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PACCAR and Kulicke & Soffa have been highlighted as Zacks Bull and Bear of the Day
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For Immediate Release
Chicago, IL – November 10, 2022 – Zacks Equity Research shares PACCAR (PCAR - Free Report) as the Bull of the Day and Kulicke & Soffa (KLIC - Free Report) asthe Bear of the Day. In addition, Zacks Equity Research provides analysis on Lyft (LYFT - Free Report) , Uber Technologies (UBER - Free Report) and PayPal Holdings (PYPL - Free Report) .
PACCAR is a $35 billion manufacturer of heavy-duty trucks for global markets and has substantial manufacturing exposure to light/medium trucks.
It also designs and manufactures diesel engines and other powertrain components for use in its own products and for sale to third party manufacturers of trucks and buses. Besides supplying aftermarket parts, PACCAR also offers finance and leasing services.
PACCAR Trucks distributes premium trucks under the Kenworth and Peterbilt nameplates in the United States and Canada. The company operates in the European light/medium market under the DAF nameplate through its wholly owned subsidiary, Leyland, in the U.K.
Strong Quarter Boosts Estimates
PACCAR's 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 $5.146B recorded in the corresponding quarter of 2021. Sales from Trucks, Parts and Others were $6.687B, which marginally missed the consensus mark of $6.692B.
Responding to this strength, analysts raised this year's consensus from EPS of $7.73 to $8.15, based primarily on the big quarter beat.
What's more important is that they boosted next year's EPS consensus from $8.04 to $8.36.
Key Quarter Takeaways
Revenues from the Trucks segment totaled $5.198B in the September quarter, higher than the prior-year quarter’s $3.453B. The figure, however, missed the consensus mark of $5.313B. 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 $1.472B in the reported quarter, increasing from the year-earlier period’s $1.260B and surpassing the consensus mark of $1.431B. 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.
Drivers of Growth
The reasons that have PCAR pushing over 21% topline growth this year to cross $26 billion -- and stunning 53% EPS growth -- are the combination of rising commodity prices, demand for vehicles, and robust economic activity globally.
While the stock sits near 52-week highs, it's still quite the value, trading at only 1.3 times sales. And the P/E sits comfortably under 13X.
And as they complete over 5 years of partnership with NVIDIA in autonomous driving systems and intelligent logistics, PACCAR is poised to remain a leader in transportation across the globe.
Kulicke & Soffa is a leading provider of semiconductor packaging and electronic assembly solutions supporting the global automotive, consumer, communications, computing and industrial segments.
As a pioneer in the semiconductor space, K&S has provided customers with market leading packaging solutions for decades. In recent years, K&S has expanded its product offerings through strategic acquisitions and organic development, adding advanced packaging, electronics assembly, wedge bonding and a broader range of expendable tools to its core offerings.
Combined with its extensive expertise in process technology and focus on development, K&S is well positioned to help customers meet the challenges of packaging and assembling the next-generation of electronic devices.
Ahead of Earnings
The market expects Kulicke and Soffa to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2022.
This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on November 16. On the other hand, if they miss, the stock may move lower.
The semiconductor equipment maker is expected to post quarterly earnings of $0.91 per share in its upcoming report, which represents a year-over-year change of -58.1%.
Revenues are expected to be $280 million, down 42.3% from the year-ago quarter.
Estimate Revisions Trend
The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Earnings Whisper
Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Kulicke and Soffa?
For Kulicke and Soffa, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -6.59%.
On the other hand, the stock currently carries a Zacks Rank of #5.
So, this combination makes it difficult to conclusively predict that Kulicke and Soffa will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?
While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Kulicke and Soffa would post earnings of $1.55 per share when it actually produced earnings of $2.09, delivering a surprise of +34.84%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom line on KLIC: The stock trades at only 1X sales, but the financial metrics are headed south. Best to stay away until the global dust clears.
