Shares of Daimler Truck hit a contemporary all-time excessive Friday, spiking greater than 13.5% in early offers, after posting report full-year revenue and asserting a 2 billion euro ($2.16 billion) share buyback program.

The German truck maker posted better-than-expected pre-tax earnings of $5.5 billion euros for 2023, up 39% on the earlier 12 months’s 4.4 billion. Analysts had anticipated EBIT (earnings earlier than revenue tax) of 5.2 billion.

The corporate additionally mentioned it could conduct the buyback program over the course of the approaching 24 months and proposed a dividend of 1.9 euros per share for 2023, up from 1.3 euros a 12 months earlier.

Shares of the inventory dipped barely to commerce up 12.4% by 10:15 a.m. London time.

Daimler’s Chairman Martin Daum described 2023 as a report 12 months for the corporate in a press release, however cautioned that income and earnings had been more likely to be flat in 2024 amid “troublesome financial circumstances.”

Mercedes and Common Motors are amongst a number of different carmakers to have introduced share buybacks and elevated dividends over latest months to return money to traders.