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Feight added, “PACCAR’s long-term investments in new truck models, advanced manufacturing and technology-enabled aftermarket solutions are contributing to PACCAR’s strong operating margins. Customers’ operations benefit from the superior quality and fuel economy of DAF,
Highlights – First Quarter 2024
Highlights of PACCAR’s financial results during the first quarter of 2024 include:
-
Consolidated revenues of
$8.74 billion . -
Net income of
$1.20 billion . -
Record PACCAR Parts revenue of
$1.68 billion . -
Record PACCAR Parts pretax income of
$455.8 million . -
PACCAR Financial Services pretax income of$113.9 million . -
Cash provided by operations of
$1.47 billion . -
Capital investment of
$164.3 million and R&D expense of$105.5 million . -
Stockholders’ equity of
$16.87 billion .
Global Truck Markets
“North American truck demand is benefiting from increased infrastructure spending,” said
“The aerodynamic and innovative DAF XD, XF, XG and XG+ trucks offer best-in-class driver comfort and fuel efficiency to customers,” said
The South American above 16-tonne truck market is projected to be in the range of 105,000-115,000 trucks in 2024. DAF Brasil achieved a record 10.7% market share in the Brasil above 16-tonne market in the first quarter of 2024, compared to 8.6% in the same period last year.
PACCAR Parts Achieves Record Revenues and Profits
PACCAR Parts achieved record quarterly pre-tax income of
PACCAR Parts’ 19 global parts distribution centers support more than 2,300 DAF, Kenworth and
PACCAR Financial Services Achieves Good Quarterly Profits
PFS has a portfolio of 228,000 trucks and trailers, with total assets of
Capital and R&D Investments in Products, Technologies and Facilities
PACCAR’s consistent long-term profits, strong balance sheet, and focus on quality, technology and innovation have enabled the company to invest
PACCAR’s advanced battery cell manufacturing joint venture is expected to begin construction of its 21-gigawatt hour (GWh) factory in
This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in PACCAR’s filings with the
1 See attached supplementary information on non-GAAP financial measures.
|
||||||||
SUMMARY STATEMENTS OF OPERATIONS | ||||||||
(in millions except per share amounts) | ||||||||
Three Months Ended |
||||||||
|
||||||||
2024 |
2023 |
|||||||
Truck, Parts and Other: | ||||||||
Net sales and revenues |
$ |
8,235.0 |
|
$ |
8,050.1 |
|||
Cost of sales and revenues |
|
6,673.8 |
|
|
6,493.1 |
|||
Research and development |
|
105.5 |
|
|
97.2 |
|||
Selling, general and administrative |
|
147.6 |
|
|
159.8 |
|||
Interest and other (income) expenses, net |
|
(27.0 |
) |
|
578.8 |
(1) |
||
Truck, Parts and Other Income Before Income Taxes |
|
1,335.1 |
|
|
721.2 |
|||
Financial Services: | ||||||||
Revenues |
|
509.3 |
|
|
423.2 |
|||
Interest and other |
|
340.3 |
|
|
236.1 |
|||
Selling, general and administrative |
|
39.0 |
|
|
35.2 |
|||
Provision for losses on receivables |
|
16.1 |
|
|
3.1 |
|||
Financial Services Income Before Income Taxes |
|
113.9 |
|
|
148.8 |
|||
Investment income |
|
85.5 |
|
|
49.0 |
|||
Total Income Before Income Taxes |
|
1,534.5 |
|
|
919.0 |
|||
Income taxes |
|
339.2 |
|
|
185.1 |
|||
Net Income |
$ |
1,195.3 |
|
$ |
733.9 |
|||
Net Income Per Share: | ||||||||
Basic |
$ |
2.28 |
|
$ |
1.40 |
|||
Diluted |
$ |
2.27 |
|
$ |
1.40 |
|||
Weighted Average Shares Outstanding: | ||||||||
Basic |
|
524.9 |
|
|
523.5 |
|||
Diluted |
|
526.3 |
|
|
524.4 |
|||
Dividends declared per share |
$ |
.27 |
|
$ |
.25 |
|||
(1) Includes a |
||||||||
|
||||||
CONDENSED BALANCE SHEETS | ||||||
(in millions) | ||||||
|
|
|||||
2024 |
2023 |
|||||
ASSETS | ||||||
Truck, Parts and Other: | ||||||
Cash and marketable securities |
$ |
7,727.2 |
$ |
8,659.3 |
||
Trade and other receivables, net |
|
2,410.9 |
|
2,198.1 |
||
Inventories, net |
|
2,742.6 |
|
2,576.7 |
||
Property, plant and equipment, net |
|
3,796.9 |
|
3,780.1 |
||
Equipment on operating leases and other, net |
|
2,543.4 |
|
2,645.3 |
||
Financial Services Assets |
|
21,152.6 |
|
20,963.9 |
||
$ |
40,373.6 |
$ |
40,823.4 |
|||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Truck, Parts and Other: | ||||||
Accounts payable, deferred revenues and other |
$ |
7,642.5 |
$ |
9,015.8 |
||
Financial Services Liabilities |
|
15,859.2 |
|
