Paccar hikes dividend by 8.8%

On September 13, 2022, PACCAR (PCAR) announced that it will hike its quarterly dividend by 8.8% to 37 cents per share. This comes after a dividend hike of 6.3 percent to 34 cents per share in 2021. 

The next PCAR dividend will be payable on December 6, 2022, to stockholders of record at the close of business on November 15, 2022. The annual dividend of PACCAR now will be $1.48 per share and yields 1.7% at a stock price of $87. The next ex-dividend date for PCAR is November 14, 2022.

Mark Pigott, executive chairman, shared, “PACCAR is achieving excellent business results in its strong truck markets worldwide. PACCAR has delivered annual dividends, including regular quarterly and extra cash dividends, totaling approximately 50% of net income for many years. PACCAR’s shareholder returns have exceeded the S&P 500 index for the last 20 years.”

Preston Feight, chief executive officer, said, “Peterbilt, Kenworth and DAF’s new range of fuel efficient heavy- and medium-duty trucks and PACCAR’s growing aftermarket parts and finance businesses are delivering excellent performance for our customers. PACCAR is an industry technology leader in zero emissions trucks, autonomous vehicle development and connected truck services.”

PACCAR Inc (PACCAR) is a manufacturer of high-quality light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates. In North America, trucks are sold under the Kenworth and Peterbilt nameplates, in Europe, under the DAF nameplate and in Australia and South America, under the Kenworth and DAF nameplates. The Parts segment includes the distribution of aftermarket parts for trucks and related commercial vehicles. The company’s Financial Services segment derives its earnings primarily from financing or leasing PACCAR products in North America, Europe and Australia. The company’s Other business includes the manufacturing and marketing of industrial winches.