PACCAR Achieves Excellent Quarterly Revenues and Profits
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DAF Trucks at the IAA Truck Show (Photo: Business Wire)
Financial Highlights – Third Quarter 2024
Highlights of PACCAR’s financial results for the third quarter of 2024 include:
-
Net sales and revenues of
$8.24 billion . -
Net income of
$972.1 million . - Global truck deliveries of 44,900 units.
-
PACCAR Parts revenues of
$1.66 billion . -
PACCAR Parts pretax income of
$406.7 million . -
PACCAR Financial Services pretax income of$106.5 million . -
Cash generated from operations of
$1.29 billion . -
Stockholders’ equity of
$18.66 billion .
Financial Highlights – Nine Months 2024
Highlights of PACCAR’s financial results for the first nine months of 2024 include:
-
Net sales and revenues of
$25.76 billion . -
Net income of
$3.29 billion . -
PACCAR Parts pretax income of
$1.28 billion . -
PACCAR Financial Services pretax income of$331.6 million . -
Capital investments of
$567.7 million and R&D expenses of$337.6 million . -
Cash generated from operations of
$3.20 billion .
_________________________ |
1 See attached supplementary information on non-GAAP financial measures. |
Global Truck Markets
“Kenworth and Peterbilt’s strong 31.1% market share this year reflects the superior quality and operating performance of our trucks,” said
European truck industry registrations in the above 16-tonne segment are estimated to be in the range of 290,000-310,000 units this year. The market in 2025 is expected to be in a range of 270,000-300,000 trucks.
The South American above 16-tonne truck market is projected to be in a range of 110,000-120,000 units this year, and in a similar range in 2025.
DAF Showcases New Model Year 2025
DAF exhibited its updated truck range at the IAA Transportation truck show last month in
Peterbilt Launches UltraLow Roof Vehicles for Car Carrier Applications
The PACCAR MX-11 and MX-13 engines, coupled with the PACCAR TX-12 transmission, provide advanced power and performance for car carrier applications.
PACCAR Parts Achieves Strong Revenues and Pretax Profits
PACCAR Parts achieved pretax profit of
PACCAR’s 19 PDCs support more than 2,000 DAF, Kenworth and
Financial Services Companies Achieve Good Results
PFS has a portfolio of 232,000 trucks and trailers, with total assets of
PACCAR’s excellent long-term profits, strong balance sheet and consistent focus on quality have enabled the company to invest
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
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||||||||||||||||
SUMMARY STATEMENTS OF OPERATIONS | ||||||||||||||||
(in millions except per share amounts) | ||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
|
|
|||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
2023 | |||||||
Truck, Parts and Other: | ||||||||||||||||
Net sales and revenues |
$ |
7,703.8 |
|
$ |
8,232.3 |
|
$ |
24,201.1 |
|
$ |
24,723.7 |
|||||
Cost of sales and revenues |
|
6,427.7 |
|
|
6,626.7 |
|
|
19,873.8 |
|
|
19,971.5 |
|||||
Research and development |
|
115.0 |
|
|
103.5 |
|
|
337.6 |
|
|
302.0 |
|||||
Selling, general and administrative |
|
144.3 |
|
|
143.6 |
|
|
434.6 |
|
|
448.3 |
|||||
Interest and other (income) expenses, net |
|
(24.3 |
) |
|
(16.3 |
) |
|
