PACCAR records $600M pre-tax charge for European truck antitrust settlements

PACCAR INC

Non-recurring pre-tax charge of $600M ($446M after-tax) in Q1 2023 from European truck antitrust litigation settlements and judgments.
Several European courts issued mixed rulings; unfavorable judgments are being appealed; company believes it has meritorious defenses.
Limitation period for claims expired in most jurisdictions; some settlements reached in Q1 2023.
Estimate may be adjusted as legal process continues, could materially impact financial results.
Customer demand and new truck models (Kenworth, Peterbilt, DAF) performing well across markets.

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