PACCAR’s (Nasdaq: PCAR) Board of Directors declared that PACCAR’s regular quarterly dividend will be reduced from 18 cents to 9 cents per share, payable September 8, to stockholders of record at the close of business on August 18.
PACCAR has earned a net profit for 70 consecutive years and has paid a dividend every year since 1941.
“We are adjusting the quarterly dividend payment as a prudent business measure in response to the global challenges affecting all industries,” shared Mark Pigott, PACCAR chairman and chief executive officer. “We recognize the importance of the dividend to our shareholders and the significance of this decision. PACCAR has increased its regular quarterly dividend 200 percent since 1998, including this adjustment, and looks forward to resuming the growth of the dividend when business markets normalize.
“Today’s proactive decision will enhance PACCAR’s strong balance sheet and liquidity and enable the company to further invest in important projects such as new truck models – including diesel-electric hybrid vehicles, industry-leading factory productivity and customer-focused aftermarket distribution centers.”