PACCAR gains after knocking out record revenue in Q1
TERADAT SANTIVIVUT
PACCAR (NASDAQ:PCAR) shot higher in early trading on Tuesday after reporting record revenue of $8.47B for Q1 and net income of $733.9M, including a $446.4M after-tax, non-recurring charge related to civil litigation in Europe.
The parts business generated record quarterly pre-tax income of $438.6M and the financial services business brought in $423M. Overall adjusted net income of $1.18B was reported for the quarter, excluding the non-recurring charge related to the civil litigation in Europe.
"Good freight markets and strong customer demand are driving the resilient truck market in North America," noted PACCAR Executive VP Darrin Siver. "Kenworth and Peterbilt vehicles provide customers with industry-leading fuel efficiency, which enhances their operating performance and benefits the environment.â U.S. and Canada Class 8 truck industry retail sales are estimated to be in a range of 280,000-320,000 trucks in 2023," he added.
PACCAR (PCAR) noted that it invested $132.9M in capital projects and $97.2M in research and development expenses in the quarter. Capital expenditures are projected to be in the range of $600M to $650M in 2023 and research and development expenses are estimated to be in the range $380M to $420M.
Shares of PACCAR (PCAR) rose 1.65% in premarket trading to $74.99 vs. the 52-week trading range of $51.33 to $76.72.
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