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PACCAR Achieves Excellent Quarterly Revenues and Profits

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PACCAR reported excellent revenues and net income in Q2 2024, with net income of $1.12 billion ($2.13 per diluted share) and net sales of $8.77 billion. For the first half of 2024, PACCAR achieved net income of $2.32 billion ($4.40 per diluted share) and net sales of $17.52 billion. Key highlights include:

  • Global truck deliveries of 48,400 units
  • PACCAR Parts revenues of $1.66 billion
  • PACCAR Financial Services pretax income of $111.2 million
  • Capital investments of $219.6 million and R&D expenses of $117.1 million

The company maintains a strong market position in North America and Europe, with plans for expansion and investment in new technologies and facilities.

PACCAR ha riportato ottimi ricavi e reddito netto nel secondo trimestre del 2024, con un reddito netto di 1,12 miliardi di dollari (2,13 dollari per azione diluita) e vendite nette di 8,77 miliardi di dollari. Per il primo semestre del 2024, PACCAR ha raggiunto un reddito netto di 2,32 miliardi di dollari (4,40 dollari per azione diluita) e vendite nette di 17,52 miliardi di dollari. I punti salienti includono:

  • Consegne globali di camion pari a 48.400 unità
  • Ricavi da PACCAR Parts di 1,66 miliardi di dollari
  • Reddito ante imposte dei servizi finanziari PACCAR di 111,2 milioni di dollari
  • Investimenti in capitale di 219,6 milioni di dollari e spese per ricerca e sviluppo di 117,1 milioni di dollari

L'azienda mantiene una posizione di mercato solida in Nord America e in Europa, con piani di espansione e investimento in nuove tecnologie e strutture.

PACCAR reportó excelentes ingresos y ganancias netas en el segundo trimestre de 2024, con una ganancia neta de $1.12 mil millones ($2.13 por acción diluida) y ventas netas de $8.77 mil millones. Para la primera mitad de 2024, PACCAR alcanzó una ganancia neta de $2.32 mil millones ($4.40 por acción diluida) y ventas netas de $17.52 mil millones. Los aspectos resaltantes incluyen:

  • Entregas globales de camiones de 48,400 unidades
  • Ingresos de PACCAR Parts de $1.66 mil millones
  • Ingresos antes de impuestos de los servicios financieros de PACCAR de $111.2 millones
  • Inversiones de capital de $219.6 millones y gastos en I+D de $117.1 millones

La empresa mantiene una sólida posición en el mercado en América del Norte y Europa, con planes de expansión e inversión en nuevas tecnologías e instalaciones.

PACCAR는 2024년 2분기 우수한 수익과 순이익을 보고했으며, 순이익은 11억 2천만 달러 (희석 주당 2.13 달러)이고, 순매출은 87억 7천만 달러입니다. 2024년 상반기 동안 PACCAR는 23억 2천만 달러의 순이익 (희석 주당 4.40 달러)과 175억 2천만 달러의 순매출을 달성했습니다. 주요 내용은 다음과 같습니다:

  • 전세계 트럭 배송량 48,400대
  • PACCAR 부품 수익 16억 6천만 달러
  • PACCAR 금융 서비스 세전 수익 1억 1천2백만 달러
  • 자본 투자 2억 1천9백6십만 달러 및 R&D 비용 1억 1천7십1만 달러

회사는 북미 및 유럽에서 강력한 시장 지위를 유지하고 있으며, 새로운 기술 및 시설에 대한 확장 및 투자 계획을 가지고 있습니다.

