Why Truck Manufacturer PACCAR Shares Are Up Today
Portfolio Pulse from Lekha Gupta
PACCAR Inc (NASDAQ:PCAR) shares rose after reporting Q4 FY23 sales of $8.59 billion, surpassing the $8.35 billion consensus. EPS was $2.70, beating the $2.22 estimate. The company delivered a record 204,200 vehicles globally in 2023 and saw U.S. and Canada Class 8 truck industry retail sales of 297,000 units. PACCAR invested in capital projects and R&D, and held $8.66 billion in cash and securities. The 2024 outlook for Class 8 truck sales is 260,000-300,000 units in the U.S. and Canada, and the same range for European above 16-tonne truck registrations. A quarterly dividend of $0.27 per share is declared, with a past extra dividend of $3.20 per share. PACCAR shares are up 2.72% at $99.73.
January 23, 2024 | 4:03 pm
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POSITIVE IMPACT
PACCAR Inc reported higher than expected Q4 sales and EPS, delivered a record number of vehicles in 2023, and provided a positive outlook for 2024 truck sales. The company also declared a quarterly dividend and paid an extra dividend earlier in the year.
The positive earnings report and the beat on both top and bottom lines are likely to instill investor confidence and could lead to a short-term increase in stock price. The record vehicle deliveries and optimistic outlook for 2024, along with the dividend announcements, further support a positive impact on the stock.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100