PACCAR INC Quarterly Report for Q1 Ended Mar 31, 2021

Summary

PACCAR Inc (PCAR) reported a strong first quarter for 2021, with net sales and revenues increasing to $5.85 billion, up from $5.16 billion in the prior year period. This growth was primarily driven by higher truck and parts revenues. Net income rose significantly to $470.1 million ($1.35 per diluted share) from $359.4 million ($1.03 per diluted share) in Q1 2020, reflecting improved performance across all segments. The Truck segment saw a notable increase in revenue and income, benefiting from higher truck deliveries and improved pricing, although supply chain disruptions, particularly the semiconductor shortage, impacted delivery volumes. PACCAR Parts achieved record sales, demonstrating robust demand for aftermarket parts. The Financial Services segment also performed well, with increased revenues and income, driven by higher used truck sales and favorable currency effects, despite slightly lower portfolio yields.

Key Highlights

• 1PACCAR's net sales and revenues grew by 13.3% year-over-year to $5.85 billion in Q1 2021.
• 2Net income surged by 30.8% to $470.1 million, with diluted EPS rising to $1.35 from $1.03.
• 3The Truck segment's revenue increased by 13% to $4.23 billion, supported by a 10% rise in unit deliveries.
• 4PACCAR Parts recorded record quarterly sales of $1.16 billion, an increase of 16% year-over-year.
• 5Financial Services segment revenue grew by 13% to $432.0 million, with income before taxes up 58% to $76.4 million.
• 6The company successfully launched next-generation Kenworth T680 and Peterbilt 579 truck models, focusing on aerodynamics, fuel efficiency, and driver comfort.
• 7Despite supply chain disruptions impacting deliveries, PACCAR raised its full-year outlook for PACCAR Parts sales and maintained a positive outlook for truck industry retail sales in key markets.

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