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Mar 31, 2022
Paccar Q1 2022 Earnings Report
Reported excellent revenues and net income, driven by record parts and financial services performance.
Key Takeaways
PACCAR reported excellent revenues and net income for Q1 2022, with record quarterly sales and profits in PACCAR Parts and PACCAR Financial Services.
Consolidated net sales and revenues reached $6.47 billion.
Net income was $600.5 million ($1.72 per diluted share).
PACCAR Parts achieved record revenues of $1.39 billion and pretax profits of $340.2 million.
PACCAR Financial Services delivered record pretax profits of $147.0 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 2022 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 2022 European truck industry registrations in the above 16-tonne market will be in a range of 270,000-300,000 trucks. The South American above 16-tonne truck market is projected to be in the range of 125,000-135,000 units this year. Capital expenditures are projected to be $425-$475 million and research and development expenses are estimated to be $350-$400 million this year.
Positive Outlook
- U.S. economic and industrial production growth are projected to be good this year.
- The new Kenworth T680 and Peterbilt 579 trucks are delivering the highest fuel efficiency in the industry.
- The new DAF XF, XG and XG+ trucks deliver exceptional value to customers through their premium quality, innovative aerodynamic design and industry-leading fuel efficiency.
- PACCAR is increasing its investment in clean diesel and electric powertrain technologies.
- PACCAR has a strong backlog of battery electric vehicle orders.
Challenges Ahead
- Supply base variability.
- Industry-wide undersupply of semiconductors has increased demand for used trucks.
- Uncertainty and changes in circumstances.
- Actual results may differ materially from those included in this release due to a variety of factors.
- More information about these factors is contained in PACCAR’s filings with the Securities and Exchange Commission.
Revenue & Expenses
Visualization of income flow from segment revenue to net income