PACCAR earned web revenue of $720.4 million ($2.07 per diluted share) within the second quarter, a rise of 45% in comparison with $495.5 million ($1.42 per diluted share) earned in the identical interval final 12 months. Second quarter web gross sales and monetary providers revenues have been $7.16 billion, in comparison with $5.84 billion achieved within the second quarter of 2021. PACCAR achieved Truck, Components and Different gross margins of 14.4% in comparison with 13.5% in the identical interval final 12 months.
PACCAR reported first half web revenue of $1.32 billion ($3.79 per diluted share), in comparison with $966.3 million ($2.77 per diluted share), earned within the first six months of final 12 months. Internet gross sales and monetary providers revenues for the primary six months of 2022 have been $13.63 billion, in comparison with $11.69 billion achieved final 12 months.
Quarterly Dividend
PACCAR’s Board of Administrators declared an everyday quarterly money dividend of thirty-four cents ($.34) per share, payable on September 7, 2022, to stockholders of file on the shut of enterprise on August 17, 2022.
Monetary Highlights – Second Quarter 2022
Highlights of PACCAR’s monetary outcomes for the second quarter of 2022 embody:
- Internet gross sales and revenues of $7.16 billion.
- Internet revenue of $720.4 million.
- World truck deliveries of 46,900 models.
- PACCAR Components revenues of $1.43 billion.
- PACCAR Components pretax revenue of $353.3 million.
- PACCAR Monetary Companies pretax revenue of $144.4 million.
- Manufacturing money and marketable securities of $4.69 billion.
- Money generated from operations of $638.2 million.
- Stockholders’ fairness of $12.52 billion.
Monetary Highlights – First Half 2022
Highlights of PACCAR’s monetary outcomes for the primary six months of 2022 embody:
- Internet gross sales and revenues of $13.63 billion.
- Internet revenue of $1.32 billion.
- Capital investments of $234.5 million and R&D bills of $158.4 million.
- PACCAR Components pretax revenue of $693.5 million.
- PACCAR Monetary Companies pretax revenue of $291.4 million.
- Money generated from operations of $1.10 billion.
- Medium-term be aware issuances of $1.63 billion.
World Truck Markets Are Sturdy
“Sturdy freight tonnage, wonderful {industry} truck utilization and ongoing buyer demand for brand new Kenworth and Peterbilt vans highlighted the second quarter. Clients respect the improved gas effectivity and superior expertise in Kenworth and Peterbilt’s new heavy- and medium-duty vans,” commented Darrin Siver, senior vice chairman. Class 8 {industry} retail gross sales within the U.S. and Canada are estimated to be in a variety of 260,000-290,000 vans this 12 months. Kenworth and Peterbilt’s Class 8 retail gross sales market share is 29.4% year-to-date.
Peterbilt 579 Truck
“DAF’s progressive vary of premium new vans has resulted in wonderful demand and a rise in DAF’s European above 16-tonne year-to-date market share to 17.5%,” shared Harry Wolters, DAF president. “The brand new DAF vans are delivering the very best gas effectivity within the {industry}, which is interesting to our clients confronted with elevated power prices.” European truck {industry} registrations within the above 16-tonne section are estimated to be in a variety of 270,000-300,000 automobiles this 12 months.
Mike Dozier, senior vice chairman, mentioned, “The South American above 16-tonne truck market is strong this 12 months and within the vary of 125,000-135,000 models.” DAF Brasil’s market share was 6.9% within the above 16-tonne truck section within the first six months of this 12 months.
PACCAR Demonstrates Zero Emissions Management
A DAF CF Electrical truck turned the primary battery electrical heavy truck to summit Austria’s highest mountain move on the Grossglockner Alpine Street. The car exhibited excellent energy and maneuverability by way of 30 miles, 36 hairpin bends and a grade of 12%. The DAF CF Electrical is utilized by clients in purposes corresponding to regional distribution, refuse assortment and port drayage. John Wealthy, chief expertise officer, mentioned, “The DAF CF Electrical demonstrates PACCAR’s management in battery electrical automobiles. PACCAR has elevated electrical car manufacturing this 12 months, with a number of hundred models within the backlog.”
DAF CF Electrical Truck on Grossglockner Alpine Street
PACCAR Components Achieves Document Quarterly Revenues and Earnings
PACCAR Components earned quarterly pretax revenue of $353.3 million within the second quarter of 2022, 32% larger than the $266.8 million earned in the identical interval final 12 months. PACCAR Components achieved second quarter revenues of $1.43 billion, in comparison with the $1.21 billion reported in the identical interval final 12 months. PACCAR Components first half 2022 revenues have been $2.82 billion, in comparison with $2.37 billion in the identical interval final 12 months. PACCAR Components achieved pretax revenue of $693.5 million within the first six months of 2022, in comparison with $518.4 million earned within the first six months of 2021.
