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PACCAR (PCAR) Q1 Earnings Beat Estimates on Record Revenues
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PACCAR Inc.’s (PCAR - Free Report) earnings of $2.25 per share for first-quarter 2023 beat the Zacks Consensus Estimate of $1.82 and rocketed 95.6% 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 $8,473.3 billion, up from $6,472.6 million recorded in the corresponding quarter of 2022. Sales from Trucks, Parts and Others were $8,050.1 million, which surpassed the consensus mark of $7,623.9 million.
Revenues from the Trucks segment totaled $6,413.8 million in the March quarter, higher than the prior-year quarter’s $4,697.1 million. The figure also crossed the consensus mark of $5,986 million. The segment’s pre-tax income was $894.3 million, breezing past the consensus mark of $582 million and increasing a whopping 223% year over year.
Revenues from the Parts segment totaled $1,623 million in the reported quarter, increasing from the year-earlier period’s $1,388.9 million and surpassing the consensus mark of $1,539 million. The segment’s pre-tax income came in at $438.6 million, up 29% on a year-over-year basis. The metric also outpaced the consensus mark of $408 million.
Revenues of the Financial Services segment came in at $423.2 million compared with the year-ago quarter’s $366.2 million and topped the consensus estimate of $385 million. Pre-tax income inched up to $148.8 million from $147 million and came higher than the consensus mark of $138 million.
Other sales amounted to $13.3 million, missing the consensus mark of $19.2 million. The unit incurred a pretax loss of $562.7 million owing to a one-time charge of $600 million related to civil litigation in Europe. In the year-ago quarter, the company had recorded a pretax profit of $7.5 million.
Selling, general and administrative expenses in first-quarter 2023 rose to $195 million from the prior-year period’s $183.7 million. Research & development (R&D) expenses were $97.2 million compared with the year-earlier quarter’s $78 million.
PACCAR’s cash and marketable debt securities amounted to $5,922.2 million as of Mar 31, 2023, compared with $6,158.9 million on Dec 31, 2022. The company paid cash dividends of 25 cents per share during the reported quarter.
Capex and R&D expenses for 2023 are envisioned in the band of $600-$650 million and $380-$420 million, respectively.
Key Releases From Auto Space
Tesla (TSLA - Free Report) reported first-quarter 2023 earnings of 85 cents per share, down from the year-ago figure of $1.07 but outpaced the Zacks Consensus Estimate of 83 cents. This marked an earnings beat for the electric vehicle (EV) behemoth for the ninth time in a row. Higher-than-expected revenues from its Energy Generation/Storage and Services/Other segments resulted in this outperformance.
Total revenues came in at $23,329 million, witnessing year-over-year growth of 24%. However, the top line missed the consensus mark of $23,472 million. Tesla reported an overall gross margin of 19.3% for the reported quarter. The operating margin came in at 11.4%. Management stuck to its target of around 50% growth in deliveries in the foreseeable future. For 2023, it expects deliveries to reach 1.8 million units.
General Motors (GM - Free Report) reported first-quarter 2023 adjusted earnings of $2.21 per share, surpassing the Zacks Consensus Estimate of $1.64. Higher-than-expected operating profit from GMNA, GMI and Financial segments led to the outperformance. The bottom line also rose from the year-ago quarter’s earnings of $2.09 per share.
Revenues of $39,985 million beat the Zacks Consensus Estimate of $38,677.9 million and increased from $35,979 million recorded in the year-ago period. However, the company recorded adjusted earnings before interest and taxes (EBIT) of $3,803 million, lower than $4,044 million in the prior-year quarter. The automaker’s share in the GM market was 8.6% in the reported quarter, down from the year-ago quarter’s 9%.
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PACCAR (PCAR) Q1 Earnings Beat Estimates on Record Revenues
PACCAR Inc.’s (PCAR - Free Report) earnings of $2.25 per share for first-quarter 2023 beat the Zacks Consensus Estimate of $1.82 and rocketed 95.6% 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 $8,473.3 billion, up from $6,472.6 million recorded in the corresponding quarter of 2022. Sales from Trucks, Parts and Others were $8,050.1 million, which surpassed the consensus mark of $7,623.9 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 $6,413.8 million in the March quarter, higher than the prior-year quarter’s $4,697.1 million. The figure also crossed the consensus mark of $5,986 million. The segment’s pre-tax income was $894.3 million, breezing past the consensus mark of $582 million and increasing a whopping 223% year over year.
Revenues from the Parts segment totaled $1,623 million in the reported quarter, increasing from the year-earlier period’s $1,388.9 million and surpassing the consensus mark of $1,539 million. The segment’s pre-tax income came in at $438.6 million, up 29% on a year-over-year basis. The metric also outpaced the consensus mark of $408 million.
Revenues of the Financial Services segment came in at $423.2 million compared with the year-ago quarter’s $366.2 million and topped the consensus estimate of $385 million. Pre-tax income inched up to $148.8 million from $147 million and came higher than the consensus mark of $138 million.
Other sales amounted to $13.3 million, missing the consensus mark of $19.2 million. The unit incurred a pretax loss of $562.7 million owing to a one-time charge of $600 million related to civil litigation in Europe. In the year-ago quarter, the company had recorded a pretax profit of $7.5 million.
Selling, general and administrative expenses in first-quarter 2023 rose to $195 million from the prior-year period’s $183.7 million. Research & development (R&D) expenses were $97.2 million compared with the year-earlier quarter’s $78 million.
PACCAR’s cash and marketable debt securities amounted to $5,922.2 million as of Mar 31, 2023, compared with $6,158.9 million on Dec 31, 2022. The company paid cash dividends of 25 cents per share during the reported quarter.
Capex and R&D expenses for 2023 are envisioned in the band of $600-$650 million and $380-$420 million, respectively.
Key Releases From Auto Space
Tesla (TSLA - Free Report) reported first-quarter 2023 earnings of 85 cents per share, down from the year-ago figure of $1.07 but outpaced the Zacks Consensus Estimate of 83 cents. This marked an earnings beat for the electric vehicle (EV) behemoth for the ninth time in a row. Higher-than-expected revenues from its Energy Generation/Storage and Services/Other segments resulted in this outperformance.
Total revenues came in at $23,329 million, witnessing year-over-year growth of 24%. However, the top line missed the consensus mark of $23,472 million. Tesla reported an overall gross margin of 19.3% for the reported quarter. The operating margin came in at 11.4%. Management stuck to its target of around 50% growth in deliveries in the foreseeable future. For 2023, it expects deliveries to reach 1.8 million units.
General Motors (GM - Free Report) reported first-quarter 2023 adjusted earnings of $2.21 per share, surpassing the Zacks Consensus Estimate of $1.64. Higher-than-expected operating profit from GMNA, GMI and Financial segments led to the outperformance. The bottom line also rose from the year-ago quarter’s earnings of $2.09 per share.
Revenues of $39,985 million beat the Zacks Consensus Estimate of $38,677.9 million and increased from $35,979 million recorded in the year-ago period. However, the company recorded adjusted earnings before interest and taxes (EBIT) of $3,803 million, lower than $4,044 million in the prior-year quarter. The automaker’s share in the GM market was 8.6% in the reported quarter, down from the year-ago quarter’s 9%.