Additional content:
Why Lyft Plunged -23% Despite Q3 Earnings Beat
Shares of Lyft have plummeted 22.91% since Nov 7 despite better-than-expected earnings per share (on an adjusted basis) being reported for third-quarter 2022 on the said date. Quarterly earnings also improved on a year-over-year basis. The massive decline may be due to the lower-than-expected revenues reported by this ride-hailing company for the September quarter. Weakness pertaining to rider volumes also disappointed investors.
Earnings Report in Detail
Lyft’s third-quarter 2022 earnings (excluding $1.29 from non-recurring items) of 11 cents per share beat the Zacks Consensus Estimate of 8 cents and our estimate of 10 cents. In the year-ago period, this currently Zacks Rank #3 (Hold) player reported earnings of 5 cents per share. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Total revenues of $1053.8 million lagged the Zacks Consensus Estimate of $1054.7 million and our estimate of $1,056.7 million. However, the top line jumped 21.91% year over year on a 7.2% increase in active riders, which totaled 20.31 million in the reported quarter.
However, the number of active riders in the quarter was below the Zacks Consensus Estimate of 20.94 million. Also, year-over-year growth recorded in the September quarter was lower than the 15.9% year-over-year growth registered in the June quarter. Moreover, active riders increased only marginally (2%) sequentially. Another factor about active riders that might have disappointed investors is that the third-quarter 2022 figure was below the 22.3 million active riders in the third quarter of 2019 (pre-coronavirus era). This San-Francisco-based company’s revenue per active rider increased 13.7% year over year in the September quarter to $51.88.
Lyft’s adjusted EBITDA in the third quarter was $66.2 million, above our estimate of $58 million but lower than the year-ago figure of $67.3 million. Adjusted EBITDA margin for the third quarter was 6.3% compared with 7.8% in the year-ago period.
Total costs and expenses climbed 25.7% year over year to $1.34 billion in the quarter. Contribution improved 14.9% year over year to $590.4 million. Contribution margin decreased to 56% from 59.4% in the year-ago period. Lyft exited the third quarter with unrestricted cash, cash equivalents and short-term investments of $1.8 billion, flat sequentially.
Q4 Outlook
For the December quarter, management expects revenues in the band of $1.145-$1.165 billion. The Zacks Consensus Estimate is currently pegged at $1.16 billion. Our estimate is currently pegged at $1.13 billion. Management expects fourth-quarter revenues to grow 9-11% from the previous quarter’s reading and 18-20% from the year-ago reported figure. Adjusted EBITDA is expected in the $80-$100 million range. Adjusted EBITDA margin is anticipated in the 7-9% range.
Uber Technologies incurred a loss of 61 cents per share in the third quarter of 2022, wider than the Zacks Consensus Estimate of a loss of 17 cents. In third-quarter 2021, Uber delivered earnings of 23 cents per share.
Total revenues of $8,343 million outperformed the Zacks Consensus Estimate of $8,076.5 million. The top line jumped 72% year over year, backed by contribution from the acquisition of Transplace by Uber Freight and a change in the business model for Uber’s UK Mobility business. In the reported quarter, most of (60%) UBER’s revenues came from Mobility. Revenues from this segment jumped 73% year over year to $3,822 million.
PayPal Holdings reported adjusted earnings of $1.08 per share for third-quarter 2022, beating the Zacks Consensus Estimate by 13.7%. However, the figure declined 2% on a year-over-year basis. Net revenues of $6.85 billion exhibited year-over-year growth of 12% on an FX-neutral basis and 11% on a reported basis. The figure surpassed the Zacks Consensus Estimate of $6.82 billion.
Growing transaction and other value-added services’ revenues drove the top line year over year in the reported quarter. Also, accelerating U.S. and international revenues contributed handsomely.
