PACCAR Announces $300 Million Share Repurchase

[kscarbel2]

Business Wire / September 23, 2015

The Paccar Board of Directors has approved the repurchase of an additional $300 million of its outstanding common stock.

Paccar recently completed its previously authorized $300 million share repurchase program.

“PACCAR’s excellent net profits and strong cash flow make the company’s shares an attractive long-term investment,” said CEO Ron Armstrong. “The stock repurchase program reflects the Board’s confidence in PACCAR’s successful global business growth.”

“PACCAR has earned a net profit for 76 consecutive years and has paid a dividend every year since 1941,” said Bob Christensen, president. “PACCAR is a global leader in high-quality commercial vehicles, financial services, aftermarket customer support and information technology.”

In the last ten years, the company’s shareholder return has averaged 9.8 percent, compared to the S&P 500 Index return of 7.2 percent.

FYI - Effective April 27, 2014, Ron Armstrong replaced Mark Pigott as CEO. Mark remains in the picture as executive chairman of the Board of Directors. At the same time, Bob Christensen was appointed Paccar president and chief financial officer.

[james j neiweem]

If only Mack had taken care of the business side as well as Paccar has.