PACCAR Hits 70th Straight Year of Net Profit
Feb 2, 2009 12:23 PM
PACCAR earned the fourth-highest annual net income in its 103-year history in 2008 and delivered its 70th consecutive year of net profit.
“PACCAR’s excellent balance sheet and strong cash flow have enabled ongoing investments in capital projects such as diesel engines, new vehicles and factory productivity improvements,” said Mark C. Pigott, chairman and chief executive officer. “These projects will assist the company in achieving its long-term growth objectives. However, the severe recession is affecting our business in North America and Europe. Our fourth quarter 2008 financial results were negatively impacted by reduced gross margins, lower build rates and temporary plant shutdowns. These challenges are increasing in 2009. PACCAR is rigorously reducing operating expenses and capital expenditures to align the business with the slower markets.”
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