Paccar Inc. chairman & CEO Mark C. Pigott today said that the OEM had its fourth best year in its 98-year history and recorded its 63rd consecutive year of net profitability.

Pigott said the company earned $122.2 million for the fourth quarter 2002, compared to $50.4 million for the same period a year ago. Fourth quarter net sales and financial services revenues were $1.9 billion versus $1.5 billion for the fourth quarter of 2001.

Consolidated net sales and financial services revenues for 2002 were $7.2 billion, an increase of 18% from $6.1 billion in 2001. Net income of $372 million for the year more than doubled 2001 earnings of $173.6 million. Dividends of $1.50 per share were declared during 2002, including a special dividend of $.70.

"Paccar has set the standard for the commercial vehicle industry by generating strong profits and maintaining a solid balance sheet, with excellent credit ratings," Piggott said.

Paccar subsidiaries produce Kenworth and Peterbilt trucks.