PACCAR a rapporté des revenus et un bénéfice net excellents au deuxième trimestre 2024, avec un bénéfice net de 1,12 milliard de dollars (2,13 dollars par action diluée) et des ventes nettes de 8,77 milliards de dollars. Pour la première moitié de 2024, PACCAR a atteint un bénéfice net de 2,32 milliards de dollars (4,40 dollars par action diluée) et des ventes nettes de 17,52 milliards de dollars. Les principaux faits marquants incluent :

  • Livraisons de camions mondiales de 48 400 unités
  • Recettes de PACCAR Parts de 1,66 milliard de dollars
  • Bénéfice avant impôts des services financiers PACCAR de 111,2 millions de dollars
  • Investissements en capital de 219,6 millions de dollars et dépenses de R&D de 117,1 millions de dollars

L'entreprise maintient une position de marché solide en Amérique du Nord et en Europe, avec des projets d'expansion et d'investissement dans de nouvelles technologies et installations.

PACCAR berichtete im zweiten Quartal 2024 über ausgezeichnete Einnahmen und Nettogewinn, mit einem Nettogewinn von 1,12 Milliarden Dollar (2,13 Dollar pro verwässerter Aktie) und Nettoumsatz von 8,77 Milliarden Dollar. Für die erste Hälfte 2024 erreichte PACCAR einen Nettogewinn von 2,32 Milliarden Dollar (4,40 Dollar pro verwässerter Aktie) und Nettoumsatz von 17,52 Milliarden Dollar. Zu den wichtigsten Höhepunkten gehören:

  • Globale Lkw-Auslieferungen von 48.400 Einheiten
  • PACCAR Teile Umsätze von 1,66 Milliarden Dollar
  • PACCAR Finanzdienstleistungen Vorsteuergewinn von 111,2 Millionen Dollar
  • Investitionen in Sachanlagen von 219,6 Millionen Dollar und F&E-Ausgaben von 117,1 Millionen Dollar

Das Unternehmen hält eine starke Marktposition in Nordamerika und Europa und plant eine Expansion sowie Investitionen in neue Technologien und Einrichtungen.

Positive
  • Net income of $1.12 billion in Q2 2024, with $2.32 billion for the first half
  • Net sales and financial services revenues of $8.77 billion in Q2, $17.52 billion for first half
  • PACCAR Parts achieved revenues of $1.66 billion in Q2
  • Peterbilt and Kenworth achieved a combined class 8 market share of 31.5% in first half 2024
  • DAF Brasil's market share increased to 10.3% in the above 16-tonne truck segment
  • PACCAR Financial Services earned pretax income of $111.2 million in Q2
  • Capital investments estimated to be $725-$775 million for the year
Negative
  • Q2 net income decreased from $1.22 billion in 2023 to $1.12 billion in 2024
  • Q2 net sales slightly decreased from $8.88 billion in 2023 to $8.77 billion in 2024
  • PACCAR Financial Services Q2 pretax income decreased from $144.7 million in 2023 to $111.2 million in 2024

Insights

PACCAR's financial performance in Q2 and the first half of 2024 presents a robust picture despite slight dips in quarterly comparisons. For Q2, PACCAR reported a net income of 1.12 billion and revenues of 8.77 billion. While these numbers are slightly lower compared to the same period last year (1.22 billion in net income and 8.88 billion in revenues), it's important to note that the overall first-half performance shows an upward trend. For the first half of 2024, PACCAR's net income rose to 2.32 billion from 1.96 billion in the same period last year (excluding non-recurring charges).

The increase in net income and stable revenue growth suggest a healthy financial standing and operational efficiency. PACCAR's capital investments in new technologies and manufacturing capabilities indicate a strong commitment to long-term growth. This is further complemented by a solid cash flow from operations (440 million in Q2 and 1.91 billion in the first half), ensuring the company can continue to fund its strategic initiatives without financial strain.

PACCAR's strong market position is evident from its truck market performance and initiatives. In the U.S. and Canada, the company achieved a combined Class 8 market share of 31.5 in the first half of 2024, up from 27.7 last year. This indicates successful penetration and brand recognition in the North American market. Additionally, the European market shows a positive trend with DAF Brasil increasing its market share to 10.3 from 9.2 last year in the above 16-tonne truck segment.

Strategic investments in infrastructure, such as the new parts distribution centers and the Amplify Cell Technologies battery joint venture, suggest that PACCAR is positioning itself well for future market demands, particularly in sustainable transportation solutions. This proactive approach to market expansion and innovation could drive long-term growth and enhance competitive advantage.

