Paccar Stock Price, News & Analysis

PACCAR's Board of Directors has declared a regular quarterly cash dividend of $0.30 per share. This dividend will be payable on September 5, 2024, to shareholders who are on record by the close of business on August 15, 2024. PACCAR, a global leader in the design, manufacture, and support of high-quality trucks under brands such as Kenworth, Peterbilt, and DAF, also provides advanced powertrains, financial services, information technology, and truck parts distribution. The company's stock is traded on NASDAQ under the symbol PCAR.

Amplify Cell Technologies, a joint venture of Accelera, Daimler Trucks & Buses US Holding, and PACCAR, has started constructing a battery cell manufacturing facility in Marshall County, Mississippi.

The 500-acre site will host a 2 million sq. ft. facility with an annual production capacity of 21 GWh of lithium-iron-phosphate (LFP) battery cells. The plant aims to begin production in 2027, creating over 2,000 manufacturing jobs.

This project represents the largest payroll commitment in Mississippi's history. Partners have committed $2-3 billion to this venture. EVE Energy, a 10% stakeholder, will provide technology expertise.

The facility will help localize the battery supply chain, important for the electric commercial vehicle market in North America, and support the transition to zero-emission technologies.

Accelera by Cummins, Daimler Truck, and PACCAR have formed a joint venture named Amplify Cell Technologies to localize battery cell production in the U.S. The collaboration aims to advance zero-emissions technology for electric commercial vehicles. Amplify will build a 21 GWh factory in Marshall County, Mississippi, expected to create over 2,000 U.S. manufacturing jobs and commence operations in 2027. Kel Kearns has been appointed as CEO. Each partner owns 30% of the venture, with EVE Energy holding a 10% stake and serving as the technology partner. This initiative aligns with the partners’ goals to meet sustainability needs and contribute to the Paris Climate Agreement.

PACCAR will hold meetings with research analysts and institutional shareholders on June 5, 2024, in New York City starting at 9:00 a.m. Eastern time. These events will be available in real time via a Webcast on PACCAR's website and replays will be accessible until June 30, 2024. PACCAR is known for designing, manufacturing, and supporting high-quality light, medium, and heavy-duty trucks under the Kenworth, Peterbilt, and DAF brands. The company also specializes in advanced powertrains, financial services, information technology, and the distribution of truck parts.

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.