“Clients’ elevated truck utilization and better common fleet age contributed to PACCAR Components’ file outcomes. PACCAR Components’ superior expertise options enhance clients’ uptime by offering optimized logistics help from 18 strategically positioned PDCs,” famous Laura Bloch, PACCAR vice chairman and PACCAR Components common supervisor. “PACCAR Components’ progressive packages embody TRP all-makes elements, 250 unbiased TRP shops, managed vendor stock and progressive e-commerce expertise. The rising TRP enterprise is designed to extend PACCAR’s elements enterprise by providing prime quality TRP parts for older PACCAR vans, in addition to automobiles manufactured by different firms.”
PACCAR Components world PDCs help greater than 2,200 DAF, Kenworth and Peterbilt vendor gross sales, elements and repair places. PACCAR Components will open a brand new 260,000 sq. foot PDC in Louisville, Kentucky within the third quarter to additional improve elements availability for patrons and sellers.
TRP Components Retailer
Monetary Companies Corporations Obtain Glorious Outcomes
PACCAR Monetary Companies (PFS) earned pretax revenue of $144.4 million within the second quarter this 12 months in comparison with $106.5 million within the second quarter of 2021. PFS achieved second quarter 2022 revenues of $372.5 million in comparison with $456.3 million in the identical interval final 12 months. For the primary six months of 2022, PFS earned pretax revenue of $291.4 million in comparison with $182.9 million final 12 months. First half 2022 revenues have been $738.7 million in contrast with $888.3 million for a similar interval a 12 months in the past. Todd Hubbard, vice chairman, mentioned, “PFS achieved wonderful second quarter outcomes as a result of its prime quality portfolio and robust used truck efficiency. Fleet operators and drivers respect the numerous benefits of Peterbilt, Kenworth and DAF pre-owned vans, together with excellent sturdiness and reliability.” A brand new PFS used truck facility will open this 12 months in Madrid, Spain. Kenworth and Peterbilt truck resale values command a 10-20% premium over rivals’ vans.
PFS has a portfolio of 210,000 vans and trailers, with complete property of $16.04 billion. PacLease, a serious full-service truck leasing firm in North America, Europe and Australia with a fleet of 39,000 automobiles, is included on this section.
PACCAR Monetary Used Truck Heart in Madrid, Spain (Rendering)
“PACCAR’s sturdy steadiness sheet, complemented by its A+/A1 credit score scores, permits PFS to supply aggressive retail financing to Kenworth, Peterbilt and DAF sellers and clients in 26 international locations on 4 continents,” mentioned Craig Gryniewicz, PACCAR Monetary Corp. president. PACCAR Monetary Companies has wonderful entry to the debt markets, issuing business paper frequently and $1.63 billion of two-, three- and five-year time period notes throughout the first half of 2022.
Capital and R&D Investments in Merchandise, Applied sciences and Services
PACCAR’s wonderful long-term income, sturdy steadiness sheet, and constant give attention to high quality, expertise and productiveness have enabled the corporate to take a position $7.3 billion in new and expanded amenities, progressive merchandise and new applied sciences throughout the previous decade. Capital investments are estimated to be in a variety of $425-$475 million, and analysis and improvement bills to be in a variety of $330-$350 million, this 12 months. “PACCAR is rising its funding in clear diesel and electrical powertrain applied sciences, autonomous programs, related car providers, next-generation manufacturing and elements distribution capabilities,” mentioned Harrie Schippers, president and chief monetary officer. “Within the second quarter, Kenworth started development of a state-of-the-art 105,000 square-foot growth at its Chillicothe, Ohio truck manufacturing unit.”
PACCAR will maintain a convention name with securities analysts to debate second quarter earnings on July 26, 2022, at 9:00 a.m. Pacific time. events could take heed to the decision by deciding on “Q2 Earnings Webcast” at PACCAR’s homepage. The Webcast shall be accessible on a recorded foundation by way of August 2, 2022. PACCAR shares are listed on the NASDAQ Inventory Market, image PCAR. Its homepage is www.paccar.com.
This launch comprises “forward-looking statements” inside the which means of the Personal Securities Litigation Reform Act. These statements are primarily based on administration’s present expectations and are topic to uncertainty and adjustments in circumstances. Precise outcomes could differ materially from these included in these statements as a result of a wide range of components. Extra details about these components is contained in PACCAR’s filings with the Securities and Alternate Fee.
“PACCAR achieved file revenues and web revenue within the second quarter of 2022 as a result of elevated deliveries of recent truck fashions, wonderful gross margins and file PACCAR Components outcomes,” mentioned Preston Feight, chief government officer. “PACCAR Components achieved file quarterly gross sales and income as a result of excessive truck utilization and industry-leading logistics efficiency that enhanced buyer uptime. PACCAR Monetary Companies delivered wonderful profitability as a result of its prime quality portfolio and robust used truck costs. I’m very happy with our staff for delivering the very best high quality vans and transportation options to our clients.”