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Jun 30, 2023
Paccar Q2 2023 Earnings Report
PACCAR achieved record quarterly revenues and profits driven by increased truck deliveries and strong parts performance
Key Takeaways
PACCAR reported record revenues and net income in Q2 2023, driven by increased truck deliveries, excellent gross margins, and strong PACCAR Parts results. Net income reached $1.22 billion, or $2.33 per diluted share, a 70% increase compared to the same period last year. Net sales and financial services revenues were $8.88 billion, 24% higher than Q2 2022.
PACCAR achieved record net income of $1.22 billion ($2.33 per diluted share) in the second quarter, a 70% increase compared to last year.
Second quarter net sales and financial services revenues were $8.88 billion, 24% higher than the previous year.
PACCAR Parts achieved robust quarterly sales and profits due to industry-leading logistics performance.
PACCAR Financial Services delivered excellent profitability due to its high quality portfolio and good used truck results.
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 Class 8 industry retail sales in the U.S. and Canada to be in the range of 290,000-320,000 trucks this year. European truck industry registrations in the above 16-tonne segment are estimated to be in the range of 300,000-330,000 vehicles this year. The South American above 16-tonne truck market is estimated to be in the range of 105,000-115,000 units this year. Capital investments are estimated to be in a range of $625-$675 million, and research and development expenses to be in a range of $400-$430 million, this year.
Positive Outlook
- Customers are updating their fleets to take advantage of Peterbilt and Kenworth’s industry-leading fuel efficiency and reliability.
- DAF’s innovative range of premium new trucks are generating excellent results for customers.
- The new, aerodynamic DAF trucks are delivering the highest fuel efficiency in the industry, which reduces customers’ fuel expenses by several thousand dollars per truck per year and is good for the environment.
- Kenworth and DAF trucks are increasing their market share in the South American market.
- PACCAR is increasing its investment in fuel efficient diesel and electric powertrain technologies, autonomous systems, connected vehicle services, and next-generation manufacturing and parts distribution capabilities.
Revenue & Expenses
Visualization of income flow from segment revenue to net income