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PACCAR (PCAR) Q2 Earnings & Revenue Beat Estimates

PACCAR Inc. PCAR is the third-largest manufacturer of heavy-duty trucks in the world. It also has substantial manufacturing exposure to light/medium trucks. The company also provides customer support for its products by supplying aftermarket parts as well as finance and leasing services.

PACCAR benefits from strong operating performance and sizeable market share in the U.S. and Canada. The company’s active capital deployment policy, strategic investments and global expansion plans also inspire optimism.

Estimate Trend & Surprise History

PACCAR has beaten the Zacks Consensus Estimate in two of the trailing four quarters with an average miss of around 0.96%. Investors have been eagerly awaiting PACCAR’s latest earnings report to see whether it outperforms in this quarter.

PACCAR Inc. Price and EPS Surprise

Zacks Rank

PACCAR currently has a Zacks Rank #2 (Buy). We have highlighted some of the key stats from this Washington-based truck manufacturer’s earnings announcement below:

Earnings

PACCAR delivered earnings of $1.06 per share in the second quarter of 2017, surpassing the Zacks Consensus Estimate of 99 cents. However, earnings were lower than the adjusted figure of $1.37 in the year-ago quarter.

Revenues

PACCAR recorded revenues of $4.7 billion, beating the Zacks Consensus Estimate of $4.27 billion.

Key Stats/Developments to Note

PACCAR increased sales expectations in the above 16-ton truck market in Europe to 290,000-310,000 units, from the previous guidance of 270,000−300,000 units, for 2017.

Further, the company increased the Class 8 industry retail sales estimates in the U.S. and Canada, to be within 200,000-220,000, as against the previous expectation of 190,000-220,000 vehicles, for 2017.

Market Reaction

PACCAR’s shares were inactive following the release. It would be interesting to see how the market reacts to the results during the trading session today.

Check back later for our full write up on PACCAR’s earnings report!

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