PACCAR Inc. (PCAR - Free Report) recorded earnings of $2.27 per share in the first quarter of 2024, which surpassed the Zacks Consensus Estimate of $2.17 per share and increased from $2.25 per share recorded in the year-ago period. Consolidated revenues (including trucks and financial services) came in at $8.74 billion, up from $8.47 billion in the corresponding quarter of 2023. Sales from Trucks, Parts and Others were $8.2 billion, which surpassed the Zacks Consensus Estimate of $8.08 billion.
Key Takeaways
Revenues from the Trucks segment totaled $6.54 billion in the first quarter, higher than the prior year quarter’s $6.41 billion and our estimate of $5.98 billion. Global truck deliveries came in at 48,100 units. The segment’s pre-tax income was $881.6 million, falling short of our estimate of $1 billion and decreasing 1.4% year over year.
Revenues from the Parts segment totaled $1.67 billion in the reported quarter, increasing from the year-earlier period’s $1.62 billion but missing our estimate of $1.69 billion. The segment’s pre-tax income came in at $455.8 million, up 4% on a year-over-year basis, marginally lagging our forecast of $457.2 million.
Revenues of the Financial Services segment came in at $509.3 million, outperforming the year-ago quarter’s $423.2 million and our estimate of $470.4 million. Pre-tax income decreased to $113 million from $148.8 million reported in the year-ago period and fell short of our projection of $152 million.
Other sales amounted to $18.1 million. Selling, general and administrative expenses in first-quarter 2024 decreased to $186.6 million from $195 million in the prior-year period. Research & development (R&D) expenses were $105.5 million compared with the year-earlier quarter’s $97.2 million.
PACCAR’s cash and marketable debt securities amounted to $7.72 billion as of Mar 31, 2024, compared with $8.66 million as of Dec 31, 2023.
The company declared a quarterly dividend of 27 cents per share.
Capex and R&D expenses for 2024 are envisioned in the band of $700-$750 million and $460-$500 million, respectively.
PACCAR currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Peer Releases
General Motors (GM - Free Report) reported first-quarter 2024 adjusted earnings of $2.62 per share, which surpassed the Zacks Consensus Estimate of $2.08. The bottom line also increased from the year-ago quarter’s level of $2.21. Solid results of the GMNA segment led to the outperformance. Revenues of $43.01 billion beat the Zacks Consensus Estimate of $41.28 billion and increased from $39.9 billion recorded in the year-ago period.
GM had cash and cash equivalents of $17.64 billion as of Mar 31, 2024. The long-term automotive debt at the end of the quarter was $15.9 billion.For full-year 2024, GM now expects adjusted EBIT in the range of $12.5-$14.5 billion, up from $12-$14 billion guided earlier.
Adjusted EPS is anticipated in the range of $9-$10, up from $8.50-$9.50 guided earlier. Adjusted automotive free cash flow is expected in the band of $8.5-$10.5 billion, higher than the prior forecast of $8-$10 billion. Capex is predicted to be in the $10.5-$11.5 billion range, up from the previous guidance of $10-$11 billion.
Ford (F - Free Report) reported first-quarter 2024 adjusted earnings per share (EPS) of 49 cents, which beat the Zacks Consensus Estimate of 42 cents but declined from 63 cents recorded in the year-ago quarter. The company’s consolidated first-quarter revenues came in at $42.8 billion, up 3.1% year over year.
Ford had cash and cash equivalents of $19.72 billion as of Mar 31, 2024. Long-term debt, excluding Ford Credit, totaled $19.4 billion at the end of the first quarter of 2024. For full-year 2024, Ford’s outlook for adjusted EBIT remained unchanged at $10-$12 billion. However, the company now expects adjusted free cash flow in the range of $6.5-$7.5 billion, up from the previous outlook of $6-$7 billion. Capital spending is expected in the range of $8-$9 billion, narrower than the previous estimate of $8-$9.5 billion.
