PACCAR Achieves Strong Annual Revenues and Net Income

BELLEVUE, Wash.--(BUSINESS WIRE)--Jan 28, 2025--

“PACCAR reported strong annual revenues and net income in 2024,” said Preston Feight, chief executive officer. “PACCAR’s results reflect the enhanced profitability of the latest generation of DAF, Peterbilt and Kenworth trucks, record PACCAR Parts revenue and profit, and good financial services performance. I am very proud of our employees and dealers who delivered outstanding trucks and transportation solutions to our customers. In 2025, PACCAR is celebrating the 120 th anniversary of the company’s founding in 1905 by William Pigott.”

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PACCAR achieved quarterly revenues of $7.91 billion in the fourth quarter of 2024, compared to the $9.08 billion reported in the same period in 2023. The company earned $872.0 million ($1.66 per diluted share) in the fourth quarter of 2024, compared to $1.42 billion ($2.70 per diluted share) earned in the fourth quarter of 2023. PACCAR achieved strong revenues of $33.66 billion in 2024, compared to revenues of $35.13 billion in 2023. The company earned $4.16 billion ($7.90 per diluted share) in 2024, compared to $4.60 billion ($8.76 per diluted share) in 2023. Included in 2023 was a $446.4 million after-tax, non-recurring charge related to civil litigation in Europe. 1 Harrie Schippers, president and chief financial officer, noted, “PACCAR’s financial results in 2024 were the second best in company history.”

PACCAR Increases Regular Quarterly Dividend

PACCAR declared cash dividends of $4.17 per share during 2024. This included a $3.00 per share year-end cash dividend paid on January 8, 2025. In December 2024, PACCAR announced a 10% increase to its regular quarterly cash dividend, to 33 cents per share, payable on March 5, 2025. “PACCAR has generated excellent financial results and shareholder returns for many years due to its premium quality vehicles, and strong performance by PACCAR Parts and PACCAR Financial Services,” shared Mark Pigott, executive chairman.

Business Highlights – 2024

Financial Highlights – Fourth Quarter 2024

Highlights of PACCAR’s financial results during the fourth quarter of 2024 include:

Financial Highlights – Full Year 2024

Highlights of PACCAR’s financial results during 2024 include:

Global Truck Markets

Kenworth and Peterbilt achieved excellent U.S. and Canada Class 8 retail sales market share of 30.7% in 2024. U.S. and Canada Class 8 truck industry retail sales were 268,000 units in 2024 and are estimated to be in a range of 250,000-280,000 trucks in 2025. “Infrastructure spending is driving steady demand for Kenworth and Peterbilt’s industry-leading vocational trucks,” said Laura Bloch, PACCAR senior vice president. “The less-than-truckload segment is also performing well.”

Kevin Baney, PACCAR executive vice president, added, “Kenworth, Peterbilt and DAF trucks deliver premium quality, industry-leading fuel efficiency and low operating costs to our customers. PACCAR is investing in the next generation of diesel and alternative powertrains, and aftermarket transportation solutions, that enable customers to achieve their operational and environmental goals.”

Harald Seidel, DAF president, said, “Customers appreciate the industry-leading fuel efficiency and driver comfort of DAF trucks. DAF trucks have a competitive advantage in the European truck market due to an innovative, aerodynamic design with a spacious, luxurious cab interior.” European above 16-tonne truck industry registrations were 316,000 trucks in 2024 and are estimated to be in the range of 270,000-300,000 trucks in 2025.

The South American above 16-tonne truck market was 119,000 vehicles in 2024 and is estimated to be in the range of 115,000-125,000 trucks in 2025. “Kenworth and DAF premium heavy-duty trucks deliver the durability and reliability required for the challenging operating environments of South America,” said Mike Dozier, PACCAR executive vice president.

PACCAR Parts Achieves Record Annual Revenues and Record Profits

PACCAR Parts achieved quarterly pretax income of $428.2 million, compared to $432.4 million earned in the fourth quarter of 2023. Fourth quarter 2024 revenues were $1.67 billion compared to $1.61 billion reported in the fourth quarter of 2023. PACCAR Parts achieved record annual pre-tax income of $1.71 billion, compared to $1.70 billion earned in 2023. Annual revenues were a record $6.67 billion, four percent higher than the $6.41 billion achieved in 2023. Bryan Sitko, PACCAR vice president and PACCAR Parts general manager, said, “PACCAR Parts provides strong profitability through all phases of the business cycle. PACCAR Parts’ excellent long-term growth reflects the growing population of connected PACCAR vehicles with PACCAR MX engines, and the benefits of investments that increase customer vehicle uptime. These investments include new parts distribution centers (PDCs), Fleet Services, and Managed Dealer Inventory programs.”

PACCAR’s PDCs support over 2,000 DAF, Kenworth and Peterbilt dealer sales, parts and service locations, and more than 350 TRP stores. These independent, well-capitalized dealers provide excellent service to customers, complementing the premium quality of DAF, Kenworth and Peterbilt vehicles.

PACCAR opened its new, 240,000 square-foot PDC in Massbach, Germany, in November 2024. This PDC supports DAF’s growth in Germany, Europe’s largest truck market, by enhancing parts delivery to dealers and customers.