The announcement of the Amplify Cell Technologies joint venture is particularly noteworthy. This collaboration with Cummins, Daimler Truck and EVE Energy to form a 21-gigawatt hour battery factory represents a significant step towards electrification in the trucking industry. Scheduled to start production in 2027, this factory will enable PACCAR to offer cost-effective, premium quality battery electric powertrains.

This initiative aligns with the growing trend towards sustainability and reduced carbon emissions in transportation. By investing in advanced battery technology, PACCAR is not only enhancing its product offerings but also addressing the increasing regulatory pressure for greener solutions. This could attract environmentally conscious customers and potentially open up new market segments, thus positively impacting the company's future profitability.

BELLEVUE, Wash.--(BUSINESS WIRE)-- “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. PACCAR Financial Services delivered good profitability due to its growing, high quality portfolio. I am very proud of our employees for delivering industry-leading trucks and transportation solutions to our customers.”

Peterbilt 579, Kenworth T680 and DAF XG+ Trucks (Photo: Business Wire)

Peterbilt 579, Kenworth T680 and DAF XG+ Trucks (Photo: Business Wire)

PACCAR earned net income of $1.12 billion ($2.13 per diluted share) in the second quarter, compared to $1.22 billion ($2.33 per diluted share) earned in the same period last year. Second quarter net sales and financial services revenues were $8.77 billion, compared to $8.88 billion achieved in the second quarter of 2023.

PACCAR reported net income of $2.32 billion ($4.40 per diluted share) in the first half of 2024, compared to net income of $1.96 billion ($3.73 per diluted share) earned in same period last year, which included a $446.4 million after-tax, non-recurring charge related to civil litigation in Europe. Excluding the non-recurring charge, the company earned adjusted net income (non-GAAP)1 of $2.40 billion ($4.58 per diluted share) in the first half of 2023. Net sales and financial services revenues for the first six months of 2024 were $17.52 billion, compared to $17.35 billion achieved last year.

Financial Highlights – Second Quarter 2024

Highlights of PACCAR’s financial results for the second quarter of 2024 include:

  • Consolidated net sales and revenues of $8.77 billion.
  • Consolidated net income of $1.12 billion.
  • Global truck deliveries of 48,400 units.
  • PACCAR Parts revenues of $1.66 billion.
  • PACCAR Parts pretax income of $413.8 million.
  • PACCAR Financial Services pretax income of $111.2 million.
  • Capital investments of $219.6 million and R&D expenses of $117.1 million.
  • Cash generated from operations of $440.0 million.
  • Stockholders’ equity of $17.70 billion.

Financial Highlights – First Half 2024

Highlights of PACCAR’s financial results for the first six months of 2024 include:

  • Consolidated net sales and revenues of $17.52 billion.
  • Consolidated net income of $2.32 billion.
  • Capital investments of $383.9 million and R&D expenses of $222.6 million.
  • PACCAR Parts pretax income of $869.6 million.
  • PACCAR Financial Services pretax income of $225.1 million.
  • Cash generated from operations of $1.91 billion.
  • Medium-term note issuances of $1.71 billion.

____________________

1 See attached supplementary information on non-GAAP financial measures.

Global Truck Markets

U.S. and Canada Class 8 truck industry retail sales are estimated to be in a range of 240,000-280,000 trucks in 2024. Peterbilt and Kenworth achieved a combined class 8 market share of 31.5% in the first half of 2024, compared to 27.7% in the same period last year. “Peterbilt and Kenworth’s premium quality trucks provide exceptional durability and reliability. The Kenworth and Peterbilt industry-leading vocational trucks are an important contributor to the success of infrastructure investments in North America,” said Darrin Siver, PACCAR executive vice president.

Harald Seidel, DAF president, shared, “Aerodynamic DAF trucks are delivering the highest fuel efficiency in the industry, which reduces customers’ operating expenses.” European truck industry registrations in the above 16-tonne segment are estimated to be in a range of 260,000-300,000 vehicles this year.

