leadership roles in agribusiness, finance, and automotive industries, with significant contributions to the Brazilian business community. PACCAR is a leading global technology company in truck design, manufacturing, and customer support, with shares listed on NASDAQ under the symbol PCAR.
PACCAR reported excellent financial performance in the first quarter of 2024, with record revenues and net income. The company achieved quarterly revenues of $8.74 billion, compared to $8.47 billion in the same period last year. Net income was $1.20 billion in the first quarter of 2024. PACCAR's strong operating margins are attributed to investments in new truck models, advanced manufacturing, and technology-enabled aftermarket solutions.
Highlights of PACCAR's financial results include consolidated revenues of $8.74 billion, record PACCAR Parts revenue of $1.68 billion, and PACCAR Financial Services pretax income of $113.9 million. The company also announced capital investments in new products and technologies, including a battery cell manufacturing joint venture.
