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PACCAR's (PCAR) Q2 Earnings Beat, Revenues Miss Estimates

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PACCAR Inc. PCAR reported earnings of $1.41 per share for second-quarter 2021, beating the Zacks Consensus Estimate of $1.38. Higher-than-anticipated sales and profit from Parts and Financial Services segments resulted in this outperformance.

Consolidated revenues (including trucks and financial services) came in at $5.84 billion, up from $3.06 billion recorded in the corresponding quarter of 2020. Sales from Trucks, Parts and Others came in at $5,387.6 million, missing the consensus mark of $5,441 million.

PACCAR Inc. Price, Consensus and EPS Surprise

PACCAR Inc. Price, Consensus and EPS Surprise
PACCAR Inc. Price, Consensus and EPS Surprise

PACCAR Inc. price-consensus-eps-surprise-chart | PACCAR Inc. Quote

Key Takeaways

Revenues from the trucks segment totaled $4,152.2 million for the June-end quarter, significantly higher than the prior-year quarter’s $1,858.4 million. The figure, however, lagged the consensus mark of $4,299 million. The segment’s pre-tax income came in at $255 million, turning around from a loss of $46.2 incurred in the year-ago period. The reported figure, nonetheless, missed the consensus mark of $286 million.

Revenues from the parts segment totaled $1,211.3 million for the reported quarter, increasing from the year-earlier quarter’s $823.7 million and topping the consensus mark of $1,167 million. The segment’s pre-tax income came in at $265.6 million, up from $151.9 million recorded in the year-ago period. The reported figure also topped the consensus mark of $250 million.

Revenues in the financial services segment increased to $456.3 million from the year-earlier quarter’s $360.3 million and beat the consensus estimate of $437 million. Also, pre-tax income rose to $106.5 million from $55.5 million recorded in the year-earlier period, beating the consensus mark of $77 million.

Selling, general and administrative expenses for second-quarter 2021 rose to $164.4 million from the prior-year quarter’s $120 million. Research & Development (R&D) expenses were $84.4 million for second-quarter 2021 compared with the year-earlier quarter’s $66.5 million.

PACCAR’s cash and marketable debt securities amounted to $4,403.3 million as of Jun 30, 2021 compared with $4834 million on Dec 31, 2020.

The company declared a regular quarterly cash dividend of 34 cents per share, payable on Sep 8, 2021, to shareholders on record as of Aug 18, 2021.

For 2021, capex is projected at $550-$600 million, while R&D expenses are estimated in the $340-$360 million band. This Zacks #3 (Hold) Ranked player shares space with other biggies including Ford F, General Motors GM and Tesla TSLA. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.


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