PACCAR Beats On Q2 On Higher Truck Deliveries, Pioneering New Technologies For Aftermarket Business

PACCAR Inc. PCAR reported second-quarter FY23 sales growth of 24.4% year-on-year to $8.44 billion, beating the consensus of $8.23 billion.

PACCAR Financial Services revenues rose 18.1% to $439.8 million. "PACCAR Financial Services delivered excellent profitability due to its high quality portfolio and good used truck results," said Preston Feight, chief executive officer.

Global truck deliveries totaled 51,900 units, higher than 46,900 units in the year-ago period.

The company held $5.15 billion in cash and equivalents as of June 30, 2023. Operating cash flow for the six months totaled $1.66 billion.

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EPS of $2.33 beat the analyst consensus of $2.18.

"PACCAR is pioneering new technologies such as predictive data analytics in its aftermarket and powertrain businesses," Feight added.

PACCAR's Board this month approved an increase of 8% in the regular quarterly cash dividend from $0.25 to $0.27 per share. The dividend will be payable on September 7, 2023, to stockholders of record on August 17, 2023.

Price Action: PCAR shares are trading lower by 4.6% at $84.60 on the last check Tuesday.