PACCAR rallies after earnings show momentum is building
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PACCAR Inc. (NASDAQ:PCAR) broke higher in early trading on Tuesday after cruising past Q4 consensus marks.
Revenue was up 22% during the quarter and net income set a company record at $921M. Pretax profit was up across the truck, parts, and financial services parts of the business.
PACCAR (PCAR) said it is manufacturing the most comprehensive new truck range in its history, including new DAF XG+, XG, XF and XD heavy trucks which were named International Truck of the Year, new Peterbilt 579 and Kenworth T680 heavy-duty trucks that feature major aerodynamic and technology enhancements, and new Kenworth and Peterbilt medium-duty trucks. The company noted that it is also investing in the next generation of products and technologies to further enhance customersâ operating efficiency. At CES earlier in the month, PACCAR exhibited three vehicles with electric and autonomous commercial vehicles capabilities.
Shares of PACCAR rose 3.95% premarket on Tuesday to $106.29.
The Seeking Alpha Quant Rating on PCAR is flashing Strong Buy.