PACCAR Inc (NASDAQ:PCAR) shares are trading higher after it reported fourth-quarter FY23 sales of $8.59 billion, beating the consensus of $8.35 billion.
PACCAR Financial Services revenues rose to $484.8 million from $394.8 million a year ago. EPS of $2.70 beat the analyst consensus of $2.22.
Globally, the company delivered a record of 204,200 vehicles in the year. The company witnessed Class 8 truck industry retail sales in the U.S. and Canada of 297,000 units in 2023.
PACCAR invested $698 million in capital projects and $411 million in research and development expenses in the year.
The company held $8.66 billion in cash and marketable securities as of December 31, 2023. Operating cash flow for the year totaled $4.19 billion.
Outlook: PACCAR expects Class 8 truck industry retail sales in the U.S. and Canada to be 260,000-300,000 trucks in 2024.
Harald Seidel, DAF president, said, “Customers appreciate the industry-leading fuel efficiency and driver comfort of the new generation of DAF trucks. DAF trucks have a unique competitive advantage in the Europe truck market due to an innovative, aerodynamic design with a spacious, luxurious cab interior.”
PACCAR sees European above 16-tonne truck industry registrations for 260,000-300,000 trucks in 2024.
The Board of Directors recently declared a quarterly cash dividend of $0.27 per share, payable on March 6, 2024, to stockholders of record as of February 15, 2024.
The company paid an extra cash dividend of $3.20 per share on January 4, 2024, to stockholders of record as of December 15, 2023.
Price Action: PCAR shares are up by 2.72% at $99.73 on the last check Tuesday.
Photo via Wikimedia Commons
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