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Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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PACCAR and Kulicke & Soffa have been highlighted as Zacks Bull and Bear of the Day
For Immediate Release
Chicago, IL – November 10, 2022 – Zacks Equity Research shares PACCAR (PCAR - Free Report) as the Bull of the Day and Kulicke & Soffa (KLIC - Free Report) asthe Bear of the Day. In addition, Zacks Equity Research provides analysis on Lyft (LYFT - Free Report) , Uber Technologies (UBER - Free Report) and PayPal Holdings (PYPL - Free Report) .
Here is a synopsis of all five stocks.
Bull of the Day:
PACCAR is a $35 billion manufacturer of heavy-duty trucks for global markets and has substantial manufacturing exposure to light/medium trucks.
It also designs and manufactures diesel engines and other powertrain components for use in its own products and for sale to third party manufacturers of trucks and buses. Besides supplying aftermarket parts, PACCAR also offers finance and leasing services.
PACCAR Trucks distributes premium trucks under the Kenworth and Peterbilt nameplates in the United States and Canada. The company operates in the European light/medium market under the DAF nameplate through its wholly owned subsidiary, Leyland, in the U.K.
Strong Quarter Boosts Estimates
PACCAR's 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 $5.146B recorded in the corresponding quarter of 2021. Sales from Trucks, Parts and Others were $6.687B, which marginally missed the consensus mark of $6.692B.
Responding to this strength, analysts raised this year's consensus from EPS of $7.73 to $8.15, based primarily on the big quarter beat.
What's more important is that they boosted next year's EPS consensus from $8.04 to $8.36.
Key Quarter Takeaways
Revenues from the Trucks segment totaled $5.198B in the September quarter, higher than the prior-year quarter’s $3.453B. The figure, however, missed the consensus mark of $5.313B. 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 $1.472B in the reported quarter, increasing from the year-earlier period’s $1.260B and surpassing the consensus mark of $1.431B. 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.
Drivers of Growth
The reasons that have PCAR pushing over 21% topline growth this year to cross $26 billion -- and stunning 53% EPS growth -- are the combination of rising commodity prices, demand for vehicles, and robust economic activity globally.
While the stock sits near 52-week highs, it's still quite the value, trading at only 1.3 times sales. And the P/E sits comfortably under 13X.
And as they complete over 5 years of partnership with NVIDIA in autonomous driving systems and intelligent logistics, PACCAR is poised to remain a leader in transportation across the globe.
Bear of the Day:
Kulicke & Soffa is a leading provider of semiconductor packaging and electronic assembly solutions supporting the global automotive, consumer, communications, computing and industrial segments.
As a pioneer in the semiconductor space, K&S has provided customers with market leading packaging solutions for decades. In recent years, K&S has expanded its product offerings through strategic acquisitions and organic development, adding advanced packaging, electronics assembly, wedge bonding and a broader range of expendable tools to its core offerings.
Combined with its extensive expertise in process technology and focus on development, K&S is well positioned to help customers meet the challenges of packaging and assembling the next-generation of electronic devices.
Ahead of Earnings
The market expects Kulicke and Soffa to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2022.
This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on November 16. On the other hand, if they miss, the stock may move lower.
The semiconductor equipment maker is expected to post quarterly earnings of $0.91 per share in its upcoming report, which represents a year-over-year change of -58.1%.
Revenues are expected to be $280 million, down 42.3% from the year-ago quarter.
Estimate Revisions Trend
The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Earnings Whisper
Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Kulicke and Soffa?
For Kulicke and Soffa, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -6.59%.
On the other hand, the stock currently carries a Zacks Rank of #5.
So, this combination makes it difficult to conclusively predict that Kulicke and Soffa will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?
While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Kulicke and Soffa would post earnings of $1.55 per share when it actually produced earnings of $2.09, delivering a surprise of +34.84%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom line on KLIC: The stock trades at only 1X sales, but the financial metrics are headed south. Best to stay away until the global dust clears.
Additional content:
Why Lyft Plunged -23% Despite Q3 Earnings Beat
Shares of Lyft have plummeted 22.91% since Nov 7 despite better-than-expected earnings per share (on an adjusted basis) being reported for third-quarter 2022 on the said date. Quarterly earnings also improved on a year-over-year basis. The massive decline may be due to the lower-than-expected revenues reported by this ride-hailing company for the September quarter. Weakness pertaining to rider volumes also disappointed investors.
