PACCAR Q1 Report 2023

Highlights – First Quarter 2023
Highlights of PACCAR’s financial results during the first quarter of 2023 include:

• Record consolidated revenues of $8.47 billion.
• Net income of $733.9 million.
• Adjusted net income (non-GAAP) of $1.18 billion, excluding the $446.4 million nonrecurring charge related to civil litigation in Europe.
• Record PACCAR Parts revenue of $1.62 billion.
• PACCAR Financial Services pretax income of $148.8 million.
• Cash provided by operations of $684.8 million.

PACCAR achieved record quarterly revenues of $8.47 billion in the first quarter of 2023, compared to the $6.47 billion reported in the same period in 2022. The company reported net income of $733.9 million ($1.40 per diluted share) in the first quarter of 2023, including a $446.4 million after-tax, non-recurring charge related to civil litigation in Europe. The civil litigation followed a 2016 settlement with the European Commission regarding an investigation of all European truck manufacturers. Excluding the non-recurring charge, the company earned adjusted net income (non-GAAP) of $1.18 billion ($2.25 per diluted share) in the first quarter of 2023. PACCAR achieved net income of $600.5 million ($1.15 per diluted share) in the first quarter last year.