PACCAR Financial Services Achieves Good Annual Results

PACCAR Financial Services (PFS) achieved pretax income of $104.0 million in the fourth quarter of 2024, compared to $113.0 million earned in the fourth quarter of 2023. Fourth quarter 2024 revenues were $544.3 million compared to $484.8 million in the same quarter of 2023. PFS earned $435.6 million of pretax profit in 2024, compared to $540.3 million earned in 2023. PFS revenues were $2.10 billion in 2024 compared to $1.81 billion achieved in 2023. “PFS achieved good annual results due to its strong portfolio quality. PFS is a leader in the market with its superior Kenworth, Peterbilt and DAF vehicles, innovative technologies that provide seamless credit application and loan servicing processes, and its support of customers in all phases of the business cycle,” said Todd Hubbard, PACCAR vice president.

PFS has a portfolio of 237,000 trucks and trailers, with total assets of $22.41 billion. PacLease, a major full-service truck leasing company in North America and Europe with a fleet of approximately 41,000 vehicles, is included in this segment. “PACCAR’s strong balance sheet, complemented by its A+/A1 credit ratings, enables PFS to offer competitive retail financing to Kenworth, Peterbilt and DAF dealers and customers in 26 countries on four continents,” said Craig Gryniewicz, PACCAR Financial Corp. president. “PACCAR Financial Services has excellent access to the debt markets, issuing $3.65 billion in medium-term notes during 2024.”

Capital and R&D Investments in Products, Technologies and Facilities

PACCAR’s excellent long-term profits, strong balance sheet and consistent focus on quality have enabled the company to invest $8.6 billion in new and enhanced facilities, innovative products and new technologies during the past decade. PACCAR invested $796 million in capital projects and $453 million in research and development expenses in 2024. PACCAR estimates that it will invest $700-$800 million in capital projects and $460-$500 million in research and development expenses in 2025.

“PACCAR is investing in its truck factories, including expansions at Kenworth Chillicothe, Ohio, PACCAR Mexico, and the DAF electric truck assembly plant in Eindhoven, Netherlands. Investments in PACCAR’s global engine business include additional manufacturing and remanufacturing capacity,” said John Rich, PACCAR senior vice president and chief technology officer. “In addition to the capital and R&D investments, the company expects to invest a total project amount of $600-$900 million in its battery joint venture, Amplify Cell Technologies.”

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 powertrains, provides financial services and information technology, and distributes truck parts related to its principal business.

PACCAR will hold a conference call with securities analysts to discuss fourth quarter earnings on January 28, 2025, at 9:00 a.m. Pacific time. Interested parties may listen to the call by selecting “Q4 Earnings Webcast” at PACCAR’s homepage. The webcast will be available on a recorded basis through February 4, 2025. PACCAR shares are traded on the Nasdaq Stock Market, symbol PCAR. Its homepage is www.paccar.com.

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in PACCAR’s filings with the Securities and Exchange Commission.

 

PACCAR Engine Remanufacturing Facility in Columbus, Mississippi (Rendering) (Graphic: Business Wire)

DAF Electric Truck Factory, Eindhoven, Netherlands (Photo: Business Wire)

PACCAR Parts Distribution Center in Massbach, Germany (Photo: Business Wire)

DAF XG+ Truck (Photo: Business Wire)

Kenworth T680 Truck (Photo: Business Wire)

Peterbilt 589 Truck (Photo: Business Wire)

WEST PALM BEACH, Fla. (AP) — President Donald Trump on Sunday fired off another warning to the government of Cuba as the close ally of Venezuela braces for potential widespread unrest after Nicolás Maduro was deposed as Venezuela's leader.

Cuba, a major beneficiary of Venezuelan oil, has now been cut off from those shipments as U.S. forces continue to seize tankers in an effort to control the production, refining and global distribution of the country's oil products.

Trump said on social media that Cuba long lived off Venezuelan oil and money and had offered security in return, “BUT NOT ANYMORE!”

“THERE WILL BE NO MORE OIL OR MONEY GOING TO CUBA - ZERO!” Trump said in the post as he spent the weekend at his home in southern Florida. “I strongly suggest they make a deal, BEFORE IT IS TOO LATE.” He did not explain what kind of deal.

The Cuban government said 32 of its military personnel were killed during the American operation last weekend that captured Maduro. The personnel from Cuba’s two main security agencies were in Caracas, the Venezuelan capital, as part of an agreement between Cuba and Venezuela.

“Venezuela doesn’t need protection anymore from the thugs and extortionists who held them hostage for so many years,” Trump said Sunday. “Venezuela now has the United States of America, the most powerful military in the World (by far!), to protect them, and protect them we will.”

Trump also responded to another account’s social media post predicting that his secretary of state, Marco Rubio, will be president of Cuba: “Sounds good to me!” Trump said.

Trump and top administration officials have taken an increasingly aggressive tone toward Cuba, which had been kept economically afloat by Venezuela. Long before Maduro's capture, severe blackouts were sidelining life in Cuba, where people endured long lines at gas stations and supermarkets amid the island’s worst economic crisis in decades.

Trump has said previously that the Cuban economy, battered by years of a U.S. embargo, would slide further with the ouster of Maduro.

“It’s going down,” Trump said of Cuba. “It’s going down for the count.”

A person watches the oil tanker Ocean Mariner, Monrovia, arrive to the bay in Havana, Cuba, Friday, Jan. 9, 2026. (AP Photo/Ramon Espinosa)

President Donald Trump attends a meeting with oil executives in the East Room of the White House, Friday, Jan. 9, 2026, in Washington. (AP Photo/Alex Brandon)