8-K
Paccar Inc (PCAR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 1, 2020
PACCAR Inc
(Exact name of registrant as specified in its charter)
| Delaware | 001-14817 | 91-0351110 |
|---|---|---|
| (State or other jurisdiction<br> <br>of incorporation) | (Commission<br> <br>File Number) | (IRS Employer<br> <br>Identification No.) |
777 106th Avenue NE, Bellevue, WA 98004
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (425) 468-7400
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br> <br>Symbol(s) | Name of each exchange<br> <br>on which registered |
|---|---|---|
| Common stock, $1 par value | PCAR | The NASDAQ Global Select Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 8.01 | Other Events |
|---|
On April 1, 2020, PACCAR issued a press release with a business update in response to recent changes in customer demand and a weaker outlook for the global economy due to the coronavirus pandemic, attached as Exhibit 99.1 to this report.
| Item 9.01 | Financial Statements and Exhibits |
|---|
(d) Exhibits.
| Exhibit <br>Number | Description | |
|---|---|---|
| 99.1 | Press release of the Registrant, dated April 1, 2020. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PACCAR Inc | ||
|---|---|---|
| Date: April 1, 2020 | By: | /s/ D. S. Grandstaff |
| D. S. Grandstaff | ||
| Vice President and General Counsel |
EX-99.1
Exhibit 99.1
<br><br><br> <br><br> <br>PressRelease |
PACCAR Inc<br> <br>Public Affairs<br>Department<br> <br>P.O. Box 1518<br><br><br>Bellevue, WA 98009<br> <br><br><br><br>Contact: Ken Hastings<br><br><br>(425) 468-7530<br><br><br>ken.hastings@paccar.com |
|---|
FOR IMMEDIATE RELEASE
PACCARExtends Factory Closures to April 20, 2020
April 1, 2020, Bellevue, Washington – PACCAR Inc is providing a business update in response to recent changes in customer demand and a weaker outlook for the global economy, as a consequence of the coronavirus pandemic.
The Company will extend the suspension of truck and engine production at its factories worldwide until April 20, 2020. The company will review future actions on a regular basis. PACCAR will continue to provide aftermarket support to its customers who deliver medical supplies, food and essential infrastructure services to our communities.
PACCAR’s financial results for 2020 will be impacted by lower production schedules due to changes in customer demand and the impact of government regulations or mandates. The Company will provide a business update and first quarter results during the earnings call scheduled for April 21, 2020.
The Company is in a strong financial position, with excellent liquidity and investment-grade credit ratings of A+/A1. Manufacturing cash and marketable securities were $4.3 billion at the end of March 2020. The Company also has access to existing lines of credit of $3.0 billion.
“PACCAR’s excellent balance sheet, experienced leadership team and outstanding employees will contribute to the company successfully managing through this difficult period,” said CEO Preston Feight.
PACCAR is a global technology leader in the design, manufacture and customer support of high-quality light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates. PACCAR also designs and manufactures advanced powertrains, provides financial services and information technology, and distributes truck parts related to its principal business. PACCAR shares are listed on the NASDAQ Global Select market, symbol PCAR. Its homepage is www.paccar.com.
This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in this release due to a variety of factors. More information about these factors is contained in PACCAR’s filings with the Securities and Exchange Commission.