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J.P. Morgan Takeaways From PCAR Conference Call


J.P. Morgan is providing a few takeaways from the PACCAR Inc. (NASDAQ: PCAR) conference call.

“PCAR posted an upside Q1 report,” J.P. Morgan writes. “PCAR reported Q1'11 EPS of $0.53 vs. consensus of $0.49 and our estimate of $0.59 on higher volumes and gross margins. PCAR raised its 2011 industry outlook for Class 8 trucks in US/Canada up 65% YoY to 200k-220k (mp 210k) vs. prior 180k-200k (mp 190k), noting that there may be supply constraints in the near term. It maintained its European outlook of up 25% YoY to 220k-240k (mp 230k).

“Management also noted strength in its Financial Services and Parts businesses globally. Capex is expected to go from $168MM in 2010 to $400-$500MM and R&D from $239MM to $275-$300MM in 2011.”

PACCAR currently trades at $52.35.


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Posted-In: J.P. Morgan PACCARAnalyst Ratings

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