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PACCAR (PCAR) Manages to Maintain Earnings Beat Streak in Q1
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PACCAR Inc. (PCAR - Free Report) recorded earnings of $2.27 per share in the first quarter of 2024, which surpassed the Zacks Consensus Estimate of $2.17 per share and increased from $2.25 per share recorded in the year-ago period. Consolidated revenues (including trucks and financial services) came in at $8.74 billion, up from $8.47 billion in the corresponding quarter of 2023. Sales from Trucks, Parts and Others were $8.2 billion, which surpassed the Zacks Consensus Estimate of $8.08 billion.
Revenues from the Trucks segment totaled $6.54 billion in the first quarter, higher than the prior year quarter’s $6.41 billion and our estimate of $5.98 billion. Global truck deliveries came in at 48,100 units. The segment’s pre-tax income was $881.6 million, falling short of our estimate of $1 billion and decreasing 1.4% year over year.
Revenues from the Parts segment totaled $1.67 billion in the reported quarter, increasing from the year-earlier period’s $1.62 billion but missing our estimate of $1.69 billion. The segment’s pre-tax income came in at $455.8 million, up 4% on a year-over-year basis, marginally lagging our forecast of $457.2 million.
Revenues of the Financial Services segment came in at $509.3 million, outperforming the year-ago quarter’s $423.2 million and our estimate of $470.4 million. Pre-tax income decreased to $113 million from $148.8 million reported in the year-ago period and fell short of our projection of $152 million.
Other sales amounted to $18.1 million. Selling, general and administrative expenses in first-quarter 2024 decreased to $186.6 million from $195 million in the prior-year period. Research & development (R&D) expenses were $105.5 million compared with the year-earlier quarter’s $97.2 million.
PACCAR’s cash and marketable debt securities amounted to $7.72 billion as of Mar 31, 2024, compared with $8.66 million as of Dec 31, 2023.
The company declared a quarterly dividend of 27 cents per share.
Capex and R&D expenses for 2024 are envisioned in the band of $700-$750 million and $460-$500 million, respectively.
General Motors (GM - Free Report) reported first-quarter 2024 adjusted earnings of $2.62 per share, which surpassed the Zacks Consensus Estimate of $2.08. The bottom line also increased from the year-ago quarter’s level of $2.21. Solid results of the GMNA segment led to the outperformance. Revenues of $43.01 billion beat the Zacks Consensus Estimate of $41.28 billion and increased from $39.9 billion recorded in the year-ago period.
GM had cash and cash equivalents of $17.64 billion as of Mar 31, 2024. The long-term automotive debt at the end of the quarter was $15.9 billion.For full-year 2024, GM now expects adjusted EBIT in the range of $12.5-$14.5 billion, up from $12-$14 billion guided earlier.
Adjusted EPS is anticipated in the range of $9-$10, up from $8.50-$9.50 guided earlier. Adjusted automotive free cash flow is expected in the band of $8.5-$10.5 billion, higher than the prior forecast of $8-$10 billion. Capex is predicted to be in the $10.5-$11.5 billion range, up from the previous guidance of $10-$11 billion.
Ford (F - Free Report) reported first-quarter 2024 adjusted earnings per share (EPS) of 49 cents, which beat the Zacks Consensus Estimate of 42 cents but declined from 63 cents recorded in the year-ago quarter. The company’s consolidated first-quarter revenues came in at $42.8 billion, up 3.1% year over year.
Ford had cash and cash equivalents of $19.72 billion as of Mar 31, 2024. Long-term debt, excluding Ford Credit, totaled $19.4 billion at the end of the first quarter of 2024. For full-year 2024, Ford’s outlook for adjusted EBIT remained unchanged at $10-$12 billion. However, the company now expects adjusted free cash flow in the range of $6.5-$7.5 billion, up from the previous outlook of $6-$7 billion. Capital spending is expected in the range of $8-$9 billion, narrower than the previous estimate of $8-$9.5 billion.