(74.9 |
) |
|
544.8 |
(1) |
||||
Truck, Parts and Other Income Before Income Taxes |
|
1,041.1 |
|
|
1,374.8 |
|
|
3,630.0 |
|
|
3,457.1 |
|
||||
Financial Services: | ||||||||||||||||
Revenues |
|
536.1 |
|
|
464.1 |
|
|
1,555.2 |
|
|
1,327.1 |
|
||||
Interest and other |
|
365.0 |
|
|
285.4 |
|
|
1,051.4 |
|
|
774.8 |
|
||||
Selling, general and administrative |
|
42.2 |
|
|
38.7 |
|
|
122.0 |
|
|
110.9 |
|
||||
Provision for losses on receivables |
|
22.4 |
|
|
6.2 |
|
|
50.2 |
|
|
14.1 |
|
||||
Financial Services Income Before Income Taxes |
|
106.5 |
|
|
133.8 |
|
|
331.6 |
|
|
427.3 |
|
||||
Investment income |
|
108.7 |
|
|
80.8 |
|
|
290.0 |
|
|
192.5 |
|
||||
Total Income Before Income Taxes |
|
1,256.3 |
|
|
1,589.4 |
|
|
4,251.6 |
|
|
4,076.9 |
|
||||
Income taxes |
|
284.2 |
|
|
360.9 |
|
|
961.6 |
|
|
893.4 |
|
||||
Net Income |
$ |
972.1 |
|
$ |
1,228.5 |
|
$ |
3,290.0 |
|
$ |
3,183.5 |
|
||||
Net Income Per Share: | ||||||||||||||||
Basic |
$ |
1.85 |
|
$ |
2.35 |
|
$ |
6.26 |
|
$ |
6.08 |
|
||||
Diluted |
$ |
1.85 |
|
$ |
2.34 |
|
$ |
6.25 |
|
$ |
6.07 |
|
||||
Weighted Average Shares Outstanding: | ||||||||||||||||
Basic |
|
525.4 |
|
|
524.1 |
|
|
525.2 |
|
|
523.8 |
|
||||
Diluted |
|
526.5 |
|
|
525.3 |
|
|
526.5 |
|
|
524.8 |
|
||||
Dividends declared per share |
$ |
.30 |
|
$ |
.27 |
|
$ |
.87 |
|
$ |
.77 |
|
(1) Includes a |
|
||||||||
CONDENSED BALANCE SHEETS | ||||||||
(in millions) | ||||||||
|
|
|
|
|||||
2024 |
|
2023 |
|
|||||
ASSETS | ||||||||
Truck, Parts and Other: | ||||||||
Cash and marketable securities |
$ |
9,152.8 |
$ |
8,659.3 |
||||
Trade and other receivables, net |
|
2,199.2 |
|
|
2,198.1 |
|
||
Inventories, net |
|
2,644.8 |
|
|
2,576.7 |
|
||
Property, plant and equipment, net |
|
4,040.9 |
|
|
3,780.1 |
|
||
Equipment on operating leases and other, net |
|
2,763.7 |
|
|
2,645.3 |
|
||
Financial Services Assets |
|
22,480.4 |
|
|
20,963.9 |
|
||
$ |
43,281.8 |
|
$ |
40,823.4 |
|
|||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Truck, Parts and Other: | ||||||||
Accounts payable, deferred revenues and other |
$ |
7,309.7 |
|
$ |
9,015.8 |
|
||
Financial Services Liabilities |
|
17,308.5 |
|
|
15,928.8 |
|
||
STOCKHOLDERS' EQUITY |
|
18,663.6 |
|
|
15,878.8 |
|
||
$ |
43,281.8 |
|
$ |
40,823.4 |
|
|||
Common Shares Outstanding |
|
524.3 |
|
|
523.3 |
|
|
|||||||
CONDENSED CASH FLOW STATEMENTS | |||||||
(in millions) | |||||||
Nine Months Ended |
|
2024 |
|
|
2023 |
|
|
OPERATING ACTIVITIES: | |||||||
Net income |
$ |
3,290.0 |
|
$ |
3,183.5 |
|
|
Depreciation and amortization: | |||||||
Property, plant and equipment |
|
300.2 |
|
|
308.2 |
|
|
Equipment on operating leases and other |
|
393.5 |
|
|
370.2 |
|
|
Net change in trade receivables, inventory and payables |
|
376.0 |
|
|
(86.0 |
) |
|
Net increase in wholesale receivables on new trucks |
|
(837.4 |
) |
|
(1,006.8 |
) |
|
All other operating activities, net |
|
(327.1 |
) |
|
234.2 |
|
|
Net Cash Provided by Operating Activities |
|
3,195.2 |
|
|
3,003.3 |
|
|
INVESTING ACTIVITIES: | |||||||
Payments for property, plant and equipment |
|
(605.3 |
) |
|
(497.2 |
) |
|
Acquisitions of equipment for operating leases |
|
(637.4 |
) |
|
(401.9 |
) |
|
Net increase in financial services receivables |
|
(1,266.2 |
) |
|
(1,362.0 |
