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 Inc. (PCAR - Free Report) recorded earnings of $2.70 per share for fourth-quarter 2023, which surged 53.4% from the year-ago figure. The bottom line surpassed the Zacks Consensus Estimate of $2.20 per share.
Consolidated revenues (including trucks and financial services) came in at $9,076.6 million, up from $8,129.5 million in the corresponding quarter of 2022. Sales from Trucks, Parts and Others were $8,591.8 million, which surpassed the Zacks Consensus Estimate of $8,190 million.
Key Takeaways
Revenues from the Trucks segment totaled $6,968.7 million in the fourth quarter, higher than the prior-year quarter’s $6,254.5 million and crossing our estimate of $6,391.6 million. Global truck deliveries came in at 51,100 units. The segment’s pre-tax income was $996.4 million, outpacing our estimate of $824.1 million and increasing 59.7% year over year.
Revenues from the Parts segment totaled $1,610.3 million in the reported quarter, increasing from the year-earlier period’s $1,469.2 million and surpassing our estimate of $1,601.7 million. The segment’s pre-tax income came in at $432.4 million, up 13.9% on a year-over-year basis, beating our forecast of $396 million.
Revenues of the Financial Services segment came in at $484.8 million compared with the year-ago quarter’s $394.8 million but lagged our estimate of $490.8 million. Pre-tax income decreased to $113 million from $151.3 million reported in the year-ago period and fell short of our projection of $165.9 million.
Other sales amounted to $12.8 million. Selling, general and administrative expenses in fourth-quarter 2023 decreased to $156 million from $161.8 million in the prior-year period. Research & development (R&D) expenses were $108.9 million compared with the year-earlier quarter’s $99.9 million.
PACCAR’s cash and marketable debt securities amounted to $8,659.3 million as of Dec 31, 2023 compared with $6,158.9 million on Dec 31, 2022. The company declared a quarterly dividend of $3.47 per share.
Capex and R&D expenses for 2024 are envisioned in the band of $700-$750 million and $460-$500 million, respectively.
The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings suggests year-over-year growth of 4.2% and 73.1%, respectively. The EPS estimates for 2023 and 2024 have improved by 4 cents and 3 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BRDCY’s 2023 earnings implies year-over-year growth of 5.3%. The EPS estimate for 2024 has moved up by 8 cents in the past 60 days.
The Zacks Consensus Estimate for HMC’s 2024 sales and earnings suggests year-over-year growth of 14.8% and 35%, respectively. The EPS estimate for 2024 has improved by 9 cents in the past 30 days. The EPS estimate for 2025 has improved by 7 cents in the past seven days.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
PACCAR (PCAR) Q4 Earnings & Sales Beat Estimates, Rise Y/Y
PACCAR Inc. (PCAR - Free Report) recorded earnings of $2.70 per share for fourth-quarter 2023, which surged 53.4% from the year-ago figure. The bottom line surpassed the Zacks Consensus Estimate of $2.20 per share.
Consolidated revenues (including trucks and financial services) came in at $9,076.6 million, up from $8,129.5 million in the corresponding quarter of 2022. Sales from Trucks, Parts and Others were $8,591.8 million, which surpassed the Zacks Consensus Estimate of $8,190 million.
Key Takeaways
Revenues from the Trucks segment totaled $6,968.7 million in the fourth quarter, higher than the prior-year quarter’s $6,254.5 million and crossing our estimate of $6,391.6 million. Global truck deliveries came in at 51,100 units. The segment’s pre-tax income was $996.4 million, outpacing our estimate of $824.1 million and increasing 59.7% year over year.
Revenues from the Parts segment totaled $1,610.3 million in the reported quarter, increasing from the year-earlier period’s $1,469.2 million and surpassing our estimate of $1,601.7 million. The segment’s pre-tax income came in at $432.4 million, up 13.9% on a year-over-year basis, beating our forecast of $396 million.
Revenues of the Financial Services segment came in at $484.8 million compared with the year-ago quarter’s $394.8 million but lagged our estimate of $490.8 million. Pre-tax income decreased to $113 million from $151.3 million reported in the year-ago period and fell short of our projection of $165.9 million.
Other sales amounted to $12.8 million. Selling, general and administrative expenses in fourth-quarter 2023 decreased to $156 million from $161.8 million in the prior-year period. Research & development (R&D) expenses were $108.9 million compared with the year-earlier quarter’s $99.9 million.
PACCAR’s cash and marketable debt securities amounted to $8,659.3 million as of Dec 31, 2023 compared with $6,158.9 million on Dec 31, 2022. The company declared a quarterly dividend of $3.47 per share.
Capex and R&D expenses for 2024 are envisioned in the band of $700-$750 million and $460-$500 million, respectively.
Zacks Rank & Key Picks
PCAR currently carries a Zacks Rank #3 (Hold).
Some better-ranked players in the auto space are Volvo (VLVLY - Free Report) , Bridgestone Corporation (BRDCY - Free Report) and Honda Motor Co., Ltd. (HMC - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings suggests year-over-year growth of 4.2% and 73.1%, respectively. The EPS estimates for 2023 and 2024 have improved by 4 cents and 3 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BRDCY’s 2023 earnings implies year-over-year growth of 5.3%. The EPS estimate for 2024 has moved up by 8 cents in the past 60 days.
The Zacks Consensus Estimate for HMC’s 2024 sales and earnings suggests year-over-year growth of 14.8% and 35%, respectively. The EPS estimate for 2024 has improved by 9 cents in the past 30 days. The EPS estimate for 2025 has improved by 7 cents in the past seven days.