Mike Dozier, PACCAR executive vice president, said, “DAF’s industry-leading quality trucks, complemented by PACCAR Parts, PACCAR Financial Services and DAF’s premium dealerships, are driving DAF Brasil to higher market share.” DAF Brasil’s market share was 10.3% in the above 16-tonne truck segment in the first six months of this year, compared to 9.2% in the same period last year. The South American above 16-tonne truck market is estimated to be in the range of 105,000-115,000 units this year.

PACCAR Parts Achieves Excellent Quarterly Revenues and Profits

PACCAR Parts earned excellent quarterly pretax income of $413.8 million in the second quarter of 2024, compared to $419.3 million earned in the same period last year. PACCAR Parts achieved quarterly revenues of $1.66 billion in the second quarter, compared to $1.60 billion reported in the same period last year. PACCAR Parts first half 2024 revenues were $3.34 billion, compared to $3.22 billion in the same period last year. PACCAR Parts achieved pretax profit of $869.6 million in the first six months of 2024, compared to $857.9 million earned in the first six months of 2023.

“PACCAR Parts delivers greater uptime and profitability for customers by delivering the right part in the right place at the right time,” said Laura Bloch, PACCAR vice president and PACCAR Parts general manager. “PACCAR Parts’ excellent performance reflects investments in its TRP all-makes parts program, strategic technology-driven transportation solutions such as managed dealer inventory, and a growing number of PACCAR trucks with PACCAR powertrains in operation.”

PACCAR Parts’ 19 global parts distribution centers (PDCs) support more than 2,300 DAF, Kenworth and Peterbilt dealer locations. PACCAR is constructing a new 240,000 square-foot PDC to be opened in Massbach, Germany, this year. The new PDC will enhance parts delivery to dealers and customers in the largest truck market in Europe.

Financial Services Companies Achieve Good Quarterly Results

PACCAR Financial Services (PFS) earned pretax income of $111.2 million in the second quarter this year, compared to $144.7 million in the second quarter of 2023. PFS achieved second quarter 2024 revenues of $509.8 million, compared to $439.8 million in the same period last year. For the first six months of 2024, PFS earned pretax income of $225.1 million, compared to $293.5 million last year. “PFS achieved good first half results due to its growing, high quality portfolio. The used truck market has normalized after a period of high volume and prices,” said Todd Hubbard, PACCAR vice president. “PFS is a leader in the market with its superior Kenworth, Peterbilt and DAF products, innovative technologies that provide seamless credit application and loan servicing processes, and its support of customers in all phases of the business cycle.”

PFS has a portfolio of 229,000 trucks and trailers, with total assets of $21.33 billion. PacLease, a major full-service truck leasing company in North America, Europe and Australia with a fleet of 41,000 vehicles, is included in this segment.

“PACCAR’s excellent balance sheet, complemented by its A+/A1 credit ratings, enables PFS to offer competitive retail financing to Kenworth, Peterbilt and DAF dealers and customers in 26 countries on four continents,” said Craig Gryniewicz, PACCAR Financial Corp. president. PACCAR Financial Services has excellent access to the debt markets, and issued $1.71 billion of medium-term notes during the first half of 2024.

Capital and R&D Investments in Products, Technologies and Facilities

PACCAR’s excellent long-term profits, strong balance sheet, and consistent focus on quality, technology and productivity have enabled the company to invest $8.2 billion in new and expanded facilities, innovative products and new technologies during the past decade. Capital investments have increased and are estimated to be in a range of $725-$775 million, and research and development expenses are projected to be in a range of $460-$480 million, this year. “PACCAR is investing in new powertrains, advanced manufacturing capabilities and capacity, and aftermarket distribution capabilities that will create value for our customers,” said Harrie Schippers, president and chief financial officer. “PACCAR is investing more than $200 million in additional engine manufacturing capacity, and in the construction of a new engine remanufacturing facility, in Columbus, Mississippi. Recent truck factory investments include the expansion at Kenworth Chillicothe, Ohio, and PACCAR Mexico, and the DAF new electric truck assembly plant in Eindhoven, Netherlands.”

