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Sep 30, 2023
Paccar Q3 2023 Earnings Report
PACCAR achieved record net income, driven by excellent margins and parts profits.
Key Takeaways
PACCAR reported record net income for Q3 2023, driven by strong truck, parts, and other gross margins, and PACCAR Parts profits. The company's investments in new trucks and enhanced manufacturing efficiency contributed to the strong financial results.
PACCAR achieved record net income of $1.23 billion.
Third quarter revenues increased by 23% to $8.70 billion.
Truck, Parts and Other gross margins were 19.5%.
PACCAR Parts revenues reached $1.58 billion with a pretax income of $412.3 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
U.S. and Canada Class 8 truck industry retail sales in 2023 are estimated to be in a range of 295,000-315,000 vehicles. Class 8 truck industry retail sales for 2024 are expected to be in a range of 260,000-300,000 vehicles. European truck industry registrations in the above 16-tonne segment are estimated to be in the range of 310,000-330,000 units this year. The market in 2024 is expected to be in a range of 260,000-300,000 trucks. The South American above 16-tonne truck market is projected to be in a range of 105,000-115,000 units this year, and in a similar range in 2024.
Positive Outlook
- Infrastructure spending in the U.S. has been good for Kenworth and Peterbilt’s truck business.
- Customers are replacing older vehicles with the new fuel-efficient Kenworth and Peterbilt trucks.
- DAF trucks’ industry-leading, fuel-efficient vehicles and unparalleled driver comfort improves customers’ operational performance.
- PACCAR is increasing its investment in fuel efficient diesel and electric powertrain technologies.
- PACCAR is committed to producing electric batteries to benefit customers’ operational and environmental goals
Revenue & Expenses
Visualization of income flow from segment revenue to net income