PACCAR said that worldwide net sales and revenues in 2023 rose to $35.13 billion from $28.82 billion in 2022, and that net income was $4.60 billion ($8.76 per diluted share). The company said adjusted net income (non-GAAP), excluding the $446.4 million after-tax charge for EC-related claims, was $5.05 billion.

1. 01

   PACCAR said that worldwide net sales and revenues in 2023 rose to $35.13 billion from $28.82 billion in 2022, and that net income was $4.60 billion ($8.76 per diluted share). The company said adjusted net income (non-GAAP), excluding the $446.4 million after-tax charge for EC-related claims, was $5.05 billion.

2. 02

   The company said Truck sales in 2023 were $26.85 billion (2022: $21.49 billion), and Parts sales were $6.41 billion (2022: $5.76 billion). It said Truck gross margin was 16.4% (2022: 10.6%), and Parts gross margin was 31.9% (2022: 30.4%).

3. 03

   The company said Financial Services segment revenues in 2023 rose to $1.81 billion (2022: $1.51 billion), but income before income taxes fell to $540.3 million from $588.9 million in 2022. It said the share of retail loan and lease accounts 30+ days past due was 1.0% at the end of 2023, compared with .4% at the end of 2022.

4. 04

   The company said Parts sales are expected to increase 4-8% in 2024 compared with 2023. It said capital spending is expected to be $700 to $750 million, and R&D $460 to $500 million. PACCAR said it is pursuing a battery cell joint venture with Cummins, Daimler Truck and EVE Energy, with a total investment of $2 to 3 billion, and that it will hold 30% of the venture.

Key figures

Fiscal year ended December 31, 2023

Revenue

$35.1B

Net income

$4.6B

EPS

$8.76

Operating cash flow

$4.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.