PACCAR Battery Joint Venture Groundbreaking

In the second quarter, PACCAR, Cummins, Daimler Truck and EVE Energy completed the formation of their U.S. battery manufacturing joint venture, Amplify Cell Technologies, and began construction of its 21-gigawatt hour (GWh) battery factory in Marshall County, Mississippi. The factory is expected to start production in 2027. “Amplify Cell Technologies will enable PACCAR to offer customers cost-effective premium quality battery electric powertrains that meet their operational and sustainability needs,” said John Rich, PACCAR senior vice president and chief technology officer. “We are pleased to begin this exciting venture with these world class partners.”

PACCAR will hold a conference call with securities analysts to discuss second quarter earnings on July 23, 2024, at 9:00 a.m. Pacific time. Interested parties may listen to the call by selecting “Q2 Earnings Webcast” at PACCAR’s homepage. The Webcast will be available on a recorded basis through July 30, 2024. PACCAR shares are listed on the NASDAQ Stock Market, symbol PCAR. Its homepage is www.paccar.com.

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 Securities and Exchange Commission.

PACCAR Inc
SUMMARY STATEMENTS OF OPERATIONS
(in millions except per share amounts)
 
Three Months Ended   Six Months Ended
June 30   June 30

 

2024

 

 

2023

 

 

 

2024

 

 

2023

 

 
Truck, Parts and Other:  
Net sales and revenues

$

8,262.3

 

$

8,441.3

 

 

$

16,497.3

 

$

16,491.4

 

Cost of sales and revenues

 

6,772.3

 

 

6,851.7

 

 

 

13,446.1

 

 

13,344.8

 

Research and development

 

117.1

 

 

101.3

 

 

 

222.6

 

 

198.5

 

Selling, general and administrative

 

142.7

 

 

144.9

 

 

 

290.3

 

 

304.7

 

Interest and other (income) expenses, net

 

(23.6

)

 

(17.7

)

 

 

(50.6

)

 

 

561.1

(1)
Truck, Parts and Other Income Before Income Taxes

 

1,253.8

 

 

1,361.1

 

 

 

2,588.9

 

 

2,082.3

 

 
Financial Services:  
Revenues

 

509.8

 

 

439.8

 

 

 

1,019.1

 

 

863.0

 

Interest and other

 

346.1

 

 

253.3

 

 

 

686.4

 

 

489.4

 

Selling, general and administrative

 

40.8

 

 

37.0

 

 

 

79.8

 

 

72.2

 

Provision for losses on receivables

 

11.7

 

 

4.8

 

 

 

27.8

 

 

7.9

 

Financial Services Income Before Income Taxes

 

111.2

 

 

144.7

 

 

 

225.1

 

 

293.5

 

Investment income

 

95.8

 

 

62.7

 

 

 

181.3

 

 

111.7

 

Total Income Before Income Taxes

 

1,460.8

 

 

1,568.5

 

 

 

2,995.3

 

 

2,487.5

 

Income taxes

 

338.2

 

 

347.4

 

 

 

677.4

 

 

532.5

 

Net Income

$

1,122.6

 

$

1,221.1

 

 

$

2,317.9

 

$

1,955.0

 

 
Net Income Per Share:  
Basic

$

2.14

 

$

2.33

 

 

$

4.41

 

$

3.73

 

Diluted

$

2.13

 

$

2.33

 

 

$

4.40

 

$

3.73

 

 
Weighted Average Shares Outstanding:  
Basic

 

525.3

 

 

523.8

 

 

 

525.1

 

 

523.6

 

Diluted

 

526.6

 

 

524.8

 

 

 

526.5

 

 

524.6

 

Dividends declared per share

$

.30

 

$

.25

 

 

$

.57

 

$

.50

 

(1) Includes a $600.0 million non-recurring charge related to civil litigation in Europe (EC-related claims) in the first quarter 2023.
 
