Paccar reports 2024 earnings, revenue

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Updated Jan 30, 2025
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Paccar's 2024 financial results were the second-best in company history. 

It had 2024 revenues of $33.66 billion and $4.16 billion in earnings, compared to $35.13 billion in 2023 and $4.6 billion, respectively. In the fourth quarter, revenues were $7.91 billion and earnings were $872 million, compared to $9.08 billion in the same period in 2023 revenues and $1.42 billion in earnings. 

[RELATED: Paccar reports $900 million in net income for third quarter]

"Paccar reported strong annual revenues and net income in 2024," says Preston Feight, CEO. "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." 

Paccar declared cash dividends of $4.17 per share during 2024, including a $3-per-share year-end cash dividend paid Jan. 8.

"Paccar's financial results in 2024 were the second-best in company history," says Harrie Schippers, president and CFO. 

Highlights of the company's financial results for 2024 include: 

  • Consolidated revenues of $33.66 billion. 
  • Net income of $4.16 billion. 
  • After-tax return on revenues of 12.4%. 
  • Record Paccar Parts revenue of $6.67 billion and pretax income of $1.71 billion. 
  • Financial Services assets of $22.41 billion and pretax income of $435.6 million. 
  • Cash provided by operations of $4.64 billion. 
  • Dividends declared of $2.19 billion. 
  • Medium-term note issuances of $3.65 billion. 
  • Investments of $1.25 billion in capital projects and research and development. 

In 2024, the company delivered 185,300 vehicles worldwide. Kenworth and Peterbilt had a sales market share of 30.7% in U.S. and Canadian Class 8 retail sales. Total Class 8 sales in the U.S. and Canada were 268,000 units and is expected to be between 250,000 and 280,000 trucks in 2025. 

"Infrastructure spending is driving steady demand for Kenworth and Peterbilt's industry-leading vocational trucks," says Laura Block, Paccar senior vice president. "The less-than-truckload segment is also performing well." 

Paccar Parts achieved quarterly pretax income of $428.8 million in the fourth quarter with revenues of $1.67 billion. The division had record annual pre-tax income of $1.71 billion and revenues of $6.67 billion, 4% higher than 2023's total. 

"Paccar Parts provides strong profitability through all phases of the business cycle," says Bryan Sitko, Paccar vice president and Paccar Parts general manager. "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 Financial Services (PFS) achieved pretax income of $104 million in the fourth quarter with revenues of $544.3 million. In 2024, PFS earned $435.6 million on pretax profit and $2.1 billion in revenues. 

"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," says Todd Hubbard, Paccar vice president. 

PFS has a portfolio of 237,000 trucks and trailers with total assets of $22.41 billion, including PacLease and its fleet of 41,000 vehicles. 

"Paccar Financial Services has excellent access to the debt markets, issuing $3.65 billion in medium-term notes during 2024," says Craig Gryniewicz, Paccar Financial Corp. president. 

Paccar invested $796 million in capital projects and $453 million in research and development expenses in 2024. The company estimates 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," says John Rich, Paccar senior vice president and chief technology officer. "Investments in Paccar's global engine business include additional manufacturing and remanufacturing capacity. 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." 

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