We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
PACCAR (PCAR) Q3 Earnings Top Estimates, Jump 109% Y/Y
Read MoreHide Full Article
PACCAR Inc.’s (PCAR - Free Report) earnings of $2.21 per share for third-quarter 2022 beat the Zacks Consensus Estimate of $2.01 and rocketed 109% from the year-ago figure. Higher-than-expected pretax income from Trucks, Parts and Financial Services segments resulted in the outperformance.
Consolidated revenues (including trucks and financial services) came in at $7,059 billion, up from $5,146.8 million recorded in the corresponding quarter of 2021. Sales from Trucks, Parts and Others were $6,687 million, which marginally missed the consensus mark of $6,692 million.
Key Takeaways
Revenues from the Trucks segment totaled $5,198.2 million in the September quarter, higher than the prior-year quarter’s $3,452.6 million. The figure, however, missed the consensus mark of $5,313 million. The segment’s pre-tax income was $430.5 million, surpassing the consensus mark of $385 million and increasing a whopping 438% year over year.
Revenues from the Parts segment totaled $1,472 million in the reported quarter, increasing from the year-earlier period’s $1,260 million and surpassing the consensus mark of $1,431 million. The segment’s pre-tax income came in at $374 million, up 32.6% on a yearly basis. The metric also outpaced the consensus mark of $353 million.
Revenues of the Financial Services segment declined to $372 million from the year-earlier quarter’s $409 million but came in line with the consensus estimate. Pre-tax income rose to $146 million from $120 million and came higher than the consensus mark of $142 million.
Other sales amounted to $17.3 million. Pretax income from the unit rose to $29.4 million from $4.6 million in the year-ago period.
Selling, general and administrative expenses in third-quarter 2022 inched up to $171 million from the prior-year period’s $168.6 million. Research & development (R&D) expenses were $82.9 million compared with the year-earlier quarter’s $72.5 million.
PACCAR’s cash and marketable debt securities amounted to $4,762.9 million as of Sep 30, 2022, compared with $4,813 million on Dec 31, 2021.
Capex and R&D expenses for 2022 are envisioned in the band of $475-$500 million and $330-$340 million, respectively. For 2023, capital expenditure and R&D costs are projected to be between $525 million and $575 million and $350 million and $400 million, respectively.
The company declared a cash dividend of 37 cents per share, marking an increase from the last payout. The dividend will be paid out on Dec 6 to shareholders of record as of Nov 15.
A few better-ranked players in the auto space include Harley Davidson (HOG - Free Report) and Tesla (TSLA - Free Report) . While HOG sports a Zacks Rank #1, Tesla carries a Zacks Rank #2 (Buy).
Harley Davidson is one of the leading motorcycle makers in the world. The Zacks Consensus Estimate for HOG’s 2022 earnings and sales implies year-over-year growth of 8.4% and 6.6%, respectively. Over the trailing four quarters, HOG surpassed earnings estimates thrice and missed on the other occasion, the average being 49.5%.
Tesla is the market leader in battery-powered electric car sales in the United States, with roughly 70% market share. The Zacks Consensus Estimate for TSLA’s 2022 earnings and sales implies year-over-year growth of 78.3% and 56.4%, respectively. Over the trailing four quarters, Tesla surpassed earnings estimates on all occasions, the average being 26.4%.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
PACCAR (PCAR) Q3 Earnings Top Estimates, Jump 109% Y/Y
PACCAR Inc.’s (PCAR - Free Report) earnings of $2.21 per share for third-quarter 2022 beat the Zacks Consensus Estimate of $2.01 and rocketed 109% from the year-ago figure. Higher-than-expected pretax income from Trucks, Parts and Financial Services segments resulted in the outperformance.
Consolidated revenues (including trucks and financial services) came in at $7,059 billion, up from $5,146.8 million recorded in the corresponding quarter of 2021. Sales from Trucks, Parts and Others were $6,687 million, which marginally missed the consensus mark of $6,692 million.
Key Takeaways
Revenues from the Trucks segment totaled $5,198.2 million in the September quarter, higher than the prior-year quarter’s $3,452.6 million. The figure, however, missed the consensus mark of $5,313 million. The segment’s pre-tax income was $430.5 million, surpassing the consensus mark of $385 million and increasing a whopping 438% year over year.
Revenues from the Parts segment totaled $1,472 million in the reported quarter, increasing from the year-earlier period’s $1,260 million and surpassing the consensus mark of $1,431 million. The segment’s pre-tax income came in at $374 million, up 32.6% on a yearly basis. The metric also outpaced the consensus mark of $353 million.
Revenues of the Financial Services segment declined to $372 million from the year-earlier quarter’s $409 million but came in line with the consensus estimate. Pre-tax income rose to $146 million from $120 million and came higher than the consensus mark of $142 million.
Other sales amounted to $17.3 million. Pretax income from the unit rose to $29.4 million from $4.6 million in the year-ago period.
Selling, general and administrative expenses in third-quarter 2022 inched up to $171 million from the prior-year period’s $168.6 million. Research & development (R&D) expenses were $82.9 million compared with the year-earlier quarter’s $72.5 million.
PACCAR’s cash and marketable debt securities amounted to $4,762.9 million as of Sep 30, 2022, compared with $4,813 million on Dec 31, 2021.
Capex and R&D expenses for 2022 are envisioned in the band of $475-$500 million and $330-$340 million, respectively. For 2023, capital expenditure and R&D costs are projected to be between $525 million and $575 million and $350 million and $400 million, respectively.
The company declared a cash dividend of 37 cents per share, marking an increase from the last payout. The dividend will be paid out on Dec 6 to shareholders of record as of Nov 15.
Zacks Rank & Key Picks
PACCAR currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A few better-ranked players in the auto space include Harley Davidson (HOG - Free Report) and Tesla (TSLA - Free Report) . While HOG sports a Zacks Rank #1, Tesla carries a Zacks Rank #2 (Buy).
Harley Davidson is one of the leading motorcycle makers in the world. The Zacks Consensus Estimate for HOG’s 2022 earnings and sales implies year-over-year growth of 8.4% and 6.6%, respectively. Over the trailing four quarters, HOG surpassed earnings estimates thrice and missed on the other occasion, the average being 49.5%.
Tesla is the market leader in battery-powered electric car sales in the United States, with roughly 70% market share. The Zacks Consensus Estimate for TSLA’s 2022 earnings and sales implies year-over-year growth of 78.3% and 56.4%, respectively. Over the trailing four quarters, Tesla surpassed earnings estimates on all occasions, the average being 26.4%.