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PCCAR (PCAR) Q1 Earnings & Sales Beat Estimates, Up Y/Y
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PACCAR Inc. (PCAR - Free Report) reported earnings of $1.72 per share in first-quarter 2022, topping the Zacks Consensus Estimate of $1.51 and rising from the year-ago figure of $1.35. Higher-than-expected revenues across all segments resulted in the outperformance.
Consolidated revenues (including trucks and financial services) came in at $6,472.6 million, up from $5,845.5 million recorded in the corresponding quarter of 2021. Sales from Trucks, Parts and Others were $6,106.4 million, beating the consensus mark of $5,781 million.
Revenues from the Trucks segment totaled $4,697.1 million in the March quarter, higher than the prior-year quarter’s $4,233 million. The figure also topped the consensus mark of $4,337 million. The segment’s pre-tax income was $276.7 million, increasing 2.4% year over year.
Revenues from the Parts segment totaled $1,388.9 million in the reported quarter, increasing from the year-earlier period’s $1,160.7 million and surpassing the consensus mark of $1,256 million. The segment’s pre-tax income came in at $340.2 million, up 26% from $251.6.
Revenues in the Financial Services segment declined to $366.2 million from the year-earlier quarter’s $432 million and missed the consensus estimate of $427 million. Nonetheless, pre-tax income rose to $147 million from $76.4 million.
Selling, general and administrative expenses in first-quarter 2022 rose to $183.7 million from the prior-year period’s $161.1 million. Research & development (R&D) expenses were $78 million compared with the year-earlier quarter’s $80.1 million.
PACCAR’s cash and marketable debt securities amounted to $4,672.4 million as of Mar 31, 2022, compared with $4,813 million on Dec 31, 2021.
Capex and R&D expenses for 2022 are envisioned in the band of $425-$475 million and $350-$400 million, respectively.
The company declared a cash dividend of 34 cents in the reported quarter.
BRP Group has an expected earnings growth rate of 9.1% for fiscal 2023. The Zacks Consensus Estimate for current-year earnings has been revised around 7.9% upward in the past 60 days.
BRP Group’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. DOOO pulled off a trailing four-quarter earnings surprise of 68%, on average. The stock has declined 15.5% over the past year.
Dorman Products has an expected earnings growth rate of 18.32% for the current year. The Zacks Consensus Estimate for current-year earnings has been marginally revised 0.4% upwards in the past 60 days.
Dorman Products’ earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. DORM pulled off a trailing four-quarter earnings surprise of 3.1%, on average. The stock has lost 4.6% over the past year.
The Zacks Consensus Estimate for Standard Motor’s current-year earnings has been revised around 1.1% upward in the past 60 days.
Standard Motor’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 60.5%, on average. The stock has declined 0.7% over the past year.
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PCCAR (PCAR) Q1 Earnings & Sales Beat Estimates, Up Y/Y
PACCAR Inc. (PCAR - Free Report) reported earnings of $1.72 per share in first-quarter 2022, topping the Zacks Consensus Estimate of $1.51 and rising from the year-ago figure of $1.35. Higher-than-expected revenues across all segments resulted in the outperformance.
Consolidated revenues (including trucks and financial services) came in at $6,472.6 million, up from $5,845.5 million recorded in the corresponding quarter of 2021. Sales from Trucks, Parts and Others were $6,106.4 million, beating the consensus mark of $5,781 million.
PACCAR Inc. Price, Consensus and EPS Surprise
PACCAR Inc. price-consensus-eps-surprise-chart | PACCAR Inc. Quote
Key Takeaways
Revenues from the Trucks segment totaled $4,697.1 million in the March quarter, higher than the prior-year quarter’s $4,233 million. The figure also topped the consensus mark of $4,337 million. The segment’s pre-tax income was $276.7 million, increasing 2.4% year over year.
Revenues from the Parts segment totaled $1,388.9 million in the reported quarter, increasing from the year-earlier period’s $1,160.7 million and surpassing the consensus mark of $1,256 million. The segment’s pre-tax income came in at $340.2 million, up 26% from $251.6.
Revenues in the Financial Services segment declined to $366.2 million from the year-earlier quarter’s $432 million and missed the consensus estimate of $427 million. Nonetheless, pre-tax income rose to $147 million from $76.4 million.
Selling, general and administrative expenses in first-quarter 2022 rose to $183.7 million from the prior-year period’s $161.1 million. Research & development (R&D) expenses were $78 million compared with the year-earlier quarter’s $80.1 million.
PACCAR’s cash and marketable debt securities amounted to $4,672.4 million as of Mar 31, 2022, compared with $4,813 million on Dec 31, 2021.
Capex and R&D expenses for 2022 are envisioned in the band of $425-$475 million and $350-$400 million, respectively.
The company declared a cash dividend of 34 cents in the reported quarter.
Zacks Rank & Key Picks
PCAR currently carries a Zacks Rank #3 (Hold).
Better-ranked players in the auto space include BRP Group, Inc. (DOOO - Free Report) , sporting a Zacks Rank #1 (Strong Buy) and Dorman Products (DORM - Free Report) and Standard Motor Products (SMP - Free Report) , each carrying a Zacks Rank #2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
BRP Group has an expected earnings growth rate of 9.1% for fiscal 2023. The Zacks Consensus Estimate for current-year earnings has been revised around 7.9% upward in the past 60 days.
BRP Group’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. DOOO pulled off a trailing four-quarter earnings surprise of 68%, on average. The stock has declined 15.5% over the past year.
Dorman Products has an expected earnings growth rate of 18.32% for the current year. The Zacks Consensus Estimate for current-year earnings has been marginally revised 0.4% upwards in the past 60 days.
Dorman Products’ earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. DORM pulled off a trailing four-quarter earnings surprise of 3.1%, on average. The stock has lost 4.6% over the past year.
The Zacks Consensus Estimate for Standard Motor’s current-year earnings has been revised around 1.1% upward in the past 60 days.
Standard Motor’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 60.5%, on average. The stock has declined 0.7% over the past year.