May 8, 2018 11:45 AM, EDT

Paccar Increases Quarterly Dividend

Paccar trailerTruck PR

Paccar Inc. declared a 12% increase to the regular quarterly cash dividend.

The truck maker raised its dividend to 28 cents from 25 cents.

It is payable June 5 to stockholders of record at the close of business May 15.

“The increased quarterly dividend reflects Paccar’s ongoing excellent business performance,” Executive Chairman Mark Pigott said in a statement. “Net income was $512.1 million, or $1.45 per diluted share, in the first quarter of 2018 as a result of higher truck deliveries in North America and Europe, and strong growth in aftermarket parts worldwide.”

Paccar has earned a net profit for 79 consecutive years and has paid a dividend every year since 1941, according to the Bellevue, Wash.-based company, which is the parent of North American truck brands Kenworth Truck Co. and Peterbilt Motors Co., and DAF trucks sold overseas.