Summary
PACCAR Inc's first quarter 2013 results show a decline in net income and revenues compared to the same period in 2012, primarily driven by lower truck deliveries in North America. While the Truck segment experienced a significant revenue decrease, the Financial Services segment saw an increase in revenues driven by higher average earning assets. The company is actively managing its product lines and exploring new markets, evidenced by the launch of new truck models and engines. Despite the revenue decline, PACCAR maintained a strong liquidity position and continues its capital investment in product development and manufacturing expansion. Investors should note the company's outlook for the truck industry in 2013 anticipates a slight decrease in U.S. and Canadian sales compared to 2012, with stable expectations for European sales. The company's focus on cost control and new product development is a key takeaway from this filing.
Financial Highlights
31 data points| Revenue | $3.92B |
| Net Income | $236.10M |
| EPS (Basic) | $0.45 |
| EPS (Diluted) | $0.45 |
| Shares Outstanding (Basic) | 531.00M |
| Shares Outstanding (Diluted) | 532.20M |
Key Highlights
- 1Consolidated net sales and revenues decreased to $3.92 billion in Q1 2013 from $4.78 billion in Q1 2012, primarily due to lower truck deliveries.
- 2Net income for Q1 2013 was $236.1 million ($0.67 per diluted share), down from $327.3 million ($0.91 per diluted share) in Q1 2012.
- 3The Truck segment experienced a 23% decrease in net sales and revenues, largely driven by a 33% decline in U.S. and Canada unit deliveries.
- 4The Financial Services segment saw revenues increase by 12% to $293.1 million, with income before taxes rising to $80.1 million from $71.3 million.
- 5PACCAR announced the launch of new truck models (Kenworth T880, Peterbilt Model 567, DAF LF and CF Euro 6) and the PACCAR MX-11 Euro 6 engine, with R&D expenses remaining stable.
- 6The company expects 2013 U.S. and Canada truck industry retail sales to be between 210,000-240,000 units, a decrease from 224,900 units in 2012.
- 7PACCAR maintained a strong liquidity position with $1.26 billion in cash and cash equivalents and $1.18 billion in marketable debt securities as of March 31, 2013.