Earnings Report in Detail
Lyft’s third-quarter 2022 earnings (excluding $1.29 from non-recurring items) of 11 cents per share beat the Zacks Consensus Estimate of 8 cents and our estimate of 10 cents. In the year-ago period, this currently Zacks Rank #3 (Hold) player reported earnings of 5 cents per share. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Total revenues of $1053.8 million lagged the Zacks Consensus Estimate of $1054.7 million and our estimate of $1,056.7 million. However, the top line jumped 21.91% year over year on a 7.2% increase in active riders, which totaled 20.31 million in the reported quarter.
However, the number of active riders in the quarter was below the Zacks Consensus Estimate of 20.94 million. Also, year-over-year growth recorded in the September quarter was lower than the 15.9% year-over-year growth registered in the June quarter. Moreover, active riders increased only marginally (2%) sequentially. Another factor about active riders that might have disappointed investors is that the third-quarter 2022 figure was below the 22.3 million active riders in the third quarter of 2019 (pre-coronavirus era). This San-Francisco-based company’s revenue per active rider increased 13.7% year over year in the September quarter to $51.88.
Lyft’s adjusted EBITDA in the third quarter was $66.2 million, above our estimate of $58 million but lower than the year-ago figure of $67.3 million. Adjusted EBITDA margin for the third quarter was 6.3% compared with 7.8% in the year-ago period.
Total costs and expenses climbed 25.7% year over year to $1.34 billion in the quarter. Contribution improved 14.9% year over year to $590.4 million. Contribution margin decreased to 56% from 59.4% in the year-ago period. Lyft exited the third quarter with unrestricted cash, cash equivalents and short-term investments of $1.8 billion, flat sequentially.
Q4 Outlook
For the December quarter, management expects revenues in the band of $1.145-$1.165 billion. The Zacks Consensus Estimate is currently pegged at $1.16 billion. Our estimate is currently pegged at $1.13 billion. Management expects fourth-quarter revenues to grow 9-11% from the previous quarter’s reading and 18-20% from the year-ago reported figure. Adjusted EBITDA is expected in the $80-$100 million range. Adjusted EBITDA margin is anticipated in the 7-9% range.
Following are a few other Q3 reports from the Zacks Computer and Technology industry:
Uber Technologies incurred a loss of 61 cents per share in the third quarter of 2022, wider than the Zacks Consensus Estimate of a loss of 17 cents. In third-quarter 2021, Uber delivered earnings of 23 cents per share.
Total revenues of $8,343 million outperformed the Zacks Consensus Estimate of $8,076.5 million. The top line jumped 72% year over year, backed by contribution from the acquisition of Transplace by Uber Freight and a change in the business model for Uber’s UK Mobility business. In the reported quarter, most of (60%) UBER’s revenues came from Mobility. Revenues from this segment jumped 73% year over year to $3,822 million.
PayPal Holdings reported adjusted earnings of $1.08 per share for third-quarter 2022, beating the Zacks Consensus Estimate by 13.7%. However, the figure declined 2% on a year-over-year basis. Net revenues of $6.85 billion exhibited year-over-year growth of 12% on an FX-neutral basis and 11% on a reported basis. The figure surpassed the Zacks Consensus Estimate of $6.82 billion.
Growing transaction and other value-added services’ revenues drove the top line year over year in the reported quarter. Also, accelerating U.S. and international revenues contributed handsomely.
Why Haven’t You Looked at Zacks' Top Stocks?
Our 5 best-performing strategies have blown away the S&P's impressive +28.8% gain in 2021. Amazingly, they soared +40.3%, +48.2%, +67.6%, +94.4%, and +95.3%. Today you can access their live picks without cost or obligation.
See Stocks Free >>
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Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.