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Jun 30, 2021
Paccar Q2 2021 Earnings Report
PACCAR achieved very good revenues and net income, with PACCAR Parts and Financial Services delivering record quarterly results.
Key Takeaways
PACCAR reported very good revenues and net income for Q2 2021, driven by record quarterly sales and profits at PACCAR Parts and record profits at PACCAR Financial Services. Net sales and financial services revenues increased by 91% compared to the same period last year.
PACCAR achieved net income of $492.9 million ($1.41 per diluted share).
Net sales and financial services revenues were $5.84 billion, up 91% year-over-year.
PACCAR Parts revenues reached a record $1.21 billion with a pretax income of $265.6 million.
Financial Services earned record pretax income of $106.5 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
Class 8 industry retail sales in the U.S. and Canada are estimated to be in a range of 260,000-280,000 trucks in 2021. European truck industry registrations in the above 16-tonne segment are estimated to be in a range of 270,000-290,000 vehicles this year. The 2021 South American above 16-tonne truck market is projected to be in the range of 110,000-120,000 units.
Positive Outlook
- Freight tonnage is strong.
- Industry truck utilization is high.
- Customer demand for new trucks is strong.
- Customers appreciate the enhanced fuel efficiency in new trucks.
- Customers appreciate the advanced technology in new trucks.
Challenges Ahead
- Truck markets are tempered by the industry-wide undersupply of semiconductor chips.
- 6,500 trucks awaiting components at quarter-end.
Revenue & Expenses
Visualization of income flow from segment revenue to net income