PACCAR (PCAR) Tops Q1 EPS by 8c, Revenues Beat

PACCAR (NASDAQ: PCAR) reported Q1 EPS of $1.35, $0.08 better than the analyst estimate of $1.27. Revenue for the quarter came in at $5.85 billion versus the consensus estimate of $5.31 billion.

“PACCAR reported very good revenues and net income for the first quarter of 2021,” said Preston Feight, chief executive officer. “PACCAR Parts achieved record quarterly sales and profits due to robust freight activity, high truck utilization, investments in distribution and innovative technology such as its e-commerce platform. PACCAR Financial Services increased its profitability due to excellent portfolio quality and strong used truck demand. I am very proud of our employees and their dedication to delivering the highest quality products and services to our customers.”

Feight added, “Customer demand for Kenworth, Peterbilt and DAF trucks is very strong. Truck deliveries increased in the first quarter of 2021 compared to the fourth quarter of 2020 despite the undersupply of semiconductors affecting the automotive industry. Peterbilt and Kenworth launched exciting new heavy- and medium-duty truck models, which deliver enhanced fuel efficiency, Advanced Driver Assistance Systems (ADAS) and superb driver comfort. In addition, DAF began producing CF Electric trucks this month.”

For earnings history and earnings-related data on PACCAR (PCAR) click here.

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