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While PACCAR's Board of Directors might be feeling somewhat deflated at having to cut the US truck maker's regular quarterly dividend from $0.18 to $0.09 cents per share they can take comfort from the fact that for the second straight year Daf's CF85 has won "Fleet Truck of the Year" in the annual Motor Transport Awards. "It's is a great accolade for the CF85 and for everybody in the UK sales team and dealer network," Ray Ashworth, boss of Daf Trucks tells Biglorryblog, adding "And it's made all the more significant because fleet operators vote for this award and they are the most discerning buyers in the market." For the record Daf has won a truck award at 12 of the 23 MT Awards. And while we're on the subject of success it's probably worth mentioning that PACCAR has earned a net profit for 70 consecutive years and has paid a dividend every year since 1941. Not a bad record at that... Now click through here to see what PACCAR boss Mark Pigott had to say about that cut in the quarterly 'divi'...
"We're adjusting the quarterly dividend payment as a prudent business measure in response to the global challenges affecting all industries," he says. "We recognise the importance of the dividend to our shareholders and the significance of this decision. PACCAR has increased its regular quarterly dividend 200% since 1998, including this adjustment, and looks forward to resuming the growth of the dividend when business markets normalize."
Pigott adds, "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." Actually the simple fact that PACCAR is paying out any sort of dividend at all in the midst of one of the toughest global trucking recessions on record (and particularly so in the US) is impressive enough for BLB...
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