) |
|
Net increase in marketable debt securities |
|
(641.9 |
) |
|
(136.5 |
) |
|
Proceeds from asset disposals and other |
|
395.5 |
|
|
466.5 |
|
|
|
|
(2,755.3 |
) |
|
(1,931.1 |
) |
|
FINANCING ACTIVITIES: | |||||||
Payments of cash dividends |
|
(2,131.1 |
) |
|
(1,377.3 |
) |
|
Purchases of treasury stock |
|
(4.5 |
) |
|
(3.1 |
) |
|
Proceeds from stock compensation transactions |
|
45.3 |
|
|
43.1 |
|
|
Net increase in debt and other |
|
1,323.9 |
|
|
1,496.8 |
|
|
|
|
(766.4 |
) |
|
159.5 |
|
|
Effect of exchange rate changes on cash |
|
(6.0 |
) |
|
(16.3 |
) |
|
Net (Decrease) Increase in Cash and Cash Equivalents |
|
(332.5 |
) |
|
1,215.4 |
|
|
Cash and cash equivalents at beginning of period |
|
7,181.7 |
|
|
4,690.9 |
|
|
Cash and cash equivalents at end of period |
$ |
6,849.2 |
|
$ |
5,906.3 |
|
|
||||||||||||||||
SEGMENT AND OTHER INFORMATION | ||||||||||||||||
(in millions) | ||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
|
|
|
||||||||||||||
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
Sales and Revenues: | ||||||||||||||||
Truck |
$ |
6,027.0 |
$ |
6,636.4 |
$ |
19,145.8 |
$ |
19,877.7 |
|
|||||||
Parts |
|
1,657.6 |
|
|
1,582.2 |
|
|
4,997.8 |
|
4,804.1 |
|
|||||
Financial Services |
|
536.1 |
|
|
464.1 |
|
|
1,555.2 |
|
1,327.1 |
|
|||||
Other |
|
19.2 |
|
|
13.7 |
|
|
57.5 |
|
41.9 |
|
|||||
$ |
8,239.9 |
|
$ |
8,696.4 |
|
$ |
25,756.3 |
$ |
26,050.8 |
|
||||||
Pretax Profit: | ||||||||||||||||
Truck |
$ |
630.8 |
|
$ |
960.9 |
|
$ |
2,349.7 |
$ |
2,803.5 |
|
|||||
Parts |
|
406.7 |
|
|
412.3 |
|
|
1,276.3 |
|
1,270.2 |
|
|||||
Financial Services |
|
106.5 |
|
|
133.8 |
|
|
331.6 |
|
427.3 |
|
|||||
Investment Income and Other |
|
112.3 |
|
|
82.4 |
|
|
294.0 |
|
(424.1 |
) |
(1) |
||||
$ |
1,256.3 |
|
$ |
1,589.4 |
|
$ |
4,251.6 |
$ |
4,076.9 |
|
||||||
GEOGRAPHIC REVENUE | ||||||||||||||||
(in millions) | ||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
|
|||||||||||||
|
|
|
|
|||||||||||||
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
$ |
5,061.6 |
|
$ |
5,318.2 |
|
$ |
16,315.1 |
$ |
15,713.6 |
|
|||||
|
|
1,605.5 |
|
|
2,015.3 |
|
|
5,155.7 |
|
6,539.2 |
|
|||||
Other |
|
1,572.8 |
|
|
1,362.9 |
|
|
4,285.5 |
|
3,798.0 |
|
|||||
$ |
8,239.9 |
|
$ |
8,696.4 |
|
$ |
25,756.3 |
$ |
26,050.8 |
|
||||||
NEW TRUCK DELIVERIES | ||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
|
|||||||||||||
|
|
|
|
|||||||||||||
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
25,900 |
|
|
27,500 |
|
|
84,100 |
|
81,000 |
|
|||||
|
|
10,000 |
|
|
14,500 |
|
|
33,100 |
|
48,300 |
|
|||||
Other |
|
9,000 |
|
|
8,100 |
|
|
24,200 |
|
23,800 |
|
|||||
|
44,900 |
|
|
50,100 |
|
|
141,400 |
|
153,100 |
|
(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 |
||||
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: | ||||
Nine Months Ended |
||||
($ in millions, except per share amounts) |
|
|||
Net income | $ |
3,183.5 |
||
EC-related claims, net of taxes |
446.4 |
|
||
Adjusted net income (non-GAAP) | $ |
3,629.9 |
|
|
Per diluted share: | ||||
Net income | $ |
6.07 |
|
|
EC-related claims, net of taxes |
.85 |
|
||
Adjusted net income (non-GAAP) | $ |
6.92 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241022154137/en/
(425) 468-7530
ken.hastings@paccar.com
Source: