Paccar achieved fourth quarter 2016 net sales and financial service revenues of $4.07 billion compared to $4.36 billion for the same period in 2015.
Company earned $288.8 million ($.82 per diluted share) for the fourth quarter of 2016 compared to $347.2 million ($.98 per diluted share) in the fourth quarter of 2015, which reflects lower truck deliveries in North America. It achieved revenues of $17.03 billion in 2016 compared to revenues of $19.12 billion in 2015.
PACCAR reported net income of $521.7 million ($1.48 per diluted share) in 2016, including an $833.0 million non-tax-deductible, non-recurring charge for a European Commission (EC) settlement. Excluding the non-recurring charge, their net income (non-GAAP) of $1.35 billion ($3.85 per diluted share) in 2016and earned $1.60 billion ($4.51 per diluted share) in 2015.
PACCAR also declared cash dividends of $1.56 per share during 2016, including a special dividend of $.60 per share paid in January 2017and repurchased 1.38 million of its common shares for $70.5 million in 2016. The total shareholder return was 38.3 percent during 2016, compared to the S&P 500 Index return of 11.9 percentand its shareholder return has exceeded the S&P 500 Index return for the previous one-, five-, fifteen- and twenty-year periods.
Financial Highlights – Full Year 2016
Highlights of PACCAR’s financial results during 2016 include:
- Consolidated net sales and revenues of $17.03 billion.
- Net income of $521.7 million.
- Adjusted net income of $1.35 billion (non-GAAP), excluding an $833.0 million non-recurring charge for the EC settlement.
- PACCAR Parts pretax income of $543.8 million.
- Financial Services pretax income of $306.5 million on assets of $12.19 billion.
- Cash provided by operations of $2.30 billion.
- Dividends declared of $547.9 million.
- Medium-term note (MTN) issuances of $1.94 billion.
- Stockholders’ equity of $6.78 billion.