Loading...
•
Mar 31, 2021
Paccar Q1 2021 Earnings Report
PACCAR reported very good revenues and net income for the first quarter of 2021.
Key Takeaways
PACCAR's first quarter 2021 revenues increased to $5.85 billion with a net income of $470.1 million ($1.35 per diluted share). PACCAR Parts achieved record quarterly sales and profits. Customer demand for Kenworth, Peterbilt and DAF trucks is very strong.
Consolidated net sales and revenues of $5.85 billion.
Net income of $470.1 million.
Record PACCAR Parts revenues of $1.16 billion.
PACCAR Financial Services revenues of $432.0 million and pretax profits of $76.4 million.
Paccar
Paccar
Paccar Revenue by Segment
Revenue by Segment
Truck sales Revenue
CapyFin.comParts Revenue
CapyFin.comFinancial services Revenue
CapyFin.comOther & eliminations Revenue
CapyFin.com Forward Guidance
PACCAR estimates that 2021 U.S. and Canada Class 8 truck industry retail sales will be in a range of 260,000-290,000 trucks. It is estimated that 2021 European truck industry registrations in the above 16-tonne market will be in a range of 260,000-290,000 trucks. The South American above 16-tonne truck market is projected to be in the range of 100,000-110,000 units this year.
Positive Outlook
- Freight tonnage is strong as the U.S. economy continues to grow.
- Kenworth and Peterbilt’s U.S. and Canada Class 8 truck orders increased nearly 300% in the first quarter of 2021 compared to the same period last year.
- DAF trucks deliver exceptional value to customers through their premium quality and excellent fuel efficiency.
- Kenworth and Peterbilt truck resale values command a 10-20% premium over competitors’ trucks.
- PACCAR’s strong balance sheet enables PFS to offer competitive retail financing to Kenworth, Peterbilt and DAF dealers and customers.
Challenges Ahead
- The undersupply of semiconductors affecting the automotive industry.
- The semiconductor undersupply issue has a silver lining by increasing the demand for readily available used trucks.
- Actual results may differ materially from those included in this release due to a variety of factors.
- Net change in trade receivables, inventory and payables (82.3 ) (193.9 )
- All other operating activities, net (129.4 ) (4.8 )
Revenue & Expenses
Visualization of income flow from segment revenue to net income