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PACCAR Inc. (PCAR - Free Report) recorded earnings of $2.27 per share in the first quarter of 2024, which surpassed the Zacks Consensus Estimate of $2.17 per share and increased from $2.25 per share recorded in the year-ago period. Consolidated revenues (including trucks and financial services) came in at $8.74 billion, up from $8.47 billion in the corresponding quarter of 2023. Sales from Trucks, Parts and Others were $8.2 billion, which surpassed the Zacks Consensus Estimate of $8.08 billion.
Key Takeaways
Revenues from the Trucks segment totaled $6.54 billion in the first quarter, higher than the prior year quarter’s $6.41 billion and our estimate of $5.98 billion. Global truck deliveries came in at 48,100 units. The segment’s pre-tax income was $881.6 million, falling short of our estimate of $1 billion and decreasing 1.4% year over year.
Revenues from the Parts segment totaled $1.67 billion in the reported quarter, increasing from the year-earlier period’s $1.62 billion but missing our estimate of $1.69 billion. The segment’s pre-tax income came in at $455.8 million, up 4% on a year-over-year basis, marginally lagging our forecast of $457.2 million.
Revenues of the Financial Services segment came in at $509.3 million, outperforming the year-ago quarter’s $423.2 million and our estimate of $470.4 million. Pre-tax income decreased to $113 million from $148.8 million reported in the year-ago period and fell short of our projection of $152 million.
Other sales amounted to $18.1 million. Selling, general and administrative expenses in first-quarter 2024 decreased to $186.6 million from $195 million in the prior-year period. Research & development (R&D) expenses were $105.5 million compared with the year-earlier quarter’s $97.2 million.
PACCAR’s cash and marketable debt securities amounted to $7.72 billion as of Mar 31, 2024, compared with $8.66 million as of Dec 31, 2023.
The company declared a quarterly dividend of 27 cents per share.
Capex and R&D expenses for 2024 are envisioned in the band of $700-$750 million and $460-$500 million, respectively.
PACCAR currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Peer Releases
General Motors (GM - Free Report) reported first-quarter 2024 adjusted earnings of $2.62 per share, which surpassed the Zacks Consensus Estimate of $2.08. The bottom line also increased from the year-ago quarter’s level of $2.21. Solid results of the GMNA segment led to the outperformance. Revenues of $43.01 billion beat the Zacks Consensus Estimate of $41.28 billion and increased from $39.9 billion recorded in the year-ago period.
GM had cash and cash equivalents of $17.64 billion as of Mar 31, 2024. The long-term automotive debt at the end of the quarter was $15.9 billion.For full-year 2024, GM now expects adjusted EBIT in the range of $12.5-$14.5 billion, up from $12-$14 billion guided earlier.
Adjusted EPS is anticipated in the range of $9-$10, up from $8.50-$9.50 guided earlier. Adjusted automotive free cash flow is expected in the band of $8.5-$10.5 billion, higher than the prior forecast of $8-$10 billion. Capex is predicted to be in the $10.5-$11.5 billion range, up from the previous guidance of $10-$11 billion.
Ford (F - Free Report) reported first-quarter 2024 adjusted earnings per share (EPS) of 49 cents, which beat the Zacks Consensus Estimate of 42 cents but declined from 63 cents recorded in the year-ago quarter. The company’s consolidated first-quarter revenues came in at $42.8 billion, up 3.1% year over year.
Ford had cash and cash equivalents of $19.72 billion as of Mar 31, 2024. Long-term debt, excluding Ford Credit, totaled $19.4 billion at the end of the first quarter of 2024. For full-year 2024, Ford’s outlook for adjusted EBIT remained unchanged at $10-$12 billion. However, the company now expects adjusted free cash flow in the range of $6.5-$7.5 billion, up from the previous outlook of $6-$7 billion. Capital spending is expected in the range of $8-$9 billion, narrower than the previous estimate of $8-$9.5 billion.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
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