15,928.8 |
||
STOCKHOLDERS' EQUITY |
|
16,871.9 |
|
15,878.8 |
||
$ |
40,373.6 |
$ |
40,823.4 |
|||
Common Shares Outstanding |
|
524.1 |
|
523.3 |
||
|
||||||||
CONDENSED CASH FLOW STATEMENTS |
||||||||
(in millions) |
||||||||
Three Months Ended |
2024 |
2023 |
||||||
OPERATING ACTIVITIES: | ||||||||
Net income |
$ |
1,195.3 |
|
$ |
733.9 |
|
||
Depreciation and amortization: | ||||||||
Property, plant and equipment |
|
104.2 |
|
|
103.0 |
|
||
Equipment on operating leases and other |
|
130.8 |
|
|
118.1 |
|
||
Net change in trade receivables, inventory and payables |
|
140.5 |
|
|
(187.2 |
) |
||
Net increase in wholesale receivables on new trucks |
|
(183.4 |
) |
|
(451.2 |
) |
||
All other operating activities, net |
|
81.6 |
|
|
368.2 |
|
||
Net Cash Provided by Operating Activities |
|
1,469.0 |
|
|
684.8 |
|
||
INVESTING ACTIVITIES: | ||||||||
Payments for property, plant and equipment |
|
(191.3 |
) |
|
(138.7 |
) |
||
Acquisitions of equipment for operating leases |
|
(160.5 |
) |
|
(153.1 |
) |
||
Net increase in financial services receivables |
|
(317.4 |
) |
|
(178.9 |
) |
||
Net increase in marketable debt securities |
|
(25.8 |
) |
|
(10.9 |
) |
||
Proceeds from asset disposals and other |
|
168.9 |
|
|
188.9 |
|
||
|
|
(526.1 |
) |
|
(292.7 |
) |
||
FINANCING ACTIVITIES: | ||||||||
Payments of cash dividends |
|
(1,816.5 |
) |
|
(1,105.3 |
) |
||
Purchases of treasury stock |
|
(4.0 |
) |
|
(3.0 |
) |
||
Proceeds from stock compensation transactions |
|
35.4 |
|
|
20.5 |
|
||
Net (decrease) increase in debt and other |
|
(94.9 |
) |
|
397.0 |
|
||
|
|
(1,880.0 |
) |
|
(690.8 |
) |
||
Effect of exchange rate changes on cash |
|
(50.1 |
) |
|
17.9 |
|
||
|
|
(987.2 |
) |
|
(280.8 |
) |
||
Cash and cash equivalents at beginning of period |
|
7,181.7 |
|
|
4,690.9 |
|
||
Cash and cash equivalents at end of period |
$ |
6,194.5 |
|
$ |
4,410.1 |
|
|
|||||||||
SEGMENT AND OTHER INFORMATION | |||||||||
(in millions) | |||||||||
Three Months Ended |
|||||||||
|
|||||||||
2024 |
2023 |
||||||||
Sales and Revenues: | |||||||||
Truck |
$ |
6,541.0 |
$ |
6,413.8 |
|
||||
Parts |
|
1,675.9 |
|
1,623.0 |
|
||||
Financial Services |
|
509.3 |
|
423.2 |
|
||||
Other |
|
18.1 |
|
13.3 |
|
||||
$ |
8,744.3 |
$ |
8,473.3 |
|
|||||
Pretax Profit: | |||||||||
Truck |
$ |
881.6 |
$ |
894.3 |
|
||||
Parts |
|
455.8 |
|
438.6 |
|
||||
Financial Services |
|
113.9 |
|
148.8 |
|
||||
Investment Income and Other |
|
83.2 |
|
(562.7 |
) |
(1) |
|||
$ |
1,534.5 |
$ |
919.0 |
|
|||||
GEOGRAPHIC REVENUE | |||||||||
(in millions) | |||||||||
Three Months Ended |
|||||||||
|
|||||||||
2024 |
2023 |
||||||||
|
$ |
5,674.6 |
$ |
5,040.1 |
|
||||
|
|
1,805.0 |
|
2,275.5 |
|
||||
Other |
|
1,264.7 |
|
1,157.7 |
|
||||
$ |
8,744.3 |
$ |
8,473.3 |
|
|||||
NEW TRUCK DELIVERIES | |||||||||
Three Months Ended |
|||||||||
|
|||||||||
2024 |
2023 |
||||||||
|
|
29,500 |
|
26,000 |
|
||||
|
|
11,600 |
|
17,400 |
|
||||
Other |
|
7,000 |
|
7,700 |
|
||||
|
48,100 |
|
51,100 |
|
|||||
(1) Includes a |
|
||||||
SUPPLEMENTARY INFORMATION | ||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||
This earnings release includes “adjusted net income (non-GAAP)” and “adjusted net income per diluted share (non-GAAP)”, which are financial measures that are not in accordance with |
||||||
For the first quarter 2023, adjustment for the EC-related claims relates to a pre-tax charge of |
||||||
Management utilizes these non-GAAP measures to evaluate the Company’s performance and believes these measures allow investors and management to evaluate operating trends by excluding a significant non-recurring charge that is not representative of underlying operating trends. | ||||||
Reconciliations from the most directly comparable GAAP measures to adjusted net income (non-GAAP) and adjusted net income per diluted share (non-GAAP) are as follows: | ||||||
Three Months Ended | ||||
($ in millions, except per share amounts) |
|
|||
Net income | $ |
733.9 |
||
EC-related claims, net of taxes |
446.4 |
|||
Adjusted net income (non-GAAP) | $ |
1,180.3 |
||
Per diluted share: | ||||
Net income | $ |
1.40 |
||
EC-related claims, net of taxes |
.85 |
|||
Adjusted net income (non-GAAP) | $ |
2.25 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240430725329/en/
ken.hastings@paccar.com
(425) 468-7530
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