Truck Maker Paccar Issues Special $2.30-Per-Share Dividend

Truck manufacturer Paccar Inc. PCAR declared an extra cash dividend of $2.30 per share payable Jan. 8, 2020, to stockholders of record on Dec. 20.

The special dividend, approved by the company's Board of Directors on Dec. 10, won approval along with a regular quarterly cash dividend of 32 cents per share, payable on March 3, 2020, to stockholders of record at the close of business Feb.11, 2020.

"Paccar has delivered annual dividends, including regular quarterly and extra cash dividends, totaling approximately 50% of net income for many years," said Mark Pigott, executive chairman.

Paccar Inc. PCAR stock price on Dec. 10, 2019 (FreightWaves/SONAR)

Paccar manufactures light-, medium- and heavy-duty trucks under the Peterbilt Motors and Kenworth Truck Co. brands in North America and DAF trucks in Europe. It also designs and manufactures advanced diesel engines, provides financial services and information technology, and distributes truck parts.

A Kenworth W990 Class 8 truck recently hauled the Christmas tree for the U.S. Capitol from New Mexico to Washington.

"Paccar's profits and strong cash flow have enabled the company to invest in new and expanded manufacturing and distribution facilities, industry-leading products and new technologies," said Preston Feight, Paccar CEO.

In December 2018, the Board of Directors approved the repurchase of $500 million of company stock. Of that amount, $430.5 million remained for buybacks as of Sept. 30.

Image by Pexels from Pixabay