On July 23, 2024, PACCAR Inc (PCAR, Financial) released its 8-K filing for the second quarter of 2024. PACCAR Inc, a leading manufacturer of medium- and heavy-duty trucks under the premium brands Kenworth, Peterbilt, and DAF, reported robust quarterly sales and profits driven by its industry-leading trucks and strong aftersales performance.
Quarterly Financial Performance
PACCAR Inc (PCAR, Financial) reported net income of $1.12 billion ($2.13 per diluted share) for the second quarter of 2024, slightly missing the analyst estimate of $2.14 per share. This compares to $1.22 billion ($2.33 per diluted share) in the same period last year. The company's net sales and financial services revenues for the quarter were $8.77 billion, surpassing the estimated $8.33 billion but slightly down from $8.88 billion in Q2 2023.
Key Financial Metrics
Highlights from PACCAR Inc (PCAR, Financial)'s second quarter 2024 financial results include:
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Net Sales and Revenues | $8.77 billion | $8.88 billion |
| Net Income | $1.12 billion | $1.22 billion |
| EPS (Diluted) | $2.13 | $2.33 |
| Global Truck Deliveries | 48,400 units | Not Provided |
| PACCAR Parts Revenues | $1.66 billion | $1.60 billion |
| PACCAR Financial Services Pretax Income | $111.2 million | $144.7 million |
First Half 2024 Performance
For the first six months of 2024, PACCAR Inc (PCAR, Financial) reported net income of $2.32 billion ($4.40 per diluted share), compared to $1.96 billion ($3.73 per diluted share) in the same period last year. Excluding a non-recurring charge in 2023, the adjusted net income was $2.40 billion ($4.58 per diluted share). Net sales and financial services revenues for the first half of 2024 were $17.52 billion, slightly up from $17.35 billion in the first half of 2023.
Operational Highlights
PACCAR Inc (PCAR, Financial) delivered 48,400 trucks globally in Q2 2024. The company's Parts division reported revenues of $1.66 billion and pretax income of $413.8 million. PACCAR Financial Services achieved pretax income of $111.2 million on revenues of $509.8 million.
"PACCAR achieved excellent revenues and net income in the second quarter of 2024," said Preston Feight, chief executive officer. "PACCAR’s truck and Parts operations achieved robust quarterly sales and profits due to industry-leading trucks and strong aftersales performance that enhanced customer uptime."
Financial Position
As of June 30, 2024, PACCAR Inc (PCAR, Financial) reported cash and marketable securities of $7.80 billion, down from $8.66 billion at the end of 2023. The company's stockholders' equity stood at $17.70 billion, up from $15.88 billion at the end of 2023.
Investment and R&D
PACCAR Inc (PCAR, Financial) continues to invest in new technologies and facilities, with capital investments of $219.6 million and R&D expenses of $117.1 million in Q2 2024. The company is also constructing a new parts distribution center in Massbach, Germany, to enhance parts delivery in Europe.
Market Share and Outlook
In the first half of 2024, Peterbilt and Kenworth achieved a combined Class 8 market share of 31.5% in North America, up from 27.7% last year. DAF Brasil's market share in the above 16-tonne truck segment increased to 10.3% from 9.2% in the same period last year.
"Peterbilt and Kenworth’s premium quality trucks provide exceptional durability and reliability," said Darrin Siver, PACCAR executive vice president. "The Kenworth and Peterbilt industry-leading vocational trucks are an important contributor to the success of infrastructure investments in North America."
For more detailed financial information, readers can access the full 8-K filing.
Explore the complete 8-K earnings release (here) from PACCAR Inc for further details.
