PACCAR (NASDAQ: PCAR) reported Q3 EPS of $1.11, $0.16 better than the analyst estimate of $0.95. Revenue for the quarter came in at $4.94 billion versus the consensus estimate of $4.41 billion.

Financial Highlights – Third Quarter 2020

Highlights of PACCAR’s financial results for the third quarter of 2020 include:

• Net sales and revenues of $4.94 billion.
• Net income of $385.5 million.
• Global truck deliveries of 36,000 units.
• PACCAR Parts revenues of $1.02 billion.
• PACCAR Parts pre-tax income of $210.2 million.
• Financial Services pre-tax income of $55.5 million.
• Manufacturing cash and marketable securities of $4.41 billion.
• Cash generated from operations of $831.7 million.
• Stockholders’ equity of $10.18 billion.

Global Truck Markets

PACCAR is increasing its estimate of U.S. and Canada Class 8 truck industry retail sales to a range of 190,000-210,000 vehicles in 2020. Class 8 truck industry retail sales for 2021 are estimated to be in a range of 210,000-250,000 vehicles. “U.S. economic growth is being led by manufacturing, housing starts, automotive production and consumer spending,” said Darrin Siver, PACCAR senior vice president. “U.S. and Canada Class 8 truck industry orders through September were 18% higher than in the same period last year.”

“Customer demand for fuel-efficient DAF XF, CF and LF trucks continued to strengthen in the third quarter as the European economies improved,” said Harry Wolters, DAF president. “We are raising our estimates for European truck industry registrations in the above 16-tonne segment to be in the range of 210,000-230,000 units this year. The 2021 truck market is expected to be in the range of 230,000-270,000 trucks.” The DAF XF truck was recently honored at the Motor Transport Awards in the United Kingdom as the “Fleet Truck of the Year 2020.” The judges noted the DAF XF truck’s low operating costs, superior driver comfort and excellent aftersales support.

DAF Brasil achieved a record 9.3% market share in the Brasil above 40-tonne truck segment this year. “DAF Brasil introduced a new DAF XF truck this year, which has been well-received by customers,” said Mike Dozier, senior vice president. “We are increasing our estimate for the 2020 South American above 16-tonne truck market to be in a range of 75,000-85,000 vehicles this year, and in a range of 95,000-105,000 trucks in 2021.”

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