PACCAR Inc
CONDENSED BALANCE SHEETS
(in millions)
   
June 30   December 31

 

2024

 

 

 

2023

 

ASSETS  
Truck, Parts and Other:  
Cash and marketable securities

$

7,803.8

 

$

8,659.3

Trade and other receivables, net

 

2,731.3

 

 

 

2,198.1

 

Inventories, net

 

2,783.0

 

 

 

2,576.7

 

Property, plant and equipment, net

 

3,895.9

 

 

 

3,780.1

 

Equipment on operating leases and other, net

 

2,629.8

 

 

 

2,645.3

 

Financial Services Assets

 

21,332.8

 

 

 

20,963.9

 

$

41,176.6

 

 

$

40,823.4

 

   
LIABILITIES AND STOCKHOLDERS' EQUITY  
Truck, Parts and Other:  
Accounts payable, deferred revenues and other

$

7,348.2

 

 

$

9,015.8

 

Financial Services Liabilities

 

16,125.5

 

 

 

15,928.8

 

STOCKHOLDERS' EQUITY

 

17,702.9

 

 

 

15,878.8

 

$

41,176.6

 

 

$

40,823.4

 

Common Shares Outstanding

 

524.3

 

 

 

523.3

 

   
PACCAR Inc
CONDENSED CASH FLOW STATEMENTS
(in millions)
 
Six Months Ended June 30

 

2024

 

 

2023

 

OPERATING ACTIVITIES:
Net income

$

2,317.9

 

$

1,955.0

 

Depreciation and amortization:
Property, plant and equipment

 

204.3

 

 

205.2

 

Equipment on operating leases and other

 

262.6

 

 

239.3

 

Net change in trade receivables, inventory and payables

 

(293.8

)

 

(194.7

)

Net increase in wholesale receivables on new trucks

 

(348.2

)

 

(815.1

)

All other operating activities, net

 

(233.8

)

 

270.6

 

Net Cash Provided by Operating Activities

 

1,909.0

 

 

1,660.3

 

 
INVESTING ACTIVITIES:
Payments for property, plant and equipment

 

(411.6

)

 

(307.1

)

Acquisitions of equipment for operating leases

 

(453.0

)

 

(256.3

)

Net increase in financial services receivables

 

(668.8

)

 

(746.6

)

Net increase in marketable debt securities

 

(337.3

)

 

(69.1

)

Proceeds from asset disposals and other

 

300.9

 

 

334.4

 

Net Cash Used in Investing Activities

 

(1,569.8

)

 

(1,044.7

)

 
FINANCING ACTIVITIES:
Payments of cash dividends

 

(1,973.8

)

 

(1,236.0

)

Purchases of treasury stock

 

(4.0

)

 

(3.0

)

Proceeds from stock compensation transactions

 

42.3

 

 

28.8

 

Net increase in debt and other

 

356.2

 

 

1,011.6

 

Net Cash Used in Financing Activities

 

(1,579.3

)

 

(198.6

)

Effect of exchange rate changes on cash

 

(70.1

)

 

38.0

 

Net (Decrease) Increase in Cash and Cash Equivalents

 

(1,310.2

)

 

455.0

 

Cash and cash equivalents at beginning of period

 

7,181.7

 

 

4,690.9

 

Cash and cash equivalents at end of period

$

5,871.5

 

$

5,145.9

 

 
PACCAR Inc
SEGMENT AND OTHER INFORMATION
(in millions)
 
Three Months Ended   Six Months Ended
June 30   June 30

 

2024

 

 

2023

 

 

 

2024

 

 

2023

 

Sales and Revenues:  
Truck

$

6,577.8

$

6,827.5

 

$

13,118.8

$

13,241.3

Parts

 

1,664.3

 

 

1,598.9

 

 

 

3,340.2

 

 

3,221.9

 

Financial Services

 

509.8

 

 

439.8

 

 

 

1,019.1

 