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PACCAR (PCAR) Manages to Maintain Earnings Beat Streak in Q1
PACCAR Inc. (PCAR - Free Report) recorded earnings of $2.27 per share in the first quarter of 2024, which surpassed the Zacks Consensus Estimate of $2.17 per share and increased from $2.25 per share recorded in the year-ago period. Consolidated revenues (including trucks and financial services) came in at $8.74 billion, up from $8.47 billion in the corresponding quarter of 2023. Sales from Trucks, Parts and Others were $8.2 billion, which surpassed the Zacks Consensus Estimate of $8.08 billion.
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 $6.54 billion in the first quarter, higher than the prior year quarter’s $6.41 billion and our estimate of $5.98 billion. Global truck deliveries came in at 48,100 units. The segment’s pre-tax income was $881.6 million, falling short of our estimate of $1 billion and decreasing 1.4% year over year.
Revenues from the Parts segment totaled $1.67 billion in the reported quarter, increasing from the year-earlier period’s $1.62 billion but missing our estimate of $1.69 billion. The segment’s pre-tax income came in at $455.8 million, up 4% on a year-over-year basis, marginally lagging our forecast of $457.2 million.
Revenues of the Financial Services segment came in at $509.3 million, outperforming the year-ago quarter’s $423.2 million and our estimate of $470.4 million. Pre-tax income decreased to $113 million from $148.8 million reported in the year-ago period and fell short of our projection of $152 million.
Other sales amounted to $18.1 million. Selling, general and administrative expenses in first-quarter 2024 decreased to $186.6 million from $195 million in the prior-year period. Research & development (R&D) expenses were $105.5 million compared with the year-earlier quarter’s $97.2 million.
PACCAR’s cash and marketable debt securities amounted to $7.72 billion as of Mar 31, 2024, compared with $8.66 million as of Dec 31, 2023.
The company declared a quarterly dividend of 27 cents per share.
Capex and R&D expenses for 2024 are envisioned in the band of $700-$750 million and $460-$500 million, respectively.
PACCAR currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Peer Releases
General Motors (GM - Free Report) reported first-quarter 2024 adjusted earnings of $2.62 per share, which surpassed the Zacks Consensus Estimate of $2.08. The bottom line also increased from the year-ago quarter’s level of $2.21. Solid results of the GMNA segment led to the outperformance. Revenues of $43.01 billion beat the Zacks Consensus Estimate of $41.28 billion and increased from $39.9 billion recorded in the year-ago period.
GM had cash and cash equivalents of $17.64 billion as of Mar 31, 2024. The long-term automotive debt at the end of the quarter was $15.9 billion.For full-year 2024, GM now expects adjusted EBIT in the range of $12.5-$14.5 billion, up from $12-$14 billion guided earlier.
Adjusted EPS is anticipated in the range of $9-$10, up from $8.50-$9.50 guided earlier. Adjusted automotive free cash flow is expected in the band of $8.5-$10.5 billion, higher than the prior forecast of $8-$10 billion. Capex is predicted to be in the $10.5-$11.5 billion range, up from the previous guidance of $10-$11 billion.
Ford (F - Free Report) reported first-quarter 2024 adjusted earnings per share (EPS) of 49 cents, which beat the Zacks Consensus Estimate of 42 cents but declined from 63 cents recorded in the year-ago quarter. The company’s consolidated first-quarter revenues came in at $42.8 billion, up 3.1% year over year.
Ford had cash and cash equivalents of $19.72 billion as of Mar 31, 2024. Long-term debt, excluding Ford Credit, totaled $19.4 billion at the end of the first quarter of 2024. For full-year 2024, Ford’s outlook for adjusted EBIT remained unchanged at $10-$12 billion. However, the company now expects adjusted free cash flow in the range of $6.5-$7.5 billion, up from the previous outlook of $6-$7 billion. Capital spending is expected in the range of $8-$9 billion, narrower than the previous estimate of $8-$9.5 billion.