PACCAR Announces $300 Million Share Repurchase
BELLEVUE, Wash.--(BUSINESS WIRE)-- The PACCAR (PCAR) Board of Directors approved the repurchase of an additional $300 million of its outstanding common stock. PACCAR is nearing completion of its previously authorized $300 million share repurchase program. The company has repurchased 8.4 million shares and paid $217.6 million in regular dividends to its shareholders in 2011. PACCARs excellent net profits and strong cash flow make the companys shares an attractive long-term investment, said Mark Pigott, chairman and chief executive officer. The stock repurchase program reflects the Boards confidence in PACCARs successful global business growth.
PACCAR has earned a net profit for 72 consecutive years and has paid a dividend every year since 1941, said Ron Armstrong, president. PACCAR is a global leader in high-quality commercial vehicles, financial services, aftermarket customer support and information technology. The companys stock has outperformed the Standard & Poors 500 Index for the previous three-, five- and ten-year time periods. In the last ten years, the companys shareholder return has averaged 16.2 percent, compared to the S&P 500 Index return of 2.9 percent.
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 diesel engines and provides financial services and information technology and distributes truck parts related to its principal business.
PACCAR shares are traded on the Nasdaq Global Select market, symbol PCAR, and its homepage is www.paccar.com.
Robin Easton, 425-468-7676
Source: PACCAR IncCopyright Business Wire 2011