 

863.0

 

Other

 

20.2

 

 

14.9

 

 

 

38.3

 

 

28.2

 

$

8,772.1

 

$

8,881.1

 

 

$

17,516.4

 

$

17,354.4

 

 
Pretax Profit:  
Truck

$

837.3

 

$

948.3

 

 

$

1,718.9

 

$

1,842.6

 

Parts

 

413.8

 

 

419.3

 

 

 

869.6

 

 

857.9

 

Financial Services

 

111.2

 

 

144.7

 

 

 

225.1

 

 

293.5

 

Investment Income and Other

 

98.5

 

 

56.2

 

 

 

181.7

 

 

(506.5

) (1)

$

1,460.8

 

$

1,568.5

 

 

$

2,995.3

 

$

2,487.5

 

 
GEOGRAPHIC REVENUE
(in millions)
 
Three Months Ended   Six Months Ended
June 30   June 30

 

2024

 

 

2023

 

 

 

2024

 

 

2023

 

United States and Canada

$

5,578.9

 

$

5,355.3

 

 

$

11,253.5

 

$

10,395.4

 

Europe

 

1,745.2

 

 

2,248.4

 

 

 

3,550.2

 

 

4,523.9

 

Other

 

1,448.0

 

 

1,277.4

 

 

 

2,712.7

 

 

2,435.1

 

$

8,772.1

 

$

8,881.1

 

 

$

17,516.4

 

$

17,354.4

 

 
NEW TRUCK DELIVERIES
 
Three Months Ended   Six Months Ended
June 30   June 30

 

2024

 

 

2023

 

 

 

2024

 

 

2023

 

United States and Canada

 

28,700

 

 

27,500

 

 

 

58,200

 

 

53,500

 

Europe

 

11,500

 

 

16,400

 

 

 

23,100

 

 

33,800

 

Other

 

8,200

 

 

8,000

 

 

 

15,200

 

 

15,700

 

 

48,400

 

 

51,900

 

 

 

96,500

 

 

103,000

 

 
(1) Includes a $600.0 million non-recurring charge related to civil litigation in Europe (EC-related claims) in the first quarter 2023.
 
PACCAR Inc
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 U.S. generally accepted accounting principles (“GAAP”), since they exclude a charge for EC-related claims. These measures differ from the most directly comparable measures calculated in accordance with GAAP and may not be comparable to similarly titled non-GAAP financial measures used by other companies.
 
Adjustment for the EC-related claims relates to a pre-tax charge of $600.0 million ($446.4 million after-tax) for estimable total costs recorded in Interest and other (income) expenses, net in the first quarter 2023.
 
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:
 
Six Months Ended
($ in millions, except per share amounts) June 30, 2023
Net income $

1,955.0

EC-related claims, net of taxes

446.4

Adjusted net income (non-GAAP) $

2,401.4

 
 
Per diluted share:
Net income $

3.73

EC-related claims, net of taxes

.85

Adjusted net income (non-GAAP) $

4.58

 

Ken Hastings

(425) 468-7530

ken.hastings@paccar.com

Source: PACCAR Inc

FAQ

What was PACCAR's (PCAR) net income for Q2 2024?

PACCAR (PCAR) reported a net income of $1.12 billion ($2.13 per diluted share) for Q2 2024.

How much were PACCAR's (PCAR) net sales and financial services revenues in Q2 2024?

PACCAR's (PCAR) net sales and financial services revenues were $8.77 billion in Q2 2024.

What was PACCAR Parts' (PCAR) revenue in Q2 2024?

PACCAR Parts (PCAR) achieved revenues of $1.66 billion in Q2 2024.

How many trucks did PACCAR (PCAR) deliver globally in Q2 2024?

PACCAR (PCAR) reported global truck deliveries of 48,400 units in Q2 2024.

What is PACCAR's (PCAR) estimated capital investment range for 2024?

PACCAR (PCAR) estimates capital investments to be in the range of $725-$775 million for 